18 year old debt protection

readinginthelibrary

My son is 18. He has ADHD and struggles to manage money. I'm thinking ahead that if he ever (god forbid ) he got into debt.
How can I protect myself so I'm not liable ? Do I need to get something drawn up at a solicitor?  I don't want my house (owned) getting blacklisted in any way etc 

sammyjammy

Why do you think you would be liable for his debt?  There is no such thing as a property being blacklisted, unless you are linked to him financially such as a joint account then his creditworthiness will have no impact on your own.

McKneff

What he said xx

fatbelly

readinginthelibrary said:

My son is 18. He has ADHD and struggles to manage money. I'm thinking ahead that if he ever (god forbid ) he got into debt.
How can I protect myself so I'm not liable ? Do I need to get something drawn up at a solicitor?  I don't want my house (owned) getting blacklisted in any way etc 

The way forward is probably education. Does he have his own income? Bank account? Any forms of credit at the moment?

Malthusian

Don't agree to be a guarantor.

Might sound obvious, but people do tend to sign up as guarantors as if it's a character reference, and then come over all surprised when they are told they have to pay. 

Exodi

If he lives with you, I'd consider keeping receipts for valuable items.

Reason being that should, god forbid, a HCEO attend the property with a writ of control (which is where a debt has not been paid and the creditor has escalated), they will be reluctant to accept "we own everything in this house and he owns nothing" as gets put to them on a daily basis. There was one example where the sons games console was plugged into the living room TV and they seized both. Unfortunately my sister had the enjoyment of dealing with people at the door every now and then with the 18 year old living with her.

No such thing as a house being 'blacklisted', once your son is an adult he becomes responsible for himself (unless you take on liability yourself, such as being a guarantor as above).