Daughters Debt

Jaisafootballer

My daughter has been to university and ran up a large amount of debt on credit cards unsecured loans etc.. She has been paying off the debt every month but has decided that now she has finished uni she is going travelling and will come back in 3 years when all her debts will have been written off? She was living in rented accommadation for the time she was at uni. Is this correct if she goes away for 3 years her debt is written off? Am I responsible for the debt as I haven't signed as guarantor?

rjm2k1

You aren't responsible for her debt at all, but she is mistaken if she thinks it will have been written off in 3 years time. What will happen (assuming she's talking about stopping paying) is that she will end up with CCJs against her name which will mean she can't get credit easily (if at all) including a mortgage, any credit she does manage to get will be at a higher rate than normal. Would be interesting to know where the 3 year write off theory has come from though, have you asked her for references to it?

sambessey

I hope she doesn't get it writtern off.

This kind of irresponsible behaviour makes me sick- as a 23 y/o graduate who lived away from home at Uni for 4 years and carefully controlled their spending and actually managed to save money, it makes me sick that people can just mount up these huge debts and then just expect to run away from their problems and have them all magically gone when they return.

jamesd

It may be subject to the statute limit after three years but there are assorted catches. First, it's fraud to do it knowing you aren't going to pay it back, so she'd best stop taking new credit now unless she fancies time in prison. Second, Country Court Judgments will be taken out against her and those will be around on her credit record for at least six years. They can be renewed for another six yers and so on but that doesn't usually happen. People do get chased for old debt well beyond six years, though ability to enforce payment decreases or vanishes.

If she'll be gone for more than six years plus a year or three safety margin before the creditors get around to using CCJs she might get away with it.

Since you haven't signed as a guarantor you aren't responsible at all, except for her moral education. The latter is your current problem.

Mrs_pbradley936

I do not think it can be as easy as all that - if it was there would be no such thing as student debt because huge numbers of them would have done the same thing! Plus I think it is immoral to even consider not paying back money you have borrowed.

Idiophreak

I've got a friend who went overseas for 6 months after graduation and he can no longer get a mobile phone contract, let alone a mortgage, credit card or even a proper debit card.

I suggest sitting your daughter down and giving her a good talking to about taking responsibility for her actions (and generally having a moral compass wrt debt).

I'm 23 and am fairly well crippled by my student debt, it makes me sick to see people trying to find an easy way out of it. She got her degree, now it's time she paid for it.

AMILLIONDOLLARS

What I want to do know, is why did you not sit her down and give her a right talking to by telling her this was an irresponsible thing to consider and to pay up!

Instead you come on here to ask, is she right in her thinking, if not, will you be responsible for paying the debt instead:mad: . I suspect that if we had all agreed with her, you would have said there, there darling, off you go have a great time!!!!

I sincerely hope that not all parents are like you, or else the country will go to the dogs!!!!


AMD

dealornodeal_3

Jaisafootballer wrote:

My daughter has been to university and ran up a large amount of debt on credit cards unsecured loans etc.. She has been paying off the debt every month but has decided that now she has finished uni she is going travelling and will come back in 3 years when all her debts will have been written off? She was living in rented accommadation for the time she was at uni. Is this correct if she goes away for 3 years her debt is written off? Am I responsible for the debt as I haven't signed as guarantor?

Oh dear! dear! dear!-

Regrettably I say that because my son swept his debts under the carpet. He would not listen to me, and I had endless threatening letters to our house and even a Bailiff. I had to explain I was not responsible to everything. I even had a mobile phone contract refused because of the same initial. Needless to say it turned sour for a long time between my son and I, we are ok now!

Sort it out or chuck her out. Strong words, but if they dont listen you may have major problems - a lot of stress!

Jaisafootballer

Thanks for all your replies, I sat her down many times for a chat doesn't seem to work, with so many students declaring themselves bankrupt and discarding their debt she seems to think that if they can do it so can she. I don't want to bail her out again as it sends the wrong message. She needs to be responsible, so I will pass on your advice. Thanks.

AMILLIONDOLLARS

Jaisafootballer

Sorry for sounding harsh earlier, but you question made you look like you were trying to find a way out for her. My mother alway said, if you can't hear, you must feel.

So let her learn this lesson the hard way!! but before you wash your hands of her I'd show her the DFW threads, hopefully this will wake her up big time.

Good luck
AMD

Jaisafootballer

DFW threads?