Parental debt

Buttons said:
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.

But presumably the very reason they can retire early is because they worked hard when they where younger?
 
Wouldn't think twice about helping my parents if I could - I'd just do it.
However over the years I'm sure even they appreciate that priorities can change.

A few years ago I loaned my dad £3k to get him through a period of time where he'd let his spending get out of control.
He was slowly paying me back what he could and when he could.
He went to the bank, sorted everything out and as soon as he got a consolidation loan he paid me back the rest.

However I now have a mortgage and a fiancee.
We're getting married in October so he knows that I don't neccessarily have the available funds I once had to bail him if he needed me to (not that he does).

But the bottom line is they have looked after me since the day I was born so if they need my help I'll give it where I can.
 
As you say "debt dies" it is not inherited, I would ensure that they were comfortable and didn't have to worry but I wouldn't try and pay off their debt, I would just allow it to die.

HEADRAT
 
Well it depends, if I was just starting a business and need the money, I would tell them to wait a year or two till it picks up. Of course if I could help by limiting my expences I would.
 
i would give my parents what ever i could if they were in serious debt

one thing i found out this weekend im getting a bit of a pay rise in a few weeks an ill then be on more cash than my father, whos been doing the same (farming) job for the past 25 years an ive been in my current job for 2 years
 
Visage said:

yeah but thats wrong,

in that the debt has to be cleared as much as possible from the estate admittedly but if there is insufficient capital in the estate then the debt does not pass to the next of kin.

so yes the debt dies with the parents, as until probate is granted any debts are still alive as the estate is still alive in their name.
 
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