Loan for a pensioner

dancingfairy

Hi Duval. It's very nice of your mum/mother in law to offer? this gift to you. Obviously though there's lots of issues to consider. Please, please think it all through and make sure all of you are totally happy with this.
On the face of it it seems mad for her to take out debt to repay your debts and despite everyone's intention she may well want/need the money - for help at home, for a care home etc - it may be seens as deprivation of assets if she needed to claim benefits, it could potentially affect tax if she passed away after giving the gift etc. I can't help feeling that their must be a better way forward for everyone.
I can understand you and her being concerned about the financial future but I would head over to the debt free wannabe board and post your SOA to see if any fresh pairs of eyes will spot a way forward or perhaps even get in touch with one of the debt charities Martin recommends such as National Debtline, CCCS etc. You don't have to act on any of the recommendations but it should give you an idea as to what options may be available for you such as a dmp, IVA,Bankruptcy, selling the house, etc etc. You can then make a proper decision.
Best of Luck
df

pleasedelete

If your mum is 76 you must be in your late 30s , 40 s or even 50s?

margaretclare

pleasedelete wrote: »

If your mum is 76 you must be in your late 30s , 40 s or even 50s?

I'll be 76 this summer and my daughter will be 50 around the same time.

I didn't get pregnant until my mid-20s but if I'd had her at the age some people do nowadays she could be in her 60s!

By the way, give it a rest with the 'poor old lady', 'old biddies' and all the other stuff. Yes, some of us do know our way around, having lived in this wicked world a long time and been there, seen it, done it.

CH27

duval75 wrote: »

Help! My mother in law has kindly offered to help us out with our debts. She is 76 years old and a homeowner. She wants to get a £20k loan to repay over 5 years. Does anyone know where are the best deals for this kind of thing? Or any other advice would be much appreciated. Thanks

Sort your own finances out.
You shouldn't be worrying an elderly relative about your financial concerns.

CH27

margaretclare wrote: »

I'll be 76 this summer and my daughter will be 50 around the same time.

I didn't get pregnant until my mid-20s but if I'd had her at the age some people do nowadays she could be in her 60s!

By the way, give it a rest with the 'poor old lady', 'old biddies' and all the other stuff. Yes, some of us do know our way around, having lived in this wicked world a long time and been there, seen it, done it.

Sorry Grandma:D

LovelyLeeds

margaretclare wrote: »

By the way, give it a rest with the 'poor old lady', 'old biddies' and all the other stuff. Yes, some of us do know our way around, having lived in this wicked world a long time and been there, seen it, done it.

I'm thinking 36/37 is the OP's age.
Agree with you margaretclare - enough of the poor old lady talk, I'd say it's family rather than lack of financial acumen that's steering the OP's MiL.

geoffky

I have just showed my wife this thread and she never ever comes on here, but when she saw this thread she was horrified at what the op is trying to do and her response was why involve someone else in crap of your own making? get yourself sorted by your own means and learn from it..

jamesd

Have you considered using balance transfers to 0% credit card deals instead? Those are likely to be cheaper as well.

hcb42

Clearly, if the MIL cannot access a mere £20K at her age, then she is not that well off.


OP, do what the others have suggested, post an SOA and sort out your own debt problems by either increasing your income or reducing your outgoings, preferably both.

Although I do wonder is this thread even serious!

skintandscared_2

Reading this has made me feel really sad. I could never, ever, allow my parents to take on a 5 year burden, from their PENSIONS, to pay my debts. It's not something I'd even tell them about because it's not their problem!

When we become adults/parents, it's time to take responsibility for our own actions.

Whatever you may or may not inherit from your mother in law one day is to deal with then - not burden her with it now. She hopefully still has plenty of years ahead of her and should be allowed to keep enough of her own money to at least enjoy it or cover unforeseen circumstances.