4 Comments Self-managed super funds, superannuation, wealth management
Ok, so it makes it hard that possible that no contracts were written up at the time of the loans? and could have been seen as gifts which he could claim this should you take further action and he defends it.
I am sorry but i would suggest that you provide no more loans to him under any reason,
My family have a rule, You only get 1 loan, and you do not get another until the last one is paid back.
I am guessing that if he has loans with Wizard and Nimble his credit file is not too crash hot, and companys have already been after him. Also I am guessing you maybe getting letters and strange phone calls from people not saying who they really are but asking for your Step Son? and they leave a message with a reference number?
if this is the case there is nothing stopping you contacting the company back quoting that reference and advising them of where your son lives and how to contact him, his employment etc etc. as your able to confirm his DOB they will accept this information and will most of the time will then start the legal avenue to recover the funds,
This does not help you get your money back but it will help with him Learning as you wanted and the best bit is that the company must respect your privacy and will not disclose as to where the information came from to your son, just a third party advised them,
I wish you luck, hold in there you will find that he will change one day!
Well, he is still your son, so the first thing I would do, is to stop doing him favours. If he needs a car, he needs to work out a way to pay you back. He is obviously taking advantage of you to get the cash rather than to use the car thinking that you'll just finance another for him later on. Get a lawyer to draft out an agreement for you, and let him man up for himself!
I agree with one of the commenters that since he was under the age of 18 when you first handed him a loan, it would probably be unlawful to draw up an agreement only now. However, you could give it a shot perhaps have him sign it in the presence of an attorney or a law official so as to make it official.