| For most of us our parents are the people who protect and take care of us. They are our first love relationship and they teach us what trust is all about. When we think of “abuse” we may think of a physical attack from one person to another. But there are many types of abuse so I have decided to call this one “Parental Financial Abuse.”
My definition of “Parental Financial Abuse” is the act of one or both parents using their child’s identity as well as social security number to get credit and/or services in their name for the purpose of avoiding high deposits or being denied access to credit. Usually a parent does this act to get services such as a phone or utilities and sometimes credit because they have ruined their own identity and made bad financial choices in the past. So in most cases their bad decisions continue on with the stolen identity and the child’s credit profile is also destroyed.
The sad part of Parental Financial Abuse is the victim in most cases does not even know of the abuse until years later when they themselves are ready to start a financial life. They are shocked when they apply for credit or services for school loans, an apartment or a vehicle. Another hurtful outcome of this type of abuse is that it is actually a criminal act due to the identity theft and fraud laws. But who wants to press charges against their own parents?
Recently, while working with many individuals and couples facing Parental Financial Abuse I have witnessed how violated this financial crime has made them feel. They are extremely angry, hurt, and baffled about what they should do to create a more stable financial life after such a catastrophe. They are also concerned about how to repair the trust and respect they once had for their parent, the perpetrator.
I never tell my clients exactly what to do, but I try to give them choices based on their individual scenario. The sensitivity of this situation requires me to operate with extreme caution. Here are a few of my options depending on the details and the time frame of the incident.
Talk to your parents about the situation before doing the following:
In most cases parents are shameful of their actions while others may feels a sense of entitlement because you are their child. In either case, use your best judgment regarding the matter and I pray that everything works out for the best and that the relationship heals! Warm regards, Dina Harbour, Extraordinaire Stay Connected to W.O.W. download our customized toolbar today!CEO & Host of Women Obtaining Wealth Women Obtaining Wealth Organization W.O.W. Conversations on Internet Radio, Sundays @ 9p EST Call-In # for show: (646) 478-5836 Recommend Me! |
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