moral dilema, should i borrow off my 5year old?

Degenerate

CapJ wrote: »

What a terrible thing to say. And it is also wrong. Parents can't charge their children for things like food, clothing and housing costs.

Yes they can. They must provide them anyway, whether the child has means to pay or not, but if the child does have money, they are entitled to dip into it to meet the child's living expenses.

Bob_the_Saver

Put a post-dated cheque for the full amount in his/her piggy bank - Problem solved - NEXT!

doodledoodle24

Hi, I have no other debts, just the one cc then my usual bills eg phone etc. I just don't have enough disposable income to clear it all at once! I feel back at square 1 again now though after reading all your replies:( I don't have a great credit rating due to being stupid when I was 18, only got the vanquis card for emergencies, which is what it was used for. My head says do it, but obviously my heart knows it's wrong!

chattychappy

doodledoodle24 wrote: »

My head says do it, but obviously my heart knows it's wrong!

It's an interesting thread. Most people here feel no problem - and I'm really surprised that so many people would do it without any qualms at all. I think "no harm done" is a fair point. "He will never know" is irrelevant IMHO when it comes to a moral issue. I'm guessing if you feel something is wrong in your heart, no amount of encouragement would be enough to license you to ignore that. But if things get desperate, morals go out of the window.

Anyway good luck whatever you eventually do. Not easy.

CapJ

chattychappy wrote: »

It's an interesting thread. Most people here feel no problem - and I'm really surprised that so many people would do it without any qualms at all. I think "no harm done" is a fair point. "He will never know" is irrelevant IMHO when it comes to a moral issue. I'm guessing if you feel something is wrong in your heart, no amount of encouragement would be enough to license you to ignore that. But if things get desperate, morals go out of the window.

Anyway good luck whatever you eventually do. Not easy.

This I would agree with. If things are desperate and you are talking about being kicked out of your home, or your child and you going hungry then fair enough. But otherwise....

Rossy.

I have a 7 month old son

I've put £100 a month into his account since he was born plus with the government bond money he's got about £1,000 in his account (more than me lol)

Now if i was desperate and i mean desperate then i "may" think about using his money but i would have to be extremely desperate and have exhausted all other avenues first

Now i feel the OP's desperation and how she must feel but me personally i just dont think i could justify it for a CC bill regardless of the interest thats being paid as i'd feel extremely guilty that i borrowed from my child when i'm supposed to be the responsible one

udydudy

doodledoodle24 wrote: »

Hi, I have no other debts, just the one cc then my usual bills eg phone etc. I just don't have enough disposable income to clear it all at once! I feel back at square 1 again now though after reading all your replies:( I don't have a great credit rating due to being stupid when I was 18, only got the vanquis card for emergencies, which is what it was used for. My head says do it, but obviously my heart knows it's wrong!

IMHO, I have no doubt about the situation. The money is obviously your sons... you are the gaurdian and your responsibility is to ensure that his money is safe and well invested. You have put the money into savings earning "two bits" in interest I would expect the maximum would be about 6.5% if done sometime in late 2007.

You have a debt and are obviously paying approx 48% plus in interest(£50 of £1300 per month is 4% p.m x12 is 48%).

If I were you I would not feel guilty at all as you are doingt he best for your Son. Some have said pput a bit extra, some suggestions even being £100-200 more than what you take out. I would suggest pay himhalf the interest you are currently paying. that way you save half the interest. So if you are paying Vanquis £150 a month(with £50 interest) then pay off Vanquis with your Sons money and then pay your sons account £125(£25 interest) until you pay off what you borrowed from him.

In this case, if your CC balance is £1300 and you are paying £100 to vanquis it would take you 13 months to repay them with approx £650 in additional interest costs(would be less as the balance reduces).

Just repay them and pay your Son £150(if you can afford) each month for the 10 months. That way in 10 months your debt is over and your Son is £25 better as out of the £150 only £25 is interest and the remainder repays his capital. your debt will be over 3 months earlier.

or you can pay him £125 per month for 13 months. This way the debt will be over in the same time as Vanquis but interest will be half and you Son will be better off than Vanquis!! and you will have £25 per month to spare for you two to enjoy yourselves!!!!....

The moot point here is you should borrow your Sons money and repay Vanquis. But you should also ensure that it is repaid and with interest. that way when he grows up you can give him two examples 1) how not to let you CC take you life over by overspending....and 2) once you get in debt how to manage it smartly and without hurting anybody you borrow from!!!..


Hope this two bits helps.