Hi,

New to this forum, but some cracking good threads. Hats off to you all for having such an informative thread.

My query is probably something that you can help with. I had my first loan in 1997, and had one every year until 2003 when i graduated. I am now earning over the threshold and the SLC want me to start my repayments (Old mortgage style). Anyway, when I took my first loan in 1997 I was only 17 years old. If that was under the old consumer credit act, then was that illegal for them to provide a 17 year old with debt, or having signed for it, am I still legally bound to pay that back?

Thanks in advance

PaulyP

What a jolly good question!

I wish I knew the answer!!!!

Pre-1997 loans were regulated under CCA, so I would get a copy of the agreement sent to you (and the others while you are at it!) so that you can check them for legalities and enforceability.

I think that you could well be right about being under-age. Hopefully someone will have a definitive answer soon.

if you have taken loan why do not you pay it back??????

Post #3

I am not sure how you think this will help, and that is, after all, what we are all here for.

I don't think the OP said that they were not going to pay back what they had borrowed. However, they DO have the right to ENSURE that any Credit Agreement that they have signed is ENFORCEABLE in law.

I think it's perfectly fair to question this.

We all do things when we are young/impressionable etc. and don't know the rules. In MY experience and the experience of others with the SLC is that they DO get things wrong.

Hopefully others have been more helpful to YOU when you have asked questions on this site.

if you have taken loan why do not you pay it back??????

Because by LAW! a person under the age of 18 is UNABLE to make a credit Agreement.

I can only speculate as to why it is unlawful to lend to under 18’s. Perhaps its for the protection of young people?

THE 1997 LOAN IS TOTALLY UNENFORABLE AND YOU SHOULD ASK THEM TO WRITE IT OFF.

But

The 1998 and there after will be enforceable as each year you make a new agreement :mad:( and you were over 18 )

I’d send a CAA right away

Thanks guys! Great advice there. I will send in a CAA right away, and see what they've got to say for themselves. My first payment is due to start this month, so i'm gonna make the payments, but try and see what the script is with the earliest loan.

Let us know how you get on Pauly?

Good Luck.

CCA the SLC as soon as possible to get that agreement. If the date on it is before your 18th Birthday I suggest you ask some VERY serious questions!

Maybe I'm being thick, but if you haven't sent them payment or acknowledgement of the loan since before April 2001, wouldn't the loan be statute barred anyway?

(This was for loans before the new system was brought in - qround 1998 - which were simple contracts)

I think, although I could be reading it wrong, that Pauly implied in his OP that he was just over the threshold and therefore needed to start paying, implying that he has been deferring yearly in the past.

Perhaps Pauly could confirm.

Obviously any of the loans that haven't been acknowledged for the past 6 years would be statute barred.

Obviously any of the loans that haven't been acknowledged for the past 6 years would be statute barred.

 

were they defered at all? doesn't that have to be in writing?