Parental debt

Visage · 12 May 2006 at 09:44

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?

stoofa · 12 May 2006 at 10:41

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.

HEADRAT · 12 May 2006 at 10:54

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

Visage · 12 May 2006 at 11:08

HEADRAT said:
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

http://forums.overclockers.co.uk/showpost.php?p=7027800&postcount=17

TheMagicPirate · 12 May 2006 at 11:08

I would give them whatever I could. They would, and have done many a time, do it for me.

pyro · 12 May 2006 at 11:13

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.

Ransom · 12 May 2006 at 11:14

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

afraser2k · 12 May 2006 at 11:16

Depends on the situation, if the debt was due to alcohol or drug abuse then no.

lordrobs · 12 May 2006 at 11:20

Mohinder said:
If they needed help and I could provide it I would, if they would let me.

They've bailed me out countless times.

Exactly I would help out as much as I could without putting myself in (too much) debt.

FakeSnake · 12 May 2006 at 11:22

Without hesitation.
Although I would never lend my parents money, I would give it to them.
My parents have done a lot for me over the past 37years.

Cookie-Monster · 12 May 2006 at 11:24

Visage said:
http://forums.overclockers.co.uk/showpost.php?p=7027800&postcount=17

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.

HEADRAT · 12 May 2006 at 12:06

Visage said:
http://forums.overclockers.co.uk/showpost.php?p=7027800&postcount=17

Agreed it will come out of the estate but that is easier than say finding £30K out of the blue.

Cookie-Monster said:
but if there is insufficient capital in the estate then the debt does not pass to the next of kin.

That is what I kind of meant in my original post, it there is £-6000 left at the end you don't become liable.

HEADRAT