Stopping son from borrowing money

Infoseeking

Can anyone give me any advice on how to stop my 19 year old son from borrowing money from payday loan companies? He has no means of paying back and lives in my house.

Also I have just discovered he is trying to borrow £2000 from a company, should I write to them advising them not to lend it to him and stating that he has no way of paying it back

Help! Any advice would be great, thanks.

ViolaLass

He's legally an adult so I don't see what you can do apart from talk to him.

KingElvis

Lock him in the attic and feed him on fish heads.........

Tremour-88

Infoseeking wrote: »

Can anyone give me any advice on how to stop my 19 year old son from borrowing money from payday loan companies? He has no means of paying back and lives in my house.

Also I have just discovered he is trying to borrow £2000 from a company, should I write to them advising them not to lend it to him and stating that he has no way of paying it back

Help! Any advice would be great, thanks.

You can't stop him applying for credit, nor would any lender listen to you since it is between your son and the company ONLY.

Soon enough he'll destroy his history so much no one would ever accept him for credit, do not worry though, theres no comeback to you or your home so it will only effect him.

talana

Well if he's living in your house you have some power to exert.
Threaten to kick him out? Double his rent? Lay down the rules of the house to him?

But no, you can't directly stop the companies dealing with him.

DCFC79

You say he has no means, is this because he has no job or because he doesn't earn enough ?

Definitely talk to him, its your house so he has to abide by your rules or you throw him out.

pmlindyloo

Other than the sugeestions above why don't you show him some of the threads on here where people have got into serious problems, especially with Payday loans?

CKhalvashi

Infoseeking wrote: »

Can anyone give me any advice on how to stop my 19 year old son from borrowing money from payday loan companies? He has no means of paying back and lives in my house.

Also I have just discovered he is trying to borrow £2000 from a company, should I write to them advising them not to lend it to him and stating that he has no way of paying it back

Help! Any advice would be great, thanks.

A little personal story to show/tell him!

When I was 19/20ish, I borrowed to build what I have now, and I think at its worst, my unsecured debt was about £300,000 (much of it Sole Trader, at around 22.)

It takes an awful lot of work to run a company to the extent that you’re not defaulting on anything, especially in the early days, and if he’s not working, that could make the problem worse.

With hindsight, I wouldn’t have what I do now if I hadn’t done it, but I’d have been a lot happier seeing my kids grow up that working to pay companies what I owe them, sometimes in excess of 120h/wk.

Legally there’s nothing that you can do, but he needs to realise that if you can’t/won’t pay it back, there’s little point in borrowing it in the first place.

CK

headachesrus

Its down to the relationship you have with your son I suppose. My children are 18 and 19 and know that whilst they are under my roof in no way are they to apply for credit. If they need to borrow, they can discuss it with us, and if necessary, they can borrow from us, and pay us back, or more often than not, we can persuade them they really don't need whatever it is they want.

I so so so wish my parents had been this firm with me when I was their age.

Of course, they can just go and apply, and ignore what we have to say on the matter, but we are fortunate that they respect us enough to still live by our rules.

Itismehonest

I have to ask this .......
Do you know what the money is spent on?
I can think of many reasons but most are not good.
You can't stop him doing anything because he's an adult but, if you know why he thinks he needs the money, there may be things which you could do to help turn things around.

meer53

CKhalvashi wrote: »

A little personal story to show/tell him!

When I was 19/20ish, I borrowed to build what I have now, and I think at its worst, my unsecured debt was about £300,000 (much of it Sole Trader, at around 22.)

It takes an awful lot of work to run a company to the extent that you’re not defaulting on anything, especially in the early days, and if he’s not working, that could make the problem worse.

With hindsight, I wouldn’t have what I do now if I hadn’t done it, but I’d have been a lot happier seeing my kids grow up that working to pay companies what I owe them, sometimes in excess of 120h/wk.

Legally there’s nothing that you can do, but he needs to realise that if you can’t/won’t pay it back, there’s little point in borrowing it in the first place.

CK

What a ridiculous thing to post !

So you're telling the OP to show her son your experience ? That you had unsecured debt of £300k at 22 and that you borrowed to get there ? The OP says her son has no means of repaying anything he borrows, he's not running any companies as far as we know. You're hardly discouraging him are you ?