Lloyds TSB and 16 year old son

dexters_mum_2

John,
I think you really need to contact Lloyds on this one, I think your son needs to be stopped fromgetting debt on a very young shoulders, like you say, 6 years is an awful long time to be a credit risk, what if he chose to go to university and needed a student account, what if he wanted to buy his own place?

I'm not a fan of Lloyds and I don't think their customer service is the best in the world but they have a responsibility to your son about responsible lending and indeed the infliction of penalty charges, which are allowing your son to go OD.

I would be tempted, in my opinion, to make an appointment with an advisor at Lloyds and brief them about the situation, then make another appointment for you and your son to attend so that the bank can help your son get out of this mess before it lands him in hot water with the credit agencies.

It may be the case that they would be willing to waiver some of the penalty charges which they may have imposed on your son, they could also explain the importance of maintaining creditworthiness at this stage in his life, maybe they could take away his debit card for a cashpoint card.

My hubby is 25 and got into debt at 22, it was far too young for him to cope with even at that age, to be 17 and in debt, can't be any easier.

I do hope that between you, you can find a resolution to this issue before it escalates.

Take the first step and contact Lloyds and enlist thier help.

johnbfan

Think what I will do is write a letter to them explaining the situation (he's not working, no intention of getting a job. His older brother was like this but now works full time at 20 years old).

Will put Lloyds in the picture about him. His cashcard is in the drawer upstairs so I think he has stopped using it for now. He has no intention of going to college or uni (no GCSEs) so getting a student loan is not a worry. He is just like his father. I've got problems with him in debt and burying his head in the sand.

I have explained all the implications of what he is doing but he has seen is older brother do the same and his father is making a mess of his life financially as well so it seems to run in the family. Just as well I'm pretty good with finance.

Will let you know how it goes.

Lloydsman

Hey John,

Don't wait for a letter, ring lloyds up NOW!! The later you leave it, the worse it's gonna get. I suggest you really try hard to tell your son what being Blacklisted means!

Also you should tell him that he should at least go to college.
I suggest one shopping trip you say to him, Right look theres you in 40 years time still at a check out do you fanncy that?
Or tell him how A levels will help him get a decent job. Does he have any hobbies??? photography e.t.c If so tell him to get interested in what maybe and try and form a career out of it.

His 16 so his time is about to change.
I mean bombard him with the thought of doing the daily grind for the rest of his life! Do it John or your son will be a very unhappy person when he hits 30!

30 pounds is hardly the million pound loan. I suggest you phone Lloyds explain the situation and lick their shoes and say he won't do it again and it's the first time or 2nd time.

Also, they might want to speak to your son in person due to his age. "Account security" as they say.

If they need to do this Scare him in some sort of way. Say the interest is going to be into 100s and he has to fit the bill or HIS stuff gets put on to the van e.t.c

Hey i am only just turning 18, but being broke many years of your life gives you the harsh lesson in money.

But ring them now mate. Honestly do it!

All the best
James

Lloydsman

Also to note guys, this is not illegal. This is an un-auth overdraft/overdrawn.
Legally this is indirect and the bank has no control over it.
So no his not going to get busted e.t.c but they just won't like it.

Kilty_2

dexters_mum wrote: »

infliction of penalty charges, which are allowing your son to go OD.

Penalty charges have absolutely nothing to do with it - he has not been charged for being overdrawn simply asked to pay the money back because of his age. Lloyds could not inflict penalty charges on this account because of the account holder's age since you are not meant to be able to get credit if you are under 18, under any circumstances.

The account is overdrawn because of purchases, not charges!

System

Lloydsman wrote: »

Also to note guys, this is not illegal. This is an un-auth overdraft/overdrawn.
Legally this is indirect and the bank has no control over it.
So no his not going to get busted e.t.c but they just won't like it.

Lloyds TSB can't do much other than ask for the money back and write threatening letters as he's under 18.

The only thing I would say is that it may damage any internal credit score for any future products with Lloyds. But I don't see how they would be allowed to inform any credit reference agencies or other banks.

regularsaver1

The problem is - they won't talk to his father without his permission, or him being present.

Compound_2

Lloydsman wrote: »

Also you should tell him that he should at least go to college.
I suggest one shopping trip you say to him, Right look theres you in 40 years time still at a check out do you fanncy that?
Or tell him how A levels will help him get a decent job. Does he have any hobbies??? photography e.t.c If so tell him to get interested in what maybe and try and form a career out of it.

His 16 so his time is about to change.
I mean bombard him with the thought of doing the daily grind for the rest of his life! Do it John or your son will be a very unhappy person when he hits 30!

I think this is a bit of an exaggeration. With so many entering higher education, many graduates are now doing ‘5 GCSE’ jobs. Of course, I would never discourage anyone from learning - it should be commended. But there is no point forcing them. They are unlikely to do well, while ending up with huge debts.