loan of 5k with apr of 24%

[geoffthechef]

my daughters boyfriend is struggling to pay for a loan he was given by these lot two years ago when he was 18 and did not understand (and still does not) apr rates. The rate of loan was 24% i would say they have prayed on his lack of maturity and financial no how with this rate...he is and was working full time when he took it out..does anyone thing he has grounds to ask them to lower the APR or is this just a life lesson...

[BankFodder]

He's fair game - and that's the life lesson.

 

If this was a loan taken out under the 1974 Act and it might just be then you need to have a look at the agreement to see if it complies with the 1974 rules. If he doesn't have the agreement then he can get them to send hinm a copy. If they can't find their copy then the loan might be unenforceable.

Be warned, once you start this process they will probably start to retaliate and it oculd get nasty. However if he is sticking to the terms of the agreement, then they should have no basis upon which to cause trouble and you might be able to get the CCA without problems.

[geoffthechef]

thanks