Monetary gift dilemma - need help!

Ivrytwr3

OK, dad has proceeds from house sale and has decided to give some cash to 2 sons, however..............

a. Cheque to first son for £20k.

b. 2nd son does not have bank account due to poor credit rating. Son has been with girlfirend for at least 10 years, no children. 2nd son has recently got mortgage and 1st property with girlfriend; no kids.

With regards to b. Dad thinks it best to write cheque for £20k to girlfriend as she does have a bank account.

Aside from cash is there any other way to pass £20k to 2nd son and as a failsafe in case things go wrong with 2nd son girlfriend?

I don't know if son has debts or not, but i do see this would play an important decision

jimjames

It doesn't make a lot of sense? 2nd son is able to get a mortgage but not a bank account? I thought most, if not all, mortgages would require a bank account both for payments and to demonstrate outgoings. How are his wages paid to him and how has he got a mortgage with such a poor credit history that means he cannot open a bank account?

If he can get a mortgage can he not just open a bank account or even open a savings account that has no credit check? Paying to a third party could cause problems if there was ever any dispute about the source or reason for the money.

ses6jwg

There is absolutely no excuse in this day and age for not having a bank account. There are providers out there who will cater to you no matter how bad your credit rating.

I suggest that he tries Barclays and the Co-Op for their basic accounts.

Failing that, he can go to his local building society and open a passbook savings account and pay the cheque into that.

It will save all this faffing about if he just takes some responsibility.

If his grandad is good enough to give him 20k he can at least make things as easy as possible and show some basic gratitude by opening an account to put it in, even if it's a saving account. No credit checks for those.

donkingkong

I fail to see what the dilemma is? Get 2nd son to open a basic bank account and transfer the money to him. Either that or give him a duffel bag stuffed full of nice crisp £50's.

opinions4u

Savings account.

Feeble to say "can't get a bank account". Hasn't tried.

Bravehearted_2

Beware, if you write a cheque payable to the girlfriend, the money is HERS. Not your son's.

As above, no reason in the world anyone with half a brain can't get an account. Simply hasn't bothered to try or is lying.

atush

Or perhaps they have judgments against them they haven't told about (which would make money in an acct in their name fair game).

I would also agree, paying the money to the GF is legally unwise

oldtoolie

The mortgage could be in the girlfriend's name.

If he did not want the son to fritter away the money he could look into setting up a pension for the son.

Son may have debts to pay. Perhaps these could be paid off directly to the lender, leaving son with a clean sheet for a new start.