ARGH!! I don't want him to know!!

bintie22

I've just been offered a fantastic opportunity to become a partner in my dad's business. This really could turn our finances around and get us back on our feet and we've got quite excited about it!

BUT, Dad's just informed me that i'll need to become a co-signatory on his bank account! It's not a Business Account, it's just his old Natwest Reserve Account that he's always used. Now, i'm in a DMP with Payplan and have 2 Defaults currently registered against me - what's the chances of them letting me on the account?

I've never told my family about our debt problems as, this is probably very childish, I know he'd be so disappointed in me. He brought me and my brother up on his own, on a ridiculously tight shoe-string budget and never borrowed money from anyone. He always taught me the importance of saving for a rainy day and to alway 'cut my cloth accordingly'!! Oh what am i gonna do?!

I know this isn't the end of the world, but any knowledge on this area would be much appreciated!

Thanks ever so

skylight

Being a co-signatory isn't going to matter. I was one for a company I worked for when my credit rating hit the fan, but there is no credit check involved.

HOWEVER!!! This is your Dad. Not a stranger. And he is trusting you completely here - not just because he loves you but because he believes that you can do the job. Personally I think that you should trust him back. You made a mistake and you are dealing with it.

garnettgirl

is it a First Reserve Account? They are really basic current accounts - solo card, no overdraft facility and no cheque book - I don't think it would be a problem.

tyllwyd

I think you should come clean before you accept a partnership in his business - if it was the other way round, and you were offering someone else the opportunity to become a partner, would you be upset if you discovered that they hadn't been up front with you?

bintie22

You're totally right Skylight, I should tell him. Problem is, when you've kept something secret for so long, going along saying everything's tickety-boo, it's ever so difficult to say 'well actually, it's not'.

I think i'm going to have to though, i know i owe it to him to be honest, just feel guilty for lying for so long.

elantan

the good thing is though when you tell him you will be able to show that you are responsible enough to deal with problems without the need for others to bail you out or the need to bury your head in the sand and pretend like they dont exist ...that is a positive thing ...

skylight

We have all been there! I always tell my Dad everything - and vice versa, we just always have. My mother took my debts very badly. My bankruptcy was even worse with her!

Explain everything - not just your situation but what you have done so far to sort it out, what you are doing about it and your long term plans. Tell him that this job means so much to you, not only will you enjoy working with your Dad (flattery always works!!) but it will help to shorten your DMP etc.

bintie22

The other reason i didn't tell him was because i knew he'd worry himself stupid and i figured, it's my mess, i'll deal with it. Not right i know, but you live and learn.

emmy05

bintie22 wrote: »

The other reason i didn't tell him was because i knew he'd worry himself stupid and i figured, it's my mess, i'll deal with it. Not right i know, but you live and learn.

exactly, what you should say to him is what youve just posted, and who knows, maybe hes offering you this option so you do come clean as well as making sure you get the life he wants you to have, parents arnt totally blind, trust me lol x

bintie22

Thanks guys, appreciate your help x