Bank account advice for bipolar son

daphnemoon

If you have a chat with your son when he is not in a manic state but is on a stable phase then it's up to him to do, or not do, whatever future protection he feels is right for him.

If he takes the action himself then there is no danger of him feeling like his freedom is being taken away, he is in control.

Btw, lenders should do a credit check when a person applies for credit, if there is a note on the file it should stop the automated credit check coming back clear. If this happens the lender may just decline the credit or, in the case of major lenders, they can access the credit file and make a decision based on the notes in/on the file.

Hope you and your son manage to get this sorted.:beer:

vigman

Thanks to everyone who replied. As well as being bipolar he is also becoming psychotic according to the consultant psychiatrist.

The problem is now that he does not consider himself ill and does not need medication but continues to spend recklessly and somehow convince Barclays that he is earning £30k pa even though they could see that the only credits on his account in the last year are from me paying off the overdraft to stop going into the high fee zone!

I am very much against taking action on his behalf, especially with possible future repercussions, but at the same time cannot afford to pay off his debts whilst only earning a disability pension.

We are having a meeting with his care team next week and will try and see what we can do practically.

I am going to see a STEP member about creating a trust for my son should my wife and I die in an accident, for example, as an estate of around £700,000 (two properties) will be divided equally between my daughter and son.

We have had to deal with many very difficult situations in my life, but this is the most difficult and worrying situation we have ever faced.

Vigman

xylophone

I am going to see a STEP member about creating a trust for my son should my wife and I die in an accident, for example, as an estate of around £700,000 (two properties) will be divided equally between my daughter and son.

Given the circumstances, this seems a very wise decision.

We have had to deal with many very difficult situations in my life, but this is the most difficult and worrying situation we have ever faced.

Your anxiety is very understandable. However, the decision to lend or not is the bank's and you cannot be held responsible for another adult's financial affairs?

It would appear that your son has no assets- I take it that you/your wife/daughter have no associated accounts?

If the bank makes an unwise commercial decision, then the bank lives with the consequences?

grumbler

vigman wrote: »

...the only credits on his account in the last year are from me paying off the overdraft to stop going into the high fee zone!

Stop paying his debts and let him default.
Barclays will be 'punished' for reckless lending.
Your son will have this reported to his credit files that will make getting any further credit impossible. Good for him given his condition.

chambta

RBS/Natwest have overdraft control that can be added to a Select Account that prevents charges or any unauthorised overdraft.

grumbler

You seem to not understand that the account holder doesn't want any external control over his spending and is happy to get overdrawn.

vigman

I have thanked you for a previous post Grumbler and we will allow things to take their course.

However you do not seem to understand that when someone is manic or psychotic the concept of being overdrawn or of being 'happy to get overdrawn,' simply does not exist.

Vigman

mangohead

By the sounds of the current situation, going down the power of attorney route may be worth a shot. But that completely depends on the degree of independence. And as daphnemoon said, contacting credit agencies and requesting a file note be added could be beneficial.

PeacefulWaters

A damaged credit file is the best way to stop future borrowing. Let it get damaged.