Help Needed!!! Sons Overdraft

velder

Can anyone tell me a way to help my son,hes with the TSB hes got himself an overdraft of £1000 hes gone over by £226 due to just loosing his job.I have the means to help with a couple of credit cards virgin which is still in offer of %0 till march,could i use another card which is the halfax, to pay the overdraft off then transfer the amount onto my virgin card,from the halifax?? I want to pay the whole overdraft off.
Also his girl friend has a HSBC account, could he have his new job wages paid into her account without her having his name on her account??

beanielou

Dont see why not to CC question.
But you would need a credit card cheque from Halifax to be able to pay off OD in the first place I think.
I think anyone can have money paid into account AFAIK.

oxondaemonfeurer

I think its great that you want to help your son (as I probably would feel urged to do when mine is older - he's 9 now), but I would advise you to think very carefully before you do... not only will you be taking on his debt but your son won't have had the opportunity to learn how to handle his money when things do go wrong.

I personally would say it would be better in the long run for your son to try and sort this out himself with communication to the banks, drafting up a budget and sticking to it and making the repayments to his own debts.... the pain has to be there to avoid him making the same mistakes again later, when they may well be bigger... harsh I know but we all need to take responsibility for ourselves at some point...

T

tracy1_2

velder wrote: »

Can anyone tell me a way to help my son,hes with the TSB hes got himself an overdraft of £1000 hes gone over by £226 due to just loosing his job.I have the means to help with a couple of credit cards virgin which is still in offer of %0 till march,could i use another card which is the halfax, to pay the overdraft off then transfer the amount onto my virgin card,from the halifax?? I want to pay the whole overdraft off.
Also his girl friend has a HSBC account, could he have his new job wages paid into her account without her having his name on her account??

if you help him out now you'll always be helping him out. if you need to put it on cc then i don't think you should help him out - never loan money you can't afford to lose!

Debt_Free_Dreamer

I agree with some of the comments made by previous posters. When I was younger I spent rather more than I was earning. Instead of telling my parents that I had spent a load of money I did not have on a credit card, I went out and got another job in a hotel working behind the bar. I actually worked there for several years after because the extra pay helped pay for the life I really wanted to lead. Plus the tips in the hotel industry are usually very good.

This additional work helped pay for my course fees and exams to become an Accountant. So if I was his mother (and I am a parent to two) I would assist him to work hrough this problem, rather than just take the problem away.

PS - I am an Accountant, but I am still trying to lead the life I want to lead, rather than the one I can afford. Sometimes we never learn. :rotfl: :rotfl:

duchy

He could have his wages paid into a building society savings account rather than a current account-in his own name. No overdraft to run up and he can still have an ATM card to withdraw.
You don't say how old he is but I presume very young if he's turning to you to bail him out. As "young" relationships don't always last forever perhaps it would be wiser not to have wages going into his girlfriend's account especially when there is no need.
I do agree with the comments about helping him to work out how to pay it back rather than just bailing him out may very well be doing him the bigger favour !

velder

Many thanks for replies,but we have only just found out he lost his job 5mths ago,so the overdraft was to pay for bills,he is gong to pay it back to me as ive just got him a job where i work,hes not come to me before but he didnt know what elese to do,weve all been there at somtime,hes 26 and left home 4yrs ago.If there is anyother way let me know PLEASE!!!!!!!

savingholmes

Suggestions: Get him to read money diet or sign up to this site. Get him to do some of the free quidco no spend deals - see if he will sign up to the £10 a day challenge so he can pay you back quicker.....

Debt_Free_Dreamer

Has he got any things he can sell on ebay? Or perhaps run a car boot. You could even give him some of your old stuff to sell which would allow him to pay you back quicker.

Could he get a second job in a bar or nightclub during the evenings? He is the right age for a job like this and he would be getting out and socialising,
as well as being paid at the same time.