A fairly dead part of the forum I know, but I want to share an interesting experience.
One of my daughters took out a loan with a major Australian bank (NAB) mainly to buy a car, but it increased for holidays and so on. Not my most money conscious child.
Anyway she has a $38k debt. Her bank has just offered to settle it for $12k. She has asked me to come up with this amount, which I will - on the condition we enter into a legal agreement she pays it back within 12 months, which she agrees to. Pretty harsh having a legal agreement with a child, but still.
The bank’s new position (after recent government enquiries) is that unsecured loans are poison and they want to get what they can out of them. But excusing $26k of a debt? Well yes. I have it in writing.
Anyone come across anything like this before?
One of my daughters took out a loan with a major Australian bank (NAB) mainly to buy a car, but it increased for holidays and so on. Not my most money conscious child.
Anyway she has a $38k debt. Her bank has just offered to settle it for $12k. She has asked me to come up with this amount, which I will - on the condition we enter into a legal agreement she pays it back within 12 months, which she agrees to. Pretty harsh having a legal agreement with a child, but still.
The bank’s new position (after recent government enquiries) is that unsecured loans are poison and they want to get what they can out of them. But excusing $26k of a debt? Well yes. I have it in writing.
Anyone come across anything like this before?
via International Skeptics Forum http://bit.ly/2W3uO86
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