I opened an account with a bank at the age of 17. i applied for a debit card and used it without realizing that it will still work when there is no money in the account. i started getting letters saying my acount was overdrawn. i am now stuck with about $500 in overdraft charges and late fees. I am now 18 years of age. The bank asked me to come in and change the account to something called take charge loan. I was supposed to make payments but i had no income so now the collection agency is after me. Although i signed a paper for the take charge loan when i was 18 am I still responsible to pay them since the account was opened when i was 17. I have paid them the money that i spent but i do not think i should have to paid over 500 in late fees and overdrafts. please help.
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legal age for binding contract
- Thread Starter tcallan24
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jharris352
New Member
Congratulations on being and adult. When you signed the agreement at 18 you ratified your contract as a 17 year old. It's yours now sir.
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fredrikklaw
Moderator
Affirm or Disaffirm!
In majority of situations, a contract entered into with a minor (a person under the age of 18) is a voidable contract except when the minor contracts (or buys) for life necessities such as food, school, clothing, and books. Apart from that, the minor can avoid the contract as no action can be taken against him for the purpose of collecting on the debt. That is of course, until the person reaches adulthood.
The contract however, has to be either Affirmed or Disaffirmed by the minor once he reaches the age of 18 and there are two ways in which the contract can be affirmed and only one way to disaffirm it.
The contract is voided for good if the minor clearly and unequivocally disaffirms it within a reasonable amount of time after reaching the age of a18, otherwise the contract will be considered as affirmed and the person can no longer avoid it.The second manner in which a contract is affirmed after reaching the age of 18, is by acknowledging and making a promise to pay it off, which is exactly what you have done.
By signing the Take Charge Loan, you affirmed all debts and responsibilities you accrued when you were a minor in connection with that contract and you are no longer able to avoid any aspect of it, which includes all the late fees and other bank charges.
Welcome to adulthood!
fredrikklaw
In majority of situations, a contract entered into with a minor (a person under the age of 18) is a voidable contract except when the minor contracts (or buys) for life necessities such as food, school, clothing, and books. Apart from that, the minor can avoid the contract as no action can be taken against him for the purpose of collecting on the debt. That is of course, until the person reaches adulthood.
The contract however, has to be either Affirmed or Disaffirmed by the minor once he reaches the age of 18 and there are two ways in which the contract can be affirmed and only one way to disaffirm it.
The contract is voided for good if the minor clearly and unequivocally disaffirms it within a reasonable amount of time after reaching the age of a18, otherwise the contract will be considered as affirmed and the person can no longer avoid it.The second manner in which a contract is affirmed after reaching the age of 18, is by acknowledging and making a promise to pay it off, which is exactly what you have done.
By signing the Take Charge Loan, you affirmed all debts and responsibilities you accrued when you were a minor in connection with that contract and you are no longer able to avoid any aspect of it, which includes all the late fees and other bank charges.
Welcome to adulthood!
fredrikklaw
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