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| Mine was £2750.00 all in £50.00 notes when i went to get a new tv.... |
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| I know good and bad is mostly relative to something else. In this instance my peer group. I have 982,000 in assets and 771,000 in liabilities giving me a net worth of 210,000.00. Is this good or bad ... |
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| My boyfriend has not kept up to date on payments on his credit cards and is still using them.....He knows he can't pay them back and so do I. Am I in trouble knowing this? Is he in trouble? W... |
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I have tried a few companies and they all ask for £49.00 upfront and i never get the loan or i need a guarantor. I need to borrow £7000 so the payday loans are no use. Any advice would be great.
... |
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 Bail out plan 1 million for us not Wall Street!? |
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what have you bought that cost alot?
(sorta the sames question)... |
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| ONLY SERIOUS ANSWERS PLEASE....I don't need any smart alec comments...I need help that I can't seem to find anywhere...I've gone to debt consolidation cos. that refuse to work with me ... |
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| how would you define rich?... |
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| When you get the answer pleas send to me or right to this place so I can get the answer. It Is NOT a homework question!!!!!!!... |
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Additional Details
OH ...By the way I never said it was bad to use change I was just asking !!... |
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 What would you do with 10 million dollars (only 10 things)? |
1. Pay for me and bros college
2. pay for mom house
3. pay for mom car
4. fix up my car the way i want
5. buy my house
6. send small chunks to family
7. pay for gf'... |
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| ive been looking for ways to make money online but all ive found so far are scams!! IS THERE ANYONE OUT THERE THAT KNOWS HOW TO REALLY GET PAID??!!! please dont give me any BS like paid survey sites ... |
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tracey C | My son has an unsecured loan just found out hes not been meeting repayment can debt collector take my property? |
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Vulture38
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No.
Unless you are a signatory to the loan.
If he has put you on it behind your back,you should have been given a default notice. If you have not received one then you are OK. If you have, challenge the loan company about it.
Contact CAB for advice. |
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rtfm
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Not unless you co-signed on the loan. Otherwise, this is strictly your son's problem. |
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bob t
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The answer to this is no. That is assuming you haven't signed as a guarantor or co signed the loan |
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Devon B
 |
Take a look at the loan documents to find out who the signatories are. If you're not one of them, then you're safe. |
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foggisan
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Relax!!
A secured loan is a loan taken out where the lender(bank) takes a legal charge against another asset you own in case you don't pay up. This is his 'security' and could be a house, shop, car etc. If you don't pay he takes the 'security, sells it and gets his money that way.
An unsecured loan means there is no such legal charge against anything and if you fail to pay up he needs to get a court to order you to pay up or have property seized to cover the debt. This is when the bailiffs go in.
Note that the only property that can be seized is that which belongs to the borrower - i.e. Your son, NOT you.
The only way you could face any liability for your son's debt is if you signed the loan forms when he took out the loan and promised to guarantee the money in the event he failed to pay. If you signed nothing you have nothing to worry about. |
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Shane F
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No, they cant take your property away if it is only your son's name on the loan. |
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Mani
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Unless you have signed as a surety there is no chance of you loosing your property. |
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Sailon
 |
There are many things that collectors will do to recoup their funds other than actually taking your property.
There are pay off programs for example. The best thing to do is get your son involved by contacting the agency and discussing ways to catch up by paying some of the past due extra per month. If you take the initiative, you would be amazed at how these companies will work with you. |
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P. W
 |
The more likely outcome is that your son will receive a Default Notice, which will remain on his Credit File for six years. If he is living with you, your credit profile will be affected, as all the occupants of the property will be deemed to be high-risk. The Lender may impose a County Court Judgement on your son for the balance of the loan.
The Lender may sell the debt to a Debt Collections Agency at a discount, which incentivizes the Agency to maximise the value of the debt and administration costs by impounding goods belonging to your son.
If you can afford it, the best course of action is to pay off his debt and then come to some arrangement about how he repays you. This will avoid the whole household getting a bad credit record. |
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rennickelizabe
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no he is responsible for the debt |
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Discovery
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I don't think you can be held responsible in any way for your son's debt unless you signed as a gaurantor |
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velcropap
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did you co-sign on the loan? |
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Duane L
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If he's under 18, anyone that gave him a loan is illegal and can not be collected. |
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