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Getting a contract in mothers name, effect her remortgaging?
Hello, first post on here and I hope you lot can help me out!
Here's the deal, I'm 16 and I work part time and also receive further educational support, so I have over £300+ coming in every month with no mandatory out goings can easily afford to pay for a contract phone. Obviously, being 16 I can't sign for one in my own name. But, it's possible to have it done through a parents name and then have the direct debit billed to your own account, great!
Well, not so! I asked my mum about doing this, and at first she seemed willing, but then she decided against it - why? Because she says she wants to remortgage soon as right now she's paying a rate which she believes she could lower, and so won't let me get a contract phone as she believes this will show up on her credit report when trying to remortgage as even more money going out each month - i.e. making her less liable for a better rate due to increased outgoing funds.
Is this correct? Or is she wrong? I went in the car phone warehouse today and asked a bloke about it and he said that this shouldn't effect her remortgaging as only the credit check would show up, and that a phone contract is different as it's retail credit and not bank credit for example a loan, mortgage etc. Is this correct? He said he wasn't 100% sure and recommended me to contact experian or someone to ask, but looking at their website it seems that's not very straight foward to do.
So hopefully someone on here can answer my question! I'm keen to get a contract but obviously don't want to have it have a negative effect on my mothers credit ability - and as I know i'd be able to make payments on time would like to no if the formentioned issue is correct or not?
Summary: Would having a mobile phone contract in her name, with payments coming via Direct Debit from my account, affect her credit in any way when remortgaging?
Cheers! :T
Here's the deal, I'm 16 and I work part time and also receive further educational support, so I have over £300+ coming in every month with no mandatory out goings can easily afford to pay for a contract phone. Obviously, being 16 I can't sign for one in my own name. But, it's possible to have it done through a parents name and then have the direct debit billed to your own account, great!
Well, not so! I asked my mum about doing this, and at first she seemed willing, but then she decided against it - why? Because she says she wants to remortgage soon as right now she's paying a rate which she believes she could lower, and so won't let me get a contract phone as she believes this will show up on her credit report when trying to remortgage as even more money going out each month - i.e. making her less liable for a better rate due to increased outgoing funds.
Is this correct? Or is she wrong? I went in the car phone warehouse today and asked a bloke about it and he said that this shouldn't effect her remortgaging as only the credit check would show up, and that a phone contract is different as it's retail credit and not bank credit for example a loan, mortgage etc. Is this correct? He said he wasn't 100% sure and recommended me to contact experian or someone to ask, but looking at their website it seems that's not very straight foward to do.
So hopefully someone on here can answer my question! I'm keen to get a contract but obviously don't want to have it have a negative effect on my mothers credit ability - and as I know i'd be able to make payments on time would like to no if the formentioned issue is correct or not?
Summary: Would having a mobile phone contract in her name, with payments coming via Direct Debit from my account, affect her credit in any way when remortgaging?
Cheers! :T
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Comments
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NO, mama paranoid !SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe
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stop relying on your mother, her financial matters have absolutely nothing to do with you. Its also not on that you are going out of your way to prove her wrong. She doesnt want to do it full stop, accept that and take responsibilty for yourself and buy a payg until youre 18make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
anniehanlon wrote: »stop relying on your mother, her financial matters have absolutely nothing to do with you. Its also not on that you are going out of your way to prove her wrong. She doesnt want to do it full stop, accept that and take responsibilty for yourself and buy a payg until youre 18
How do you know she doesn't want to do it? You don't. She doesn't mind the idea of it, as long as it's not going to effect her. So i'd appreciate it if you don't bother to post in this thread unless you can provide a meaningful answer, spam is no good to me, sorry!0 -
i know that she doesnt want to do it because You yourself in your post said your mum decided against it. That actualy tells me that she doesnt want to do it. It means no. Surely it is meaningful to suggest that you buy a payg phone.
This is a bit meaningful for you. You dont appear to know what Spam is.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
anniehanlon wrote: »i know that she doesnt want to do it because You yourself in your post said your mum decided against it. That actualy tells me that she doesnt want to do it. It means no. Surely it is meaningful to suggest that you buy a payg phone.
This is a bit meaningful for you. You dont appear to know what Spam is.
I have a PayG phone now, I want a better phone with a better deal on contract, comprende? If you can't answer my question, go away and stop pestering. Thank god my mother isn't like you!0 -
ooooh temper temper.
This is the trouble with 16 year olds, never satisfied with what you have now
its all i want it all and i want it now. Bet you'll be up to your eyes in debt by the time yur 25 = Bet you darent show your mum this thread - bet she would agree with me 100%
if you were as arrogant with your mum as you are on here im glad i didnt give birth to you either!!!!!make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Why must you try and shoot him down? If you don't have anything constructive to say then why even bother posting?
My Mother took out a contract for me when I was 16, I wanted a nice new phone that would have cost a fortune on PAYG. I'm now 22 and have no debt bar my mortgage.Bet match total as of 04/10 = God Knows + About £1000 Quidco. Time for Mrs Huddsta to have a crack!!!
The Bronze Challenge - earn £250 in profits =£73.320 -
anniehanlon wrote: »ooooh temper temper.
This is the trouble with 16 year olds, never satisfied with what you have now
its all i want it all and i want it now. Bet you'll be up to your eyes in debt by the time yur 25 = Bet you darent show your mum this thread - bet she would agree with me 100%
if you were as arrogant with your mum as you are on here im glad i didnt give birth to you either!!!!!
I'm simply trying to find out if it's possible, and if it is my mum is happy to do it. I'd gladly show her this thread! Anyway, I'm not here to argue with a sad lonely eldery woman, wouldn't want you to put to much stress on yourself.
Thanks huddsta! Someone speaking sense!
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A credit check will be recorded, and could affect the apr offered, along with any other future borrowing she may do, so it could turn out to be a very expensive phone. Something to bear in mind when you do get to 18, and get overdrafts/car loans/car insurance/store &credit cards/phone & gym contracts thrown at you at every opportunity.
http://www.moneysavingexpert.com/banking/credit-rating-credit-score0
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