I have one very responsible son and one that is not. The irresponsible one rents an apartment with a one year lease. He hates his landlord and the feeling is mutual. He is going to move out of state and just leave with no notice, figuring that the landlord will keep his one month security deposit even if he gives notice. I have tried to persuade him to give notice, but he won't listen. Is the landlord likely to report this to the CRA's? Technically, he still owes for the remaining 6 months of the lease. It is a small real estate firm that handles rentals for absentee owners. Secondly, this child always pays his bills, but is frequently late. He knows he has screwed up his credit bad, but won't even look at his CR's to see what can be done. Any words of wisdom on how to get him motivated or should I just let him suffer and learn from his mistakes? He is 24 and a college graduate. I suspect you will tell me to let him learn from his mistakes, but if anyone has some motivational wisdom, I would appreciate it. He makes good money but has some dry spells in the pay.
some people just have to learn. He needs to read the cancellation terms of his lease. It will outline the procedure and liabilities.
Well there is a 50-50 chance that the landlord will report, but I would expect the worst and hope for the best. As for 'words of wisdom" all i can say is I wish I had listened to my parents when they explained the problems that can occur when you pay late or not at all. I think it may be best to leave him be and let him learn by his own mistakes. WHATEVER you do, don't let him rely on you for repayment on ANYTHING, THAT is where I learned my lesson, I thought daddy was gonna bail me out of debt and boy was I in for a surprise.
I used to work for a property management co. and the best bet is for him to talk to the landlord and see if IN WRITING he can get away with just a 30 day notice, and agree that he won't be liable for the remainder of his lease. Since they have a mutual "dislike" for one another, this may work in both of their favors. However, legally, the landlord can stick him for the remainder of lease, until he re- rents his unit (make sure yiour son reads the terms on his lease.) If he just walks away, he can be in a whole lot of financial trouble, and yes, they can send his account to a CA and it will go on his CR, or landlord can get judgement against your son (worse). My advice is to have him read this board, so he can see the kind of troubles and mistakes we have all made, and the struggle we deal with DAILY to correct our CR. One thing my parents never taught me was handling money and credit, until like a lot of folks, I learned the hard way (especially in college) and now am paying for it. The best thing you can do for your son is educate him, the worst thing is to bail him out (been there w/ my folks). He's a grown man, and will have to learm how to swim!
