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Brian T | What are the options for a child whose parents opened credit in their name? |
The child is now a young adult, and finds themselves owing close to 20 thousand dollars.Although they still wish to help their parents, what is the best way to fix what has been done, and to protect themselves in the future?
Additional Details
Cavet, what would be the punishment to the parents? |
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Jan
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It's time to cut the card up . Start collecting the change. negotiate your credit card interest rate with the lender. and try and settle you debit if possible.. |
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bdancer222
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As others have said, you can either pay off the debt or you can press charges against you parents for ID theft.
The punishment to your parents would really depend on the creditors. In some cases, the creditors may be satisfied if they are paid in full immediately. In other cases, the creditor may press criminal charges which could result in jail time. |
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Caveat Emptor
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You really can't do that and still "protect the parents." The child should first place freezes on their credit records at all three credit bureaus so no more damage can be done by the parents. Then, start disputing all debts that date from when the child was still a minor. Provide documentation of that fact and that you did not incur the debt. |
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Landlord
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Your options are to accept what they did to your credit, pay their debts and hopefully someday recover, or press criminal identity theft charges against them and have all of the debt removed by the courts. |
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Sara
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This is credit card fraud, both from the child's viewpoint and from the credit card company's.
It is also forgery and misrepresentation of income.
The only solution is to press charges against the parents. To attempt to pay off a $20,000 debt is madness.
Even to get a car loan, rent an apartment, or get a job in some cases, that credit has to be squeaky clean. The parents have effectively ruined that kid's life.
I'd tell that young person to approach a lawyer with as much evidence as he has, including a copy of his birth certificate and of his credit rating, and don't tie the lawyers hands with protests of "I don't want to send my parents to jail."
A judge will have to fix this, in step with the credit card company's agreement to wipe the debt from the child and put it on the parents, where it belongs.
What kind of parents must these be? |
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