My 10 yr old offered £10,000!!

elisebutt65

Couldn't believe it - a letter addressed to him from Ciyy Financial offer ing him a pre-approved loan from £500 to £10,000!!!

What wuld have happened if he'd got to the post before me, filled it in and posted it off. He's got his own building socieity ac book , so he could have had it paid in there - there were no other details on the letter apart from his name and address and room for a signature to accept it, so they wouldn't have picked up on his date of birth either!

Legally - would he have had to pay this back - Don't worry - I'm not considering it - I rang them up and blasted them down the phone LOL!!

Amba_Gambla

bl*ody h*ll!!

I'd be RAGING! (not that I have kids!) :mad:

crazy!

how do they get ur 10 y.o's name and address???

Darksun

Legally, he wouldn't have to pay it back, but just because you're 'pre-approved' for a loan doesn't mean you'll actually get it, they'll have probably realised the mistake before issuing the money.

However, I know a couple of under 18 year olds who have been issued with credit and store cards

gizmoleeds

I got offered a test drive when I was in primary school - took the letter in and showed my friends who were well impressed! :rotfl:

Joe_Bloggs

Your ten year old still has a tax allowance. If they earn more than this they will be taxed on the excess.
J_B.

Amba_Gambla

Joe_Bloggs wrote:

Your ten year old still has a tax allowance. If they earn more than this they will be taxed on the excess.
J_B.

but surely a loan isn't earnings......

cougar_3

I think they took it as in offered £10k job...

Catch_A_Fire

Darksun wrote:

just because you're 'pre-approved' for a loan doesn't mean you'll actually get it, they'll have probably realised the mistake before issuing the money.

read the small print. there's probably some get-out clause about "meeting criteria" and a credit check; a credit check on a 10year old wouldn't pass any scorecard, not even Citi's. Still it's very irresponsible; not exactly recommended in the banking code!

surfcat

but this is most likely caused by an incorrect entry on the electoral roll. You should check this to make sure your child isn't registered as over 18.

juno

surfcat wrote:

but this is most likely caused by an incorrect entry on the electoral roll. You should check this to make sure your child isn't registered as over 18.

We got that letter to a made up person who most definitely isn't on the electoral roll as they don't exist! So it's more likely City Financial have bought on someone's junk mail list.

RightRevBod

Take the money and invest it. He may have to pay it back when he reaches 18 (maybe not?), but he should be able to earn a good amount of interest in that time.