Stopping son from borrowing money

oldhand

If its your own home just ensure he has no access to the deeds of the house in case he tries to secure a loan on it,highly unlikely I know but if he was turned down everywhere else, stranger things have happened.........

whatmichaelsays

Ultimately, I don't think it is a parent's place to say what their sons / daughters do when they reach adulthood. Advise? Absolutely, but to 'enforce'? No.

Your son is an adult and he should be free to make adult decisions by himself - and deal with the consequences if those decisions are the wrong ones. All you can and should do is provide guidance to allow him to make an informed decision - but the decision is ultimately his.

deep_in

I would agree with the others try and explain the problems it can cause and show him some of the debt wannabe diaries hopefully you can stop him and teach him saving for the things you want is better than getting in debt for them.

CKhalvashi

meer53 wrote: »

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 ?

The point of it was that to get there, I’ve had to work 120h some weeks.

Trust me, it ain’t pretty!

LovelyLeeds

CKhalvashi wrote: »

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.)

What a bizarre self-indulgent post to make, it has absolutely nothing to do with the opening post.

OP: As most others have said, you can only guide him, show him some of the other PDL threads on here, and also look up FLM threads too.

RuthnJasper

I think the only way you could act for a person over 18 would be if they were unable (though illness/disability/infirmity) to make these decisions for themselves and you went to court and got Power of Attorney to act on their behalf.

Bad luck, OP - I can understand how frustrated and helpless you must feel - but there is plenty of good advice on here, as suggested, from those who are already at various stages in the Payday Loan "trap". I also echo the poster who was concerned about what the lad is spending/intends to spend his loan money on - if it's nights out on the lash with his mates, then he's going to come unstuck particularly quickly, I'm afraid.

Perhaps you could make an appointment for him at the Citizens' Advice Bureau with a financial advisor and accompany him...?

Best wishes to you anyway. x

jamespir

you cant unfortunatley but you can make his see sense

meer53

CKhalvashi wrote: »

The point of it was that to get there, I’ve had to work 120h some weeks.

Trust me, it ain’t pretty!

The OP's son lives with her, if he has no means of making any repayments i would assume he doesn't work any hours at all.

Self indulgent is a pretty good description of your posts.

[Deleted User]

Sit him down in front of some of the threads found on here... a payday loan isn't a joke and shouldn't be taken out for "fun"

Valli

whatmichaelsays wrote: »

Ultimately, I don't think it is a parent's place to say what their sons / daughters do when they reach adulthood. Advise? Absolutely, but to 'enforce'? No.

Your son is an adult and he should be free to make adult decisions by himself - and deal with the consequences if those decisions are the wrong ones. All you can and should do is provide guidance to allow him to make an informed decision - but the decision is ultimately his.

UNLESS he/she is living in your home! Your house = your rules.