What will happen to my son

Superstylin_2

Surely if he lives at home and is taking out all this credit at YOUR address and cant pay it back then in turn your address will be blacklisted? Why does he need all this money if he lives at home anyway??

Saying that, its easy to say 'he shouldnt have dont this and shouldnt have done that, but sh*t, what do you really know at 19 years old?? In an ideal word everyone would think like that at 19 years old and websites like this wouldnt even exist, but its just not the case.

Whatever action you do take i think you really need to try and nip this in the bud NOW, otherwise his life will bhe ruined by always being in debt and borrowing any money people will lend him. Sounds like me at 19 and at 28 im now close to paying back all the money ive borrowed, and let me tell you its the worse situation you can possibly be in.

garth549

Yes do your best to help him snap out of it. It is so depressing when you are looking at years to pay off debts you accrue. Because of debt i'm only just about now in a position where I can afford a mortgage (I'm nearly 27).

one_hot_minute

Superstylin wrote: »

Surely if he lives at home and is taking out all this credit at YOUR address and cant pay it back then in turn your address will be blacklisted? Why does he need all this money if he lives at home anyway??

Blacklisting of addresses is a fallacy. Its the person who is blacklisted. If they're financially linked to you, you write to experian, equifax and callcredit with a note of disassociation.

opinions4u

one_hot_minute wrote: »

I work in Finance and there is a big discussion just now about whose responsibility it is to be the responsible party. And while both parties have a duty of care, the lender is the one who should be obtaining paper proof of any income.

If he provided fake proof of income, then that is fraud. If he said, "yers, I earn eleventy squillion a year" and they dont check that, I dont think that's fraudulent. The lender MUST obtain proof of earning and ability to repay the loan back. In my opinion...

In my opinion lying to obtain credit is fraud.

In my opinion, you're wrong.

one_hot_minute

opinions4u wrote: »

In my opinion lying to obtain credit is fraud.

In my opinion, you're wrong.

You're entitled to your opinion. :cool2: Although I suppose in this instance we don't know whether the OPs son was even asked income details.

Apples2

one_hot_minute wrote: »

I suppose in this instance we don't know whether the OPs son was even asked income details.

I've never taken a Payday loan out but I have looked at a great many of the sites whilst trawling through the T&C's.

Even the very worst of them generally have a statement of elegibility.

One of them is that the loans are available only if you are employed.
Whether they actually check that, well, I'm doubtful but it is stated.

Most of them request employment details too (many can testify to getting hassle at work from them when they don't bother to repay).

As for the OP's Son, the more he is helped out of the hole, the longer it will take him to learn.

AMILLIONDOLLARS

What could happen to your Son? Worse case senario

http://www.thisislondon.co.uk/standard/article-23890748-layabout-son-killed-parents-after-snapping-at-nagging.do

AMD

TR7V8

Thanks for all your replies

I am happy to accept that we should not have helped him to the degree we did but blood is thicker than ....

No fraud has been commited here as all of the loans he had were aranged when he was employed, now unemployed he has a 100% credit rating because "I" payed them off, maybe I have fed the problem so should leave it this time and see what comes of it.

Chris

ILW

What is he doing with the money?

callistris

I got myself into a similar situation when I was the age of the OP's son, I hadn't borrowed money from payday loan type places as tbh I didn't even know they existed back then.
My debts were all with credit cards, loans and overdrafts:o

I managed to keep my debts under wraps for a considerable time, but eventually my folks found out, gave me a massive telling off and cleared my debts for me, thinking I had learned my lesson!

WRONG! I went and got credit all over again, maxed out everything and couldn't pay it back:o I was up to my neck in debt again and nothing to show for it!

This time I sorted it myself and initiated my own DMP with my creditors and paid what I could each month until eventually I was clear of my debt years later.

By me sorting out the debts myself taught me one big huge lesson in life and that was to be careful with money and now I am and find I am the one helping friends and work colleagues out with their problems:)

I was grateful to my parents back then for what they did, but it didn't help me one bit in all honesty, so to the OP I wouldn't advise paying these debts off for your son again, give him support by all means but he does need to learn;) As I regret so much now getting into debt again for the second time as it was nearly 16 years of my life wasted because of it!