What interest rate would you charge your family?

System

izools wrote: »

You know, to some people £1,700 is not worth more than love, affection, appreciation, understanding, and respect.

You clearly are lacking in these areas if you fail to comprehend the difference between insisting on charging interest from the outset, and being offered it as a goodwill gesture.

Nonsense, my Mum is basically my best friend and its rude for you to say this comment. You clearly are lacking in financial management.

izools

berbastrike wrote: »

Nonsense, my Mum is basically my best friend.

Then why did you say in a previous post that it was "basically the same thing" to demand interest, as it is to be offered interest as a goodwill gesture?

If your mum is your best friend why are you demonstrating an absolute inability to comprehend that more money doesn't necessarily equate to being better off?

Your posts demonstrate emotional ignorance which is normally prudent when dealing with financial matters but absolutely inappropriate when dealing with one's mother.

I agree it is fair that you have a small return on your investment but the way you are going about it is in my opinion, disgusting.

You clearly are lacking in financial management.

And what, pray, gives you the authority to make that kind of judgement? My finances are just fine, thanks - and my mother's are - because I helped her with her debt (and she worked hard to help herself) - not financially, but with shrude advice helping her restructure and snowball.

She's now debt free without my having to lend a penny and our relationship stronger because of the caring approach I took with helping her out.

System

you can't see the bigger picture

Poosmate

izools wrote: »

My finances are just fine, thanks - and my mother's are - because I helped her with her debt (and she worked hard to help herself) - not financially, but with shrude advice helping her restructure and snowball.

She's now debt free without my having to lend a penny and our relationship stronger because of the caring approach I took with helping her out.

Cut they guy some slack will you! He's come on here stating that he wants to help his mum. Put yourself in his shoes for a moment, he was prepared to help his mom out and he's getting slated for it.

He's a student, how many other students would have that amount of money to be able to offer to help? And why is he being villified because he doesn't want to lose out on his investment for his future?

How many of you parents would gladly give your child a loan after being totally !!!!less without conditions and consequences? It doesn't teach your child anything other than Bank of Mum & Dad can be tapped each and every time. Why is it different for Bank of Child of Mum & Dad?


Berbastrike, I'm glad you have reached your decision. Please take a look at the snowball calculater site I posted on the previous page. Check out her balances and APR's and see if you can transfer some of the debt to the lowest APR card. If she's reached the point where there are no 0% offers for her, then maybe she needs to try to free up the cards with on particular issuer and close them all. It's possible that on the last card she'll be offered 0% deals just to keep her custom.

If the card issuers try to increase the interest rate, inform them (within 14 days) that you do not accept the new terms and conditions. That card will be closed and she won't be able to use it again but she'll be able to pay it off at the normal rate.

Depending if she's struggling with the monthly payments or not this could be a long trek but one she'll never forget or want to travel again.

Best wishes and good luck,

Poo

izools

Poo,

Like I said I agree he deserves to get a reasonable return from his investment.

It's not the money that astonishes me, it's that he can't tell the difference between demanding interest and being offered it as a good will gesture.

This coupled with other posts not just in this thread paint a picture of an unpleasant tool of a chap who can't see past the end of his bank balance.

I mean asking everyone what is the typical percentage of an estate to be left to a child... Really?

Of course the correct answer being "If you get £1 you better be bl00dy grateful".

I commend the chap for wanting to help his mother it's just disturbing he's displaying a lack of understanding towards the emotional investment she's made in him over the years and whether she deserves (y) anything gratis for that...

LovelyLeeds

berbastrike wrote: »

The reason is simply my Mum spends a lot of money on things she can't afford.

WE have agreed that she will cut up all the cards and never get another card so hopefully no other debts like this again.

It's commendable that you wish to pay your mum's debts, because that is what you will be doing.

If you want to run the risk of divvying up the £10,000 - you will have Bob Hope and no hope in expecting this full amount back let alone any interest.

Your own assessment (above) clearly indicates that she will (after a short period of abstaining, and then hiding loans/cards from you) run up more debts BEFORE she pays you.

Even drawing up an agreement which you both sign and understand will be worthless when her ability to pay ceases.

Family members are ALWAYS the last to be paid. With your help you could try steering her towards a DMP which would be far far better than you losing your £10,000.

Poosmate

izools wrote: »

Poo,

Like I said I agree he deserves to get a reasonable return from his investment.

It's not the money that astonishes me, it's that he can't tell the difference between demanding interest and being offered it as a good will gesture.

This coupled with other posts not just in this thread paint a picture of an unpleasant tool of a chap who can't see past the end of his bank balance.

I mean asking everyone what is the typical percentage of an estate to be left to a child... Really?

Of course the correct answer being "If you get £1 you better be bl00dy grateful".

I commend the chap for wanting to help his mother it's just disturbing he's displaying a lack of understanding towards the emotional investment she's made in him over the years and whether she deserves (y) anything gratis for that...

I see your point as you obviously have a history with this poster but I don't so responded as such.

Families are all different. I know for a fact that if any of my immediate family needed financial help they would 100% repay me and they would insist on offering recompense. I would do the same back. I guess we were all brought up with a strong knowledge of right and wrong and when things are wrong we try to sort it.

One night mom was driving us home from a family celebration. She saw a man beating a woman in the street. She stopped the car and got out to go to the aid of the woman. We all piled out (p155ed) thinking we were going to get chips (but the chippy was closed) until we saw her heading down to the woman. The man had stopped beating the woman by this time and they both turned on other onlookers who had gathered around. We left them to it.

That's one example of my family experience. Maybe the OP hasn't seen or experience such selflessness from his family which is why he may come across as uncaring to some.

Poo