Impossible Situation
RidiculousSituation
Posts: 14 Forumite
Dear members,
Please be so kind to point me in the right direction here, if in fact there is any direction to be pointed too.
Before I start, I am very aware my son acted firstly like an imbecile and more to the point fraudulently.
This is unfortunately due to his gambling going completely out of control. This is not to say this is not entirely his fault.
Enough rambling and more to facts.
He was employed over two years ago. The short of it he has taken out many loans and credit cards saying he was still employed at his own job. By getting more loans it means he had made some payments on all his accounts for quite a few months.
He is now in a ridiculous amount of debt and still unemployed. Not only did he lie on applications he lied to us about his habit.
I am not in any situation to bail him out, the most I could possibly give him is £5000 which doesn’t touch the surface.
Is it worth me making token payments on his behalf, until he finds work to make payment towards them?
I’m shocked personally at his recklessness behaviour and disappointed that clearly no employment checks are done before issuance of large loan and credit card amounts.
I thank you in advance for any advice you may be able to offer.
Please be so kind to point me in the right direction here, if in fact there is any direction to be pointed too.
Before I start, I am very aware my son acted firstly like an imbecile and more to the point fraudulently.
This is unfortunately due to his gambling going completely out of control. This is not to say this is not entirely his fault.
Enough rambling and more to facts.
He was employed over two years ago. The short of it he has taken out many loans and credit cards saying he was still employed at his own job. By getting more loans it means he had made some payments on all his accounts for quite a few months.
He is now in a ridiculous amount of debt and still unemployed. Not only did he lie on applications he lied to us about his habit.
I am not in any situation to bail him out, the most I could possibly give him is £5000 which doesn’t touch the surface.
Is it worth me making token payments on his behalf, until he finds work to make payment towards them?
I’m shocked personally at his recklessness behaviour and disappointed that clearly no employment checks are done before issuance of large loan and credit card amounts.
I thank you in advance for any advice you may be able to offer.
0
Comments
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Hi,
Sorry to read about the difficulties your son is having. What is he doing to address his gambling issue? Assuming he is taking action on the gambling front, then your son should post his Statement of Affairs (SOA) on the main Debt-Free Wannabe board for advice, guidance and support.
I do not recommend attempting any sort of bail-out or payments on his behalf, as he has to learn the lesson himself.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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Hi Willing2Learn
He has run out of money firstly and come clean to us at which point he registered with GamCare. He is totally lost and an emotional wreck right now.
He has no set income, but living at home and has no outgoings.
He has £40,000 in loans and £30,000 in credit card debt.
Thank you0 -
Hi,
How much debt exactly is he in ?
Its handy to know the amount, as advice is normally tailored to the individual based on their circumstances and how much is owed.
Does he have any income at all, benefits etc ?
Edit seen above.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
The first thing your son should do is to register for DWP benefits so that he has an income while he searches for work.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job0 -
That much debt, and no real income offers him two choices.
(1) Tell the lenders he has no income, no assets, and cannot service the debts, there is very little they can do in such a situation.
(2) Go bankrupt and start afresh.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0 -
How much did he earn in his previous job and what kind of work did he do? How old is he?
Anyway, in most cases you should not give him any of your limited amount of money nor pay minimum payments. Its better to have a little spare to help when creditors start to take action. Bankruptcy is far less painful than trying to tackle that size of debt.0 -
Thank you for your responses.
He used to take home in sales up-to £3000 a month but that was a long time ago.
His debts are a follows on outstanding amounts.
Loan 1 - £13,300
Loan 2 - £4,800
Loan 3 - £12,000
Loan 4 - £7,500
Credit Card 1 - £3000
Credit Card 2 - £4000
Credit Card 3 - £8000
Credit Card 4 - £4500
Credit Card 5 - £7000
Credit Card 6 - £2000
Credit Card 7 - £2500
Overdraft 1 - £1250
Overdraft 2 - £750
Overdraft 3 - £5000
Step Change has advised he could token payment for up to two years for £1 a month.
Would he be able to go bankrupt given that he fraudulently applied for the loans.
Thank you so much for the advice.0 -
How did he “fraudulently” apply for the loans?0
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He needs to come to a payment plan and pay them off.
Becoming bankrupt won’t really teach him anything, other than 6 years or not being able to apply for any mainstream credit.0
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