A 21 year old student from Leeds sadly took his own life by hanging himself, after he could not pay off the loans he borrowed from payday lenders which came with high interest rates,He was found hanged at his flat on May the 28th.
Naseeb Chuhan was only 21 years of age,he studied at the Leeds Beckett University,the young man sadly turned to suicide as he was facing alot of pressure to pay back the loans.
His friends and family described Naseeb as “he had a beautiful mind, he was caring, thoughtful, was loved by many and gave love to many.”
During an inquest held this week at Wakefield Coroner’s Court, his father Kuljit Chuhan, said he had discovered after his son’s death that he had been granted a number of payday loans.
Mr Chuhan said: “In my mind what begins as something quite innocent and just as a one off and when you get to the end of that you realise you have overspent.
“I think it is something that slowly creeps up. I think that’s how payday loans work. I think he was tempted into it.”
Barrister Julie-Anne Luck, for Naseeb Chuhan’s family, said to the coroner: “He succumbed to these easily accessible payday loans.
“It seems the behaviour and conduct of the payday loan companies was such that he was able to access loans where they were not affordable.
“Perhaps troubled by his mental health, he has not seen a way out and has seen a solution in suicide.”
She added: “He starts off taking out the loans in a relatively innocent way and he became dependent on these loans, they escalated with interest accruing in excess of 1,200 per cent.
“I would invite you to ask the Financial Conduct Authority what more can be done to make sure unaffordable loans can not be granted.”
A website set up to pay tribute to Naseeb said: ‘Naseeb loved music, cycling, reading, discussion, wildlife, ecology, socialising, and many other things.’
For updates about the sad news of the 21year old students death,like this page https://www.facebook.com/naseebschuhan/?hc_ref=ARSLALzRjoISZTu2GXs2wc74a9XUGfvY1qH1ElOerT94mnEl9kCC8dJomVjVoBhEta4&fref=nf
Please think twice before taking out loans,young people are easily tempted to take out loans,but they only should be taken out if you can afford to pay them back in time,also you need to check the interest rates too before going ahead,seek advice before taking out a loan….