What can happen to my son?

Question

Hello fellow people of the Yahoo community. I am faced with a dilemma. My son is 20, he's on track after getting off track 3 years ago by dropping out and not doing anything but play sports. He's planning to attend Baruch College in NYC and major in Finance and investments to be a stock broker. 3 years ago, he made some stupid mistakes. He back then needed money to hang out everyday, so he went and opened a few credit cards in his name(with fake employment and income info) with providian and direct merchants, and opened accounts in my name with himself as co-user so he can use it. Right now, I am getting letters from debt collectors, and the first letter from a law firm attempting to collect a debt for Capital One. I'm about maybe 55000 in debt at the moment, and I am wondering if I report fraud, would he get in major legal trouble and be put away for a long time? Is there a possibility of him getting probabtion since he is a first time offender and had a clean record?

and also, if I opt to pay for all the debts that he made in his name and in my name, will he stay out of trouble? He's my son, and he has a bright future ahead of him, and I don't want this to take it away from him.

Thanks guys. He's 20 now, he didn't just do it now. He did it when he was 16 or 17. He learned his mistakes now, and he's trying to change. He has a part time job that pays 130 a week, and he gives me 100 each week and keeps 30 for himself. He seems so different from 3 years ago, I want to give him a chance. I don't want him to not have his dream. He was telling me how we'd live together in his house when he makes it to wall street. After hearing that, I do not have the heart to report him.

Answer 1

If you report fraud, your Son is guilty of major credit card fraud & identify theft, both felonies.

For the amount of money involved, I seriously doubt that he would get off with probation unless you offered to pay the debt in full as a condition.

I wish you good luck, if my Son did this to me he would be in jail.

Answer 2

If you report it as fraud, your son will be charged with fraud. His bad credit and that fraud charge will pretty much make prevent him from getting a job as a stock broker.

You can make him pay. They are his debts. I'd insist he pay off those cards in your name first. He's going to have to clean up his own credit history by resolving all those negatives. Maybe he should get a couple jobs to pay off this debt before he goes back to school.

Answer 3

The best advise anyone can give is to consult with an attorney on this issue. In cases so serious that someone could potentially end up in prison, it's best to immediately seek advise from licensed, practicing attorney who specializes in criminal law. Sometimes people give really bad advise on this board...and seem to get-off on passing judgment rather than giving factual advise..The consequences of bad advise here could be horrible for your son. If you can't afford an attorney, contact your local Red Cross for a referral to free legal aide.

From you latest info you seem to think that you son has changed....that's great.....but to be on the safe side, I'd urge you to enroll in a credit monitoring service...I think Equifax charges $9.95 a month for it.....You need to make sure your son doesn't open any more accounts under your name. Obviously he has the info needed to do this again....By having credit monitoring you'd know immediately if there is any more trouble rather than finding out the hard way like this time.

Answer 4

I can tell you care about your sons future...if you file fraud...his future is toasted..no financial job ever..and i do say ever will be available for your son....obviously you think your son is changed..so lets go w that...
The firms that are collecting want a resolve to the contract that is outstanding...i would state your case to the firm...and offer 50perc...if they refuse..you will need to make paymnt arrngmnts on the debt.....Know that the firm will refuse paymnts...but keep stating that this is not your debt,but you would like to resolve if posible...a few rounds w them and they will bend...if not..then talk w mngr of firm..see what they can do...If still not willing to bend...state will cease firm from collection activity....they get nothing...more than likely..youll get your 50 perc settlmnt....Your credit will take a hit...but your son is safe...hope this helps

Answer 5

I think you should consult with an attorney. If he was under the age of 18 at the time, he legally could not have been issued a credit card and thus you may not be liable for those charges.

Answer 6

based on his age, there is a chance that he could not be charged, however that does not necessarily let you off the hook. Definitely go see an attorney, and figure out your best move.. and let mr bright future pay off the debt. tell him it is his tuition to the school of hard knocks.. make him pay EVERY dime of it. he can never restore your trashed credit, but at least he can be a man about it and offer restitution.

Answer 7

I agree with previous posters that perhaps some legal consultation is called for here.

At the risk of being "preachy", I don't think you should just pay it all off for him. What he did was way beyond normal youthful irresponsibility (it was criminal), and he should take some responsibility toward reparing the damage he caused.

Answer 8

I absolutely would not pay a dime of his debt - he is an adult and what he did was very serious and fraudulent, not to mention bad judgement. Let him pay for his own mistakes, and yes, report fraud.

Answer 9

If you keep taking care of all his problems he is just going to walk all over you for the rest of your life. I'd say at 20 years old we are all responsible for out own mistakes. It will be hard to leave him to take care of his own problems, but he will be a better person because of it. It sounds like to me that your son is using you, and he knows that he is using you. And $55,000?!? Seriously?