18 year gets old bank loan

RobTheDJ

he could declaire bankrupcy and have his credit score ruined for 2 years
(think this is right, best check it out yourself)

As a 24 year old who also got a loan out when i was 18, have to say that i would've learned more about the "real" world if my parents hadn't had helped rather than paid it off for me and i've been paying them back instead. I'm only just getting to grips with my accounts and keeping the books in the black, maybe it would be wiser to simply ask him now and again how is he getting on paying it off, rather than the approach that you feel obligated to pay it/get it revoked for him, which will potentially "damage" him more than letting him do it himself?

lv1109

I don't think it was meant to but this thread has given me a real laugh on this boring Wednesday afternoon.

Sorry I have no further comment on the matter as I would only reiterate everything everyone else has said and I don't fancy being shot down in flames!

Just wanted to mention that I also had a personal loan at 18 and I made every payment on time, each month. I never missed a payment and every penny was paid back without any help from my parents.

(and I hope my spelling and grammar is okay for everyone! LOL!)

chambta

I like how despite virtually EVERY poster disagreeing he/she continued as before. The very essence of arrogance?

Dicky2K

Problem is at that age, they know best.

ekkygirl

I have an worse case to report,

My 19 year old part time ASDA working son has managed to rake up a debt of £12000 over the past two years and intends to borrow at least another £6000 next year. This time the irresponsible lender is the government, Fancy lending someone all that money when they are so young and have no proper job! credit history or common sense:rolleyes:

Its his debt. He will be paying it back all his adult life, along with all the other students of today in this country

DaisyClaire

lv1109 wrote: »

I don't think it was meant to but this thread has given me a real laugh on this boring Wednesday afternoon.

Sorry I have no further comment on the matter as I would only reiterate everything everyone else has said and I don't fancy being shot down in flames!

Just wanted to mention that I also had a personal loan at 18 and I made every payment on time, each month. I never missed a payment and every penny was paid back without any help from my parents.

(and I hope my spelling and grammar is okay for everyone! LOL!)

Spelling and grammer will surfice. I have checked it through and can tell you it seems to be in order.
Anyone else who spots an error should of course point it out as it seems the only fair thing to do.

That is all.

....actually I think 'Cameron Milne' he/she, whoever, has left the building!

[ponders, 'whoever or 'whomever']

CHR15

Great thread, I just wish the OP was sticking with it.

This is a troll worth feeding.

The Money was obviously spent on drugs....... at least ONE of the parents has been smoking something illegal (they do say children copy the parents!).

cos_2

Well, it seems to me that the OP was asking about how banks decide to advance loans. He mentioned his son is 18, that he had no regular income and his banking behaviour wasn't top notch.

Also, the OP asked several times that we stopped criticising him or his son - they both already recognised the issues.

But, what happened next? Time after time after time people posted how bad the kid is, how he can resolve it by being good, and so on. The OP didn't ask for these resolutions, folks. Can we all try to read and understand before we throw in a diatribe about irresponsibility? The OP did not ask for advice on that topic.

It would be really, really helpful to the OP if folks could read his first post again and respond appropriately.

Sorry to sound like a school teacher or such-like, but I just want to be fair to the OP and to Martin's philosophy of help without condemnation.

C_Ronaldo

The OP said about getting the loan cancelled, thats what started it

Ian_Griffiths_Halifax

In 13 posts spanning 5 pages, the OP hasn't answered a single question which has arisen from that original post.

How can anybody expect help if they aren't going to expand on the subject when asked or just criticise people for the advice they give?

I don't think asking what the son had spent the money on was a particularly intrusive question. He could have bought something which could have been sold to repay some of the debt.

I think there's more to this that you think. Either:

A) The OP is the 18 year old son and applied for the loan in the sons name.

or

The son has spent the money on something he shouldn't have.

This is obviously just my opinion.

The OP seems to be just a bit over concerned about the irresponsible actions of an 18 year old son.