I applied for a laptop on credit at Dixons, and the assistant at the shop made me sign paperwork and I walked out the shop with it. Later I found out finance is only avalible to people 18 and over, I also took out a mobile phone on contract over the internet and again, it clearly states you have to be over 18? If I was to loose my job and couldn't pay these back, would I have bad credit?
2007-09-22 09:21:57 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
But if my date of birth says i'm 18 on my credit for these things, and then when I am 18 and go to apply for credit, theres going to be 2 different date of births??
2007-09-22 09:30:17 · update #1
This is a difficult situation. You should not have entered into the contract, knowing that you are not 18, technically you have committed fraud. However, its also down to the lender as well as they shouldn't have given you credit.
It is likely that the contract is non enforceable, however if you stop paying it could lead to all sorts of problems for you, as you shouldn't have signed the contract, and are old enough to be responsible for your actions.
I think the best thing is to keep quiet, and to make sure that you make every single payment until the contracts end. When you are 18 you can correct your date of birth, and say that the credit reference agency made a mistake.
In a way you should have a head start in the credit world, as you will already have a credit history of making payments.
To anyone else reading this who is thinking of doing the same thing - DONT!
However, in this case everything should work out as long as you keep up with the payments. If you let them slide, then it will come out that you knowingly comitted fraud, and could be investigated by the police and it would also go on your credit record damaging it for a long time!
(The reason why you have committed fraud is that every contact has small print saying that you are over 18, and that all the info you gave is true to the best of your knowledge. You may not have read it, but it will definately have been there. Signing the contract means you have agreed to this, and consequently lied).
The main thing is that you do not do this again! Wait till your 18 or you could end up in a lot of trouble.
2007-09-22 09:50:22 · answer #1 · answered by Anonymous · 2⤊ 1⤋
There are many laws/regulations about entering into a contract with a minor (anyone under the age of 18). Since you were 17 at the time of the contract being signed, provided that there was no parental consent, you would not be obligated to remain in the contract.
2007-09-22 16:33:33 · answer #2 · answered by contessaharridan 3 · 0⤊ 0⤋
It may be possible.... especially if you get overdrawn, and nailed with bank charges.
But, before you can get credit you LEGALLY have to be over 18, and the companies usually do a credit check through companies such as EXPERIAN... and I think it usually helps to have lived at the same address for at least 3years + be on the Electoral register (registered to vote).
Though ideally you should avoid living off credit if you can possibly help it........
The annual interest you could earn on £1000 in a savings account with an interest rate of 5% (just to make the maths easier) = £50
The interest it'll cost YOU on top of the original loan amount can be between 6% - 29%
£1,000 + 6% = £1,060
£1,000 + 10% = £1,100
£1,000 + 11.9% = £1,111.90
£1000 + 22% = £1,220
£1000 +29% = £1,290
For more blurb on this kind of thing, check out:
http://www.fool.co.uk/credit-reports/Ten-Things-You-Didnt-Know-About-Credit-Reports.aspx
http://www.fool.co.uk/credit-reports/Eight-Steps-To-A-Better-Credit-Rating.aspx
2007-09-23 05:27:46 · answer #3 · answered by Anonymous · 1⤊ 0⤋
You know I was always taught, if you can't buy something in cash then you really should not have it in the first place. Those people should have checked your age it's their legal responsibility.
If I were you I would avoid doing this again as you may get a really bad credit history and in future won't be able to get credit of any kind,
Best of luck bud
2007-09-22 16:30:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Any time you apply for loans etc, your credit gets reported. Hope you don't loose your job, because yes you would then get a bad credit report.
2007-09-22 18:48:25 · answer #5 · answered by Kat 2 · 1⤊ 0⤋
Yes, they will state that you knowingly took out the credit even though you were too young - in fact you could even be done for fraud!! - make sure you pay it back !!
2007-09-22 16:31:05 · answer #6 · answered by nickynoodles33 4 · 0⤊ 0⤋
Worse than bad credit, you could be prosecuted for fraud. What part of "must be at least 18" is confusing to you?
2007-09-22 17:49:57 · answer #7 · answered by Judy 7 · 2⤊ 0⤋
dont but things on credit, you will be paying things of for the rest of your life and paying more.
dont get an overdraft
and put a little away
and if you think i am wrong then message me in five years and tell me how your are doing.
2007-09-23 04:52:43 · answer #8 · answered by R R 6 · 1⤊ 1⤋
if you borrow money and dont repay, that will ruin your credit.
best thing to do now at your age, dont borrow money, ever. for anything. then debt will never be a problem.
pay cash for stuff, or do without it.
2007-09-22 16:28:16 · answer #9 · answered by Anonymous · 2⤊ 0⤋