Have I done the right thing????

Skint_Catt

Apologies as this isn't strictly DFW but I feel at home here!

I'm in tears at the mo, and don't know if I've done the right thing.

Mum needed a new car - hers is a death trap - the seatbelts undo, the brakes are dodgy and a lot of the electrics are faulty. We found a beautiful car at yesterday and she loved it so we decided to buy it.

Mum onlys works part-time (though is looking for something else better paid/more hours) and Dad is retired. To make things easier for them I agreed to have the loan (£6k plus £1800 to pay off another loan) in my name, which I've just applied for, and Mum will pay me (she can afford it but has trouble getting the loan due to working part-time and her age)

I don't feel bad in helping my folks out - in fact I feel bad for feeling bad helping them out, but it now means that instead of £2,400 in debt which I was hoping to clear asap so I can move out, I'm now £10,200 in debt :eek: I can't believe it!!! I stress about debts as it is, but now I have this hanging over me!!!

I don't doubt Mum will never default on me, but it's now on my record and I wanted to buy a house this year with my darling boyf which I guess they will take into account existing commitments??? We're also considering emigrating, and I wanted to be debt free. It's a flexi loan so that she can overpay, but it'll never be a huge amount.

I feel bad for feeling bad IYKWIM!

Have I done the right thing??????????????????????????

Catt xx

Edit: maybe I'm just emotional as I'm coming off anti-depressants.......

CAFCGirl

I think you've done a very honourable thing.

I also think as long as you've got a strong agreement with your Mum, you've done her a very big favour and she'll be indebted to you, not financially but will really appreciate what you've taken on for her.

I wouldnt want my parents driving round in anything like that. If she can afford the loan and will pay the money directly to the loan or to the bank, I would emotionally consider it your debt.

Plus surely when it comes to getting a mortgage, it might work in your favour, although Im not entirely sure.
Is it possible after a couple of months to have an agreement whereby its signed over into your mum's name. I know some companies allow this as long as both parties totally agree and are both present etc.?

In short, yes I think you've done the right thing.
Imagine how you would have felt if you hadnt and something did happen, heaven forbid. A little debt for some piece of mind is surely a good thing? Sorry if that seems like a dreadful thing to say and I dont mean to cause any upset, I'm just trying to point out the flip side

Gemmzie

If she was driving a death-trap and you trust her to pay back the money, then yes you've done the right thing imho

System

Skint_Catt wrote: »

Apologies as this isn't strictly DFW but I feel at home here!

I'm in tears at the mo, and don't know if I've done the right thing.

Mum needed a new car - hers is a death trap - the seatbelts undo, the brakes are dodgy and a lot of the electrics are faulty. We found a beautiful car at yesterday and she loved it so we decided to buy it.

Mum onlys works part-time (though is looking for something else better paid/more hours) and Dad is retired. To make things easier for them I agreed to have the loan (£6k plus £1800 to pay off another loan) in my name, which I've just applied for, and Mum will pay me (she can afford it but has trouble getting the loan due to working part-time and her age)

I don't feel bad in helping my folks out - in fact I feel bad for feeling bad helping them out, but it now means that instead of £2,400 in debt which I was hoping to clear asap so I can move out, I'm now £10,200 in debt :eek: I can't believe it!!! I stress about debts as it is, but now I have this hanging over me!!!

I don't doubt Mum will never default on me, but it's now on my record and I wanted to buy a house this year with my darling boyf which I guess they will take into account existing commitments??? We're also considering emigrating, and I wanted to be debt free. It's a flexi loan so that she can overpay, but it'll never be a huge amount.

I feel bad for feeling bad IYKWIM!

Have I done the right thing??????????????????????????

Catt xx

Edit: maybe I'm just emotional as I'm coming off anti-depressants.......

I dont think so. If I could help my parents financially I would. Youve gone with your heart and not your head, so long as you dont lose your head so to speak then Im sure everything will be fine. I know it must be hard with all your plans. Leny

Skint_Catt

Thanks guys It's just I've tried soooo hard recently to get my own down, now it feels like I'm back to square -150!!! :rolleyes:

You're right I would never want anything to happen to her - and now Dad doesn't drive (he has Parkinsons) she has to do it all for both of them.

Thanks again.

C xx

GirlRacer_2

Skint Catt, just think if anything happened to your parents whilst out in their death trap. You'd spend the rest of your life knowing that you could have helped them but didn't.

Of course you've done the right thing x

LookingAhead

Hi S_C. Just wanted to add my two penneth worth and say that as long as you will get the money back (and you have no reason to doubt it) then I think you've definitely done the right thing.

I hope you are feeling better now?

LookingAhead

GirlRacer wrote: »

Skint Catt, just think if anything happened to your parents whilst out in their death trap. You'd spend the rest of your life knowing that you could have helped them but didn't.

Of course you've done the right thing x

Put what I was thinking so fabulously into words :T

Skint_Catt

Thanks all, still stressing, but think must be withdrawal!

I'm now upset I can't get the money fast enough for her to pick the car up this side of Easter! Damn loan company procedures!!! :rolleyes:

Thanks to all.

C xx

wherediditallgo

Catt, you were already in debt & by taking on this loan you've managed to multiply your debt by 4. Yet you still did it to ensure your parents were in a vehicle that was safe. Your mum is probably very proud to have raised such a loving daughter, so don't condemn yourself.

DawnW

You are a lovely person and I hope your parents appreciate you! I certainly would, (boot on the other foot here really)