Just need a bit of advice

[stardust_john]

My son has done a year of paper rounds and now wants to buy a reduced treadmill from a well known store, wants to be a future olympic marathon runner, he does:D Fitter than me Hes only 14 and managed to save up for it so I am really proud of him.

 

Now I am possibly in the next year going to be forced to go bankrupt and need a little reassurance that if he puts his pennies into this, will anyone be able to take it off him?

 

I thought if the purchase he makes is registered to him, then it should be safe, but dont want to let him down by my mess.

 

Advice appreciated:-)

Edited June 19, 2009 by stardust_john
put wrong age, doh

[the_shadow]

If his money is in a building society can he get a building society cheque drawn up to pay for it?.. then you'll have a paper trail instead of a cash receipt which could come from anyone.

 

Just a thought, others my have better though.

 

Edit: Sorry should have given reasons for suggestion... to make it absolutely sure you'll need to show that he purchased it and its not your asset which if paid for by cash and in your property it could be construed as in my humble opinion.

 

S.

[stardust_john]

Thanks for reply, but he has inherited a mistrust of banks because of me and used a pot under his bed, so unless get a little reassurance I might need to stop him buying it.

 

Pity I could do with losing weight also. At least thinking ahead, couldnt face explaining to him, why it was being taken.

[smouk]

As he is a minor then your BR should not affect anything deemed to be his possession - especially if you register the warranty in his name. (hint)

 

Much like cycling though, there's nowt to be road miles.