Natwest debt years old

sourcrates

antrobus wrote: »

On a point of order.

There is no bar on minors applying for credit. If they are granted credit, then the debt may well be unenforceable, unless it can be shown that the loan was in respect of 'necessaries'.

It is also perfectly possible to ratify a contract made as a minor, when reaching the age of majority, thereby making it enforceable.

This only applies in England and Wales. It is different in Scotland, where I believe the age of majority is 16.

Banking, credit and borrowing money

There is no legal age limit at which you can open a bank account but a bank manager can decide whether to allow a child or young person to open an account. There are restrictions on opening certain kinds of account, for example, as a young person you are not normally legally responsible for your debts so you are unlikely to be granted an overdraft.

If you are under 18, it is a criminal offence for anyone to send you material inviting you to borrow money or obtain goods or services on credit or hire purchase. However, if you are over 14 but under 18, you can enter into a credit or hire purchase agreement if an adult acts as your guarantor.

For information on guarantors and other credit issues, see Credit.

You can borrow money at any age, but access to loans may be limited because a lender will not usually be able to take a young person to court if they break the terms of a loan. This is because you cannot usually be legally held to a contract you make when you are under 18.

If you apply for a credit card when you are under 18, you will have your application turned down.

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Debt

As a child or young person, you cannot normally be taken to court for debt. This is because you cannot be legally held to a contract you make when you are under 18. However, there are some exceptions to this rule. You can be held legally responsible for any debts you run up to buy things that you need like food, shelter or clothing.

There may be other debts you can be held legally responsible for. If in doubt, consult an experienced adviser, for example, at a Citizens Advice Bureau. To search for details of your nearest CAB, including those that can give advice by e-mail, click on nearest CAB.

As a parent you are not usually under any obligation to pay the debts of your child. However, if you acted as a guarantor for a contract they entered into, you will be responsible for any debts under the agreement.