Crosswords2 mins ago
Credit Card
My son is an out of work alcoholic who lives with us. He's recently been given a credit card, at first it only had £100 limit but it's now been put up to £500. His bill at the moment (I found a statement) is just under £300. My question is... if he can't pay this will we be liable as he lives with us. Also why do the credit card companys give them out to someone with no means to pay for it?
Answers
If the credit card is in your son's name then you have absolutely no liability and they cannot demand payments from you. Peter is wrong about the information the credit card companies have. His account is his account. Nothing to do with you. There *may* be a link to your son on your own credit history as recorded by the credit reference agencies, particularly if...
11:45 Mon 30th Sep 2013
bazile - people I had no connection with. MY credit report had on it financial transactions for
The people who bought my mother's house (where I used to live)
My ex-husband's finances (being as I used to live at his address)
Credit information about the people who lived in my house before I bought it
I was appalled!
The people who bought my mother's house (where I used to live)
My ex-husband's finances (being as I used to live at his address)
Credit information about the people who lived in my house before I bought it
I was appalled!
Peter, I was being pedantic :) We were almost agreeing, but...
I was just clarifying that the credit histories are held by the credit reference agencies rather than the credit card companies. The companies would not associate you with anyone else, your account is your account, nobody else could become liable for your debts.
The credit reference agencies might associate you with someone else which has nothing to do with recovering existing debts, but everything to do with how easy it would be for you to get credit in the future. It would be wise to sever the links with anyone with whom you are associated on the credit reference agencies' records if there is no genuine financial link.
I was just clarifying that the credit histories are held by the credit reference agencies rather than the credit card companies. The companies would not associate you with anyone else, your account is your account, nobody else could become liable for your debts.
The credit reference agencies might associate you with someone else which has nothing to do with recovering existing debts, but everything to do with how easy it would be for you to get credit in the future. It would be wise to sever the links with anyone with whom you are associated on the credit reference agencies' records if there is no genuine financial link.
