Loan From Your Kids?

tattycath

OP if you want to help pay your mortgage off quicker I suggest you follow advice from MSE, join some of the challenges, Sell (some of your own) stuff on ebay to raise extra money to make overpayments.
Much better than using your daughters' money.

hattiefats

Best advice is to forget it even exists. It will end in tears. My daughter has money in trust and for a time had a lot more ready cash than I did. We never touched it because it was not our money. If it was meant for you it would have been given to you.

[Deleted User]

This thread is hilarious - surely it was a windup from the OP?

POSSETTE

This is why i disagree sometimes with leaving grandchildren money instead of the adult children..if you get me!
what happens if grandchild has 70k in trust in bank and the childs parents are about to lose thier house?? its wrong to use it i know but if your being made homeless????

tattycath

POSSETTE wrote: »

This is why i disagree sometimes with leaving grandchildren money instead of the adult children..if you get me!
what happens if grandchild has 70k in trust in bank and the childs parents are about to lose thier house?? its wrong to use it i know but if your being made homeless????

But in this case we are unaware as to what financial straits the OP is in. anyone with a mortgage would find things easier if the mortgage was reduced-that doesn't mean they are on the verge of being made homeless.
One of my childrens' grandparents has intimated that they will leave all their worldly goods to my children-because they are concerned that if it is left to their father, he wil !!!!!! it up the wall!!

The_White_Horse

there is some logic if you are paying, say 5.5% on a fixed rate mortgage and the best you can get on a savings account is 3.0% - so you pay off some of the mortgage, and give your daughter the difference, but for 2.5% on 10k is it worth it? 250 quid a year saving?? be different if it was 100k.

The_White_Horse

POSSETTE wrote: »

This is why i disagree sometimes with leaving grandchildren money instead of the adult children..if you get me!
what happens if grandchild has 70k in trust in bank and the childs parents are about to lose thier house?? its wrong to use it i know but if your being made homeless????

what if the grandparents realise their own children are financial idiots and know they will waste the money. they may well be doing it on purpose so the grandchildren actually end up with something!!!

POSSETTE

yes i agree with the replies...just a thought i had though..i know we dont know the financial straits they are in,and i am curious as to how the 6 year old would pay her expenses if she hadnt inherited??

tattycath

POSSETTE wrote: »

yes i agree with the replies...just a thought i had though..i know we dont know the financial straits they are in,and i am curious as to how the 6 year old would pay her expenses if she hadnt inherited??[/QUOTE]

Yes, I thought that, Her parents would have to support her-like they should be doing now!!!!

dollydoodah

Apples2 wrote: »

Without question, the very WORSE parents I have ever read about.

Really?

Worse than the parents that beat their children black and blue?

Worse than the parents who abuse their children?

Worse than parents who prostitute their children?

Worse than parents who murder their children?

Get a grip. I don't agree with the OP at all and what they want to do but to call them the worse parents that you have every read about is either extremely pathetic or you have lived a very sheltered life.