Can I help my parents when I have a poor credit record?

MCLF

My parents are both elderly but until recently managing their finances independently. Dad does most of it now, as mum is forgetful.

On a day to day basis, not much needs to be done as regular bills are paid by direct debit and shopping by debit card.

For the past few weeks Dad's not been well and is being treated by the GP. During this time he's got himself into a muddle, cancelled a regular direct debit and incorrectly told the bank he never set it up.

The DD isn't essential to them, but it does need to be reinstated. I'm also concerned that next time he may cancel something more important.
I can't do anything as I have no authority and dad's still insisting that he didn't set up the DD. It needs sorting with the bank too as they've written asking for more details about his complaint.

The Bank has suggested a Third Party Mandate, to enable me to talk to them and also keep an eye on the account. I think this is an excellent solution for now. We're expecting dad to improve, but if he doesn't then we may need to consider something else.

My concern is that I have a very poor credit history and am unable to work due to health problems. Will this prevent me from being named on a mandate? I do have a brother who could do it, but he's due to work abroad for the next 6 months so would find it hard to be involved until he's back.

The bank is HSBC.

jonesMUFCforever

Being a signatory on an account does not entail a credit check on you although you will need to provide identification and address confirmation.
If there is mental illness - take care - as the bank may insist on a power of attorney.
When stating the reason for the 3rd party mandate - put something like -unable to get to branch due to old age rather than unable to cope due to forgetfulness.

MCLF

Apologies for the late reply - am running about like an idiot atm trying to sort things out.

Thanks very much for your reply and suggestion about avoiding mentioning mental illness. I can truthfully say dad is finding it difficult to get to the branch.

I've read the form and it doesn't mention a credit check anywhere in the small print. Haven't filled it in yet as am waiting for the right moment.

Dad seems to be responding to treatment, so hopefully this is as far as we need to go. I really don't think we're talking POA yet.

Thanks again.