Should I do this?

Idiophreak

vicky_kidder wrote: »

The interest is really high on it and they wanted to transfer to a 0% card but don't know if they can because of credit rating etc, but know that I definitely can.

Sorry, but do you mean they haven't tried getting a 0% card themselves? If not, I'd have thought that was clearly the first thing to do...

(as an aside, I had an MBNA group card through Virgin and had no issues with it whatsoever...)

mummytofour

Hi Vik,
You are an amazingly kind person. But IMHO dont do it, not only as it might back fire but because it could end up damaging the relationship you have with your folks.

vicky_kidder

mummytofour wrote: »

Hi Vik,
You are an amazingly kind person. But IMHO dont do it, not only as it might back fire but because it could end up damaging the relationship you have with your folks.

Aww thanks! But yes, i've thought about that actually and you're right, because if they couldn't pay one month or something I would get annoyed at having to pay it.

Quote - Serena goode = One more thought on this Vicky, though it sounds like you're coming to some conclusions already.

At one stage when I had problems, I asked my mother for help of this sort - her taking out a loan that I would repay.

What I realised on reflection was that it was an unfair thing to ask for several reasons. Firstly it meant that if I didn't sort everything else out or if I ended up in Debt Management, she would end up losing out rather than me or my creditors. Secondly, I realised it was throwing good money after bad - the chances are that as long as there is a lifeline of that sort, you will take it if you are in debt. But if you don't face up to the underlying problem, it is only postponing the problem, not solving it, and may make the final solution harder.

So I changed my mind and told her I would find my own way to sort things out. This probably involves a formal Debt Management Plan. I'd far rather she kept her money, and if I get really stuck on the debt management plan she can always give me the odd small amount in an emergency, which she's happy to do. But by taking her money when I was panicking, I'd have been risking losing it and not fixing things really.

I suppose the moral is you mustn't feel bad about not helping them. If they are forced to face up to and deal with the problem, perhaps through the debt management route, you can always help them with groceries or bills when times are tight. That is probably more real help in the long run than allowing them not to face up to the problem now. - - - -End of quote

Yes I think you have a very good point here. I'm always helping them out financially anyways, I pay rent and have loaned them quite a considerable amount already which they still have, so probably not best to make it any worse.

A general update for everyone who has so kindly helped me. I've sat down with my mum this afternoon, wokred out there in- and out-goings and budget and stuff, and worked out how she could overpay the CC by £200-£300 per month by being really strict with themselves!

I feel really happy that after having spoken to her about it and told her I was sorry but didn't feel comfortable taking out the CC in my name, she has come to a conclusion she is a) satisfied with, and b) is going to really help them bring their debts down a lot more quickly.

And I couldn't have done it without all the advice from everyone who posted in this thread so thank you all very much and hope you feel happy that you helped!!! :beer: :beer: :beer: :T :T :T

rog2

vicky_kidder wrote: »

A general update for everyone who has so kindly helped me. I've sat down with my mum this afternoon, wokred out there in- and out-goings and budget and stuff, and worked out how she could overpay the CC by £200-£300 per month by being really strict with themselves!

And I couldn't have done it without all the advice from everyone who posted in this thread so thank you all very much and hope you feel happy that you helped!!! :beer: :beer: :beer: :T :T :T

I am so pleased for you, and your mum, Vicky.

You might like to suggest that she posts her SoA (Statement of Affairs) here. This would include all incomings (wages, benefits etc), expenses and a list of debts. There would, I promise you, be no end of suggestions as to how to find the extra pennies.

If your mum didn't feel comfortable with that, maybe you could do it on her behalf.

Anyway - the best of luck with your 'plan'.

nymph_2

Vikki
Your parents are not alone in struggling with debt. While your generous thoughts speak highly of you and the upbringing they have given you, I DO NOT recommend you take their debt upon yourself, for for the family as well as the financial implications

I used to work in mortgages, if you have a good rating, KEEP it, it can drastically affect how much or if at all lenders will accept your application, and in the current climate you want to stay squeaky clean.

I'm with Payplan, there is CCCS which is also free (watch out for one that looks like CCCS)
I highly recommend that your parents bite the bullet and speak to one of these companies for some decent advice, (not one of the sharks there are about preying on people who are already down and desperate) They need to face up to the problem, and deal with it, ASAP. There will be a suitable solution for them.

Hiding behind a loan from you for a while won't help. I would say its probably quite important for them to find a way out of it themselves, then they will retain some pride and dignity, while still appreciating their relationship with you.

Money lending is the Sword of Damocles to friendships and families. Leave it to the credit companies
Good luck to you and your parents.