These figures can't be correct for a CU loan, can they?
I thought under 18s couldn't enter into legal contracts?
He might be best to search around his relatives seeking loans to clear the debt. He will have to enter into a repayment plan with each and every one to get the loans cleared.
This could prove to be a good lesson for him in later years and not to be gungho with his money.
Correct, U 18's cannot legally enter into a binding contract, so the actual 1st loan of €8000 is null and void under Irish law, so in theory he doesnt have a legal obligation to pay. The official view is called capacity to contract, whereby persons under the age of 18 are considered infants in the eyes of the law, exceptions are the supply of necessaries (goods suited to their actual needs such as food, clothes etc., not huge loans!) so under contract law this loan should never have been given, huge mistake by credit union but the law makes his loan agreement void!!!
I would normally sing from the same hymnsheet on this topic but, come on - a 16 year old taking out a SECOND loan! What age were they when they took out the first loan?? I have kids a bit older and a bit younger than 16 and the thought of either of them being mature enough to take on a loan is laughable - not to mention that the person involved here is unlikely to be terribly well-educated if he was working enough at 16 to be considered for a loan. I really think this could be a wind-up though - it just doesn't look right.It's truly shocking that people would advise someone to not pay back a loan they have taken out and which they can afford to repay.
Date the loan was given 06/02/09 when he was 17 years.
The only income to him is social welfare and he is living at home.
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