MONEY MORAL DILEMMA. Should Margaret let Nick remortgage to back her new business?

Ebenezer_Screwj

The question here should be : "Should Nick remortgage his property?" and my answer is a resounding NO. He probably will though, modern parenting leaves a lot to be desired and the end result is often irresponsible, ungrateful children who believe that everone else owes them a living.

gd29

:A Never borrow that amount of money from a family member, not unless they just won the lottery!

starbump

MSE_Jenny wrote: »

While Margaret’s confident the nightclub will take off, Nick’s home will be in peril if it fails.

Nick should not risk the roof over his head and it is unlikely that Margaret would actually want him to do so. It is natural to want to help your kids in any way you can but this is a definite "no-no". There are other things Nick can do - not least of which is taking Margaret's plans seriously (even if there are obvious holes in her castle-in-the-air) and listening to her. You can't put a price on dad's undivided attention and emotional support. If there are major flaws in her plans (as no one is prepared to lend her the money) then they are no different to the kind of plans she might have had at 2.5, never mind 25, and she will no doubt be moving on to the next dream very soon.

pineapple

Some posters have taken it from the point of view of Nick and that was not the question. Also why has one poster assumed she isn't confident? It actually states the opposite!
But confidence doesn't mean it's a sound business idea. Maybe there is a reason she can't get backing....
If I were her, I would be tempted to take the money. But only on the proviso he takes advice from an independent adviser first - both in terms of risk and in the drawing up of a proper legal agreement (including perhaps a share of the business).

freddy27

Absolutely No way. It's just the way to lose your home. If the propersition were a little more of a stable investment, it MIGHT make some sense. But putting ones house on a nightclub?? I'd rather put it on red in a caseno, and that would be the last place I'd go anyway.

tallgirld

Well I am sure he is old enough to know whether or not it is a good idea to gamble with £60k. So it's not about her 'letting him' re-mortgage it's more about does he want to.

I wouldn't do it for ANYONE!!

Caz45_2

Yes, if he believes in his daughter, (he should know her best), and he could do the same for any other children.

This age group (25ish) can have wonderful ideas, great commitment to succeed and bags of time and energy. They are too often put down.

My parents did very little for me and built up stacks of money which is now being spent on bills for Mum’s care home, £440 a week, as she has Alzheimers.

Kezaudi

Under NO circumstances should the house be remortgaged. If she can make it work, then she should have access to a way of getting cash! When are people of this age gonna realise that you get what you work for.

Everything I have is off my own back, I am not in debt and think about every purchase or investment I make. If I want it I sort it out! :mad:

aspiringmillionaire

If Margaret is so confident that she can succeed in this venture then she should borrow the money from a bank. To borrow from her family could cause a lot of trouble in the long term.

bilbobiggin_2

NO, NO, NO.
I did just that in 1989 with my house, to start a computer shop, then along came the ressesion.
The BANK, stopped ALL my credit, just like they are now, and I had to go "Bankrupt".
The trading figures and turnover were well OVER target, and the bank lost £55,000. My wife and I lost our house and everything.
It took some time to get back but due to being made redundent I could now loose my next house.
So NEVER, NEVER, NEVER use ANYBODY's house as a loan as the real problems only start when things go wrong.
Thanks to the banks.....HERE WE GO AGAIN!!! :mad: