Loan From Your Kids?

sulkisu

Wutang wrote: »

I think we need a few more people to say how disgusting the bahaviour is

There's no point.

Unless the OP is a complete idiot - which I doubt - he's got the message. However, if he can find a way to use the money, he will do - no matter what anyone says. Meanwhile he'll keep popping up trying to justify his behaviour.

Further posts are a waste of time and effort - just be grateful that he is somebodyelse's father.

lincsdan86

sazzybum wrote: »

Wish I could find the thread, but I'll keep looking, see if I can find the link.

An 18 year old girl was telling about how she (and her brother I believe)had been left 10K each for when they hit 18 (or 21..wish I could find the darn thread) but when she checked..there was only 5 or 8K left. Her mother was a trustee, and muttered something about a mortgage. The girl now doesn't talk to her mother because of this, and there was talk of police, solicitors etc.

A voice of things to come for the OP possibly? As soon as I read it I should have linked it, but I procrastinated. Hope someone lese remembers the thread

Sazzy your not refering to my thread?
http://forums.moneysavingexpert.com/showthread.html?t=2223251

I believe that my mother used part of my inhertiance and my brothers to purchase some of their house, I am just trying to confirm the details now but if it is true, she isnt going to my most favouritist person.

PS im not a girl lol

sazzybum

lincsdan86 wrote: »

Sazzy your not refering to my thread?
http://forums.moneysavingexpert.com/showthread.html?t=2223251

I believe that my mother used part of my inhertiance and my brothers to purchase some of their house, I am just trying to confirm the details now but if it is true, she isnt going to my most favouritist person.

PS im not a girl lol

Sorry, sorry sorry . I just remembered the gist of it, and how it reminded me of this situation. Again- I apologise for thinking 'Lincsdan' would be a girl. D'oh!

lincsdan86

sazzybum wrote: »

Sorry, sorry sorry . I just remembered the gist of it, and how it reminded me of this situation. Again- I apologise for thinking 'Lincsdan' would be a girl. D'oh!

Thats okay sazzy your not the first and im sure not the last, but seriously tho this has lead to alot of issues between me and my parents and disbelief (now i fully understand the situation) that they would do something like that to their own children. I feel sorry for anyone that is in the same position of their parents "looking after their interest", it should never be left to someone so involved to deal with! My advice LEAVE IT WELL ALONE!!

sazzybum

lincsdan86 wrote: »

Thats okay sazzy your not the first and im sure not the last, but seriously tho this has lead to alot of issues between me and my parents and disbelief (now i fully understand the situation) that they would do something like that to their own children. I feel sorry for anyone that is in the same position of their parents "looking after their interest", it should never be left to someone so involved to deal with! My advice LEAVE IT WELL ALONE!!

I hope the OP reads your thread and takes your advice.

bouncydog1

What a disgraceful pair of individuals you are - stealing (because however in your twisted mind you think of it, that is what it is) from a six year old.

The money was gifted for your daughter - not for you - and as a parent, if nothing else, you have an obligation to ensure that the money is kept safely for her.

In the event that you try and take this money, I really do hope that the bank where it is deposited are able to stop you.

Our daughter has also been given generous gifts of money over the years, and the money is tied up so that she will receive it after Uni. Hopefully by then it will have accumulated into enough for her to put down a deposit for a house - note for her house - not to pay off our mortgage.

Disgusting and immoral spring to mind about you - but I'm sure if you are the type of person/people to consider robbing a small child, then you have been described as far worse. :mad::mad::mad:

ariarnia

would people think it reasonable if it were worked out like this:

trusts to my knowledge can invest money rather than just have it sit there, but all of the capital and any profits remain the property of the trust.

say 10 thou is 10% of the mortgage on the OP's house and the 10 thou would be paid of naturally in say 5 years

use the 10 thou to pay of the mortgage as an actual investment - 20% of the house now belongs to the little girl with a caveat that it has to be at least 15 thou upon sale and she has to have either the money repaid in cash by the parents (calculated to be the average of 3 valuations) within 12 months of making it clear that she wants it, or if this is not possible, the house is to be sold or deeded in full to the child. No further mortgage can be taken on the house until the trusts share is repurchased at a value of no less than 15 thou.

given it is an investment made my the trust in property, can a contract not be drawn up as a property purchase to that effect with a solicitor before the child is of legal age?

The money is not being given to the parents, the mortgage is being purchased of the bank.

The parents do not benefit from the transaction financially as such, but they do benifit from having a payment holiday until they intend (as op stated) to downsize anyway.

If all goes tits up the trust repossess the house for the child/ it's deeded over to the new adult who then can get rent from the parents.

Obviously assume house is worth more than 100 thou and that the share of 20% will be more than 15 thou, but you see what I mean?

elfen

Is the money yours? NO
Is your daughter old enough to say how to spend her money? NO, but that doesn't mean you can do ti for her.

steadynerve, do you just not get it that however you try to justify spending it, it's still theft. It's stealing, outright. And the GROWN UP children of people get charged rent, NOT their six year old daughter. I assume you receive some money from the government for her, this is to meet her expenses until she leaves full-time education or is 16 - this is what provides for her, not you using the most idiotic excuses to attempt to justify stealing a child's money.

Would you be the same person who steals candy from babies? Doesn't look beneath you, why not give it a go

heating-eng

ariarnia wrote: »

would people think it reasonable if it were worked out like this:

trusts to my knowledge can invest money rather than just have it sit there, but all of the capital and any profits remain the property of the trust.

say 10 thou is 10% of the mortgage on the OP's house and the 10 thou would be paid of naturally in say 5 years

use the 10 thou to pay of the mortgage as an actual investment - 20% of the house now belongs to the little girl with a caveat that it has to be at least 15 thou upon sale and she has to have either the money repaid in cash by the parents (calculated to be the average of 3 valuations) within 12 months of making it clear that she wants it, or if this is not possible, the house is to be sold or deeded in full to the child. No further mortgage can be taken on the house until the trusts share is repurchased at a value of no less than 15 thou.

given it is an investment made my the trust in property, can a contract not be drawn up as a property purchase to that effect with a solicitor before the child is of legal age?

The money is not being given to the parents, the mortgage is being purchased of the bank.

The parents do not benefit from the transaction financially as such, but they do benifit from having a payment holiday until they intend (as op stated) to downsize anyway.

If all goes tits up the trust repossess the house for the child/ it's deeded over to the new adult who then can get rent from the parents.

Obviously assume house is worth more than 100 thou and that the share of 20% will be more than 15 thou, but you see what I mean?

this sounds very fair to me ..but i think we can all see they will not do this ..they are looking for ways to steal the money from the 7year old ..not make her have a share in a house where she could make more money ..

jennihen

Steadynerve - more like 'whataflippingnerve' . . .