Using My Parents Current Account

GrumbleBum_2

My parents have 2 current accounts with different banks. I on the other hand only have 1 basic account - because I got into debt, ccjs etc etc, and I will probably never be able to have another current account again.

Can I just use one of my parents accounts to get my wages paid into every week and use their debit facility to pay my bills, car insurance and stuff?

Is this illegal? will it make it look as though my parents are earning twice as much? could it affect paye tax?

By the way, I live with my parents, they said its ok as long as im not doing anything illegal.

Thanks guys

GrumbleBum_2

My dad works, mum is a housewife and they get working tax credit every week. I suppose the tax credit people might have something to say?

Paul_Herring

I will probably never be able to have another current account again.

If you don't get into any further 'trouble,' the absolute maximum you'll have to wait is 6 years from the last issue.

Can I just use one of my parents accounts to get my wages paid into every week and use their debit facility to pay my bills, car insurance and stuff?

Is this illegal?

No.

will it make it look as though my parents are earning twice as much?

Doubtful. Even if it did become an issue, the situation could be explained. What you should do in any case is transfer any money not required for DD's/SO's back to your basic bank account so you are seen to be using it well. This should decrease drastically the time it should take the institution holding it to allow you to have a normal account back again. If it's seen to be 'dormant' it won't be helping you.

could it affect paye tax?

The only effect on any sort of tax is on any extra interest due to your money being in their account.

My dad works, mum is a housewife and they get working tax credit every week. I suppose the tax credit people might have something to say?

Unsure about this - I'd say no, but wait for someone more knowledgeable about this particular side of things to come along.

Rafter

Your parents will technically be breaching the terms and conditions on the account by giving you the pin number. As such the bank could decline to refund you in the event of a fraud, on the basis that the pin hasn't been kept secret by the account holder.

Your parents would also be responsible for any overdraft of debts on the account.

I would try to find a basic account that at least offers you an electron/solo type facility so you aren't totally dependent on cash. You could also get a prepaid credit card, although these are rather expensive to run and keep track of.

R.

annettetabs

GrumbleBum wrote: »

My parents have 2 current accounts with different banks. I on the other hand only have 1 basic account - because I got into debt, ccjs etc etc, and I will probably never be able to have another current account again.

Can I just use one of my parents accounts to get my wages paid into every week and use their debit facility to pay my bills, car insurance and stuff?

Is this illegal? will it make it look as though my parents are earning twice as much? could it affect paye tax?

By the way, I live with my parents, they said its ok as long as im not doing anything illegal.

Thanks guys

Can't you do this with your basic account that you have at the moment? Or get another one, my Step account with Natwest lets me have everything you want. I wouldn't chance using your parents account.

Paul_Herring

annettetabs wrote: »

Can't you do this with your basic account that you have at the moment?

Basic accounts don't have luxuries like standing orders and direct debits. That's (ostensibly) the reason for their existance.

CLAPTON

Paul_Herring wrote: »

Basic accounts don't have luxuries like standing orders and direct debits. That's (ostensibly) the reason for their existance.

basic bank acccounts usually allow DDs and standing orders and offer a cash card and sometimes a solo card
they usually don't allow a cheque book, an overdraft or a full debit card

christhesparky_2

Paul_Herring wrote: »

Basic accounts don't have luxuries like standing orders and direct debits. That's (ostensibly) the reason for their existance.

Coop Cashminder account gives you a visa electron card and allows direct debits and standing orders

medic1978

Paul_Herring wrote: »

Basic accounts don't have luxuries like standing orders and direct debits. That's (ostensibly) the reason for their existance.

Almost all basic accounts allow standing orders/direct debits. A few have a full debit card.

See www.moneymadeclear.fsa.gov.uk/pdfs/bank_accounts.pdf

PBA

I've got to say you're shooting yourself in the foot with this idea. Banks look at you largely based on how much you pay through your current account a month. If no money ever goes in to your account then you're never going to get anywhere. Get your wages paid in to a basic account in your own name, then if there's stuff you need to buy on debit card withdraw it from your account and give it to your parents. This is the first step to rebuilding your credit rating.

annettetabs

Paul_Herring wrote: »

Basic accounts don't have luxuries like standing orders and direct debits. That's (ostensibly) the reason for their existance.

Really? As I said i have a "basic bank account" Step account with Natwest, and I have as i said direct debits and standing orders which i have going out every month, the only thing i can't get is a cheque book and an overdraft. If any of the Natwest staff are online perhaps they can back me up?