Parental debt

tzang

tzang

tzang

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Before I start a huge rant on parental debt, what would you do if you found your parents, who were once virtually debt-free and living a happy lifestyle, suddenly came across a certain hardship and was left in a huge amount of debt in which they are seriously struggling to pay?

I know some people turn a blind eye when it comes to parental debt as parental debts do not affect them, even if their parents go bankrupt or die (debts are not inherited). Granted that you respect and love your parents a huge amount, would you help them and in what ways?
 
If I was in a position to help, then I'd do anything and everything I could. My parents have given me plenty over the years, it would be very selfish to not offer anything in return.
 
this is a bit of a nobrainer isnt it... of course if your able to help your parents with a debt then you do it. nuff said.



(exceptions are if theyre nasty and hated you and stuff like that)
 
I would do anything in my power to help - they would do the same for me.

This includes selling things such as a nice car or whatever.
 
tickle me elmo said:
this is a bit of a nobrainer isnt it... of course if your able to help your parents with a debt then you do it. nuff said.
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No brainer indeed;

my folks have done so much for me i wouldnt hesitate to help them out.
 
I loaned my dad £6k while he was out of work, he promised to pay me back as soon as he got sorted.

This was 6 years ago and he now lives in a huge house in Thailand, with a pool and all that. He earns more money in a month than most do in a year but I'm still £6k out of pocket.

Oh well, shows where his priorities lie. I'll not be seeing that money again.

The moral of the story is - Be careful if you loan money to close family, it can be the source of friction.
 
eidolon said:
I loaned my dad £6k while he was out of work, he promised to pay me back as soon as he got sorted.

This was 6 years ago and he now lives in a huge house in Thailand, with a pool and all that. He earns more money in a month than most do in a year but I'm still £6k out of pocket.

Oh well, shows where his priorities lie. I'll not be seeing that money again.

The moral of the story is - Be careful if you loan money to close family, it can be the source of friction.
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I don't think I would expect my parents to pay me back, but that is a lot of money. Considering the fact that he is more than back on his feet, he should show his appreciation I suppose.
 
My son has just loaned me £10k for a while, he knows it's safe and he'll get it back. As has been said here a number of times, he felt that I'd given him loads over the years so it's no problem being able to help me out.


As to eidolon; One should only ever lend money by giving it ..... if you get it back, it's a bonus; write it off from day one and it won't gnaw away at you later. I'm sure that you will inherit a lot more than £6k when your father passes on too.
 
I've given my mum money before. She had been ill for months and had been told by her doctor that the only way she'd get over it was to have a couple of weeks of complete rest but being self employed she couldn't afford to. Given everything she had done for me in the past I didn't think anything of writing her a cheque for a few hundred quid and ordering her to take time off.
 
I would sell everything i have if they needed money, cos i love them. And i wouldnt exspect them to pay it back. Its family, money with in a family is all the same money so what dose it matter who uses it when needed?
 
been thru this altho my parents kept it to them selfs for a very long time, by time me and the sister found out it was too late and they was selling the house :( Obviously u gotta try and help as much as u can but my parents were quite bad in debt never told us how much and i dont think we could have even began to help them
 
tzang said:
(debts are not inherited)
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They are. The executor of their estate will be expected to pay off any and all debts (by selling parts of the estate if necessary) before passing on whats left (if any) to beneficiaries.
 
I'm glad to see that so many people have nice parents!

I probably wouldn't help mine. They've had money and now sit squandering it and not working. They can get stuffed as far as I'm concerned, they've not worked since they were in their 40s living it up in France.
 
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