Dads debts

freddie6953

Hi,
My dads 67 living on his own ,for now.
Been recently a victim to a Ghana fraud, lost £25,000 went out there to confront them, ended up marrying one of them.
His house is worth £120,000 Interest only mortgage up to £60,000 .
Credit card debts of £10,000.

If he signs his Power of Attorney, will I become liable for his debts?
Or his new wife?
If he writes a will and Im the sole beneficiary, would I have to sell his house to pay the mortgage and credit card?

I`m worried ablout unsecured loans he may get now to send out there...

Its been a stressful time..
Thanks you for any helps.
Freddie6953:(

bigadaj

You have my sympathy sounds like a right mess.

You can't be held liable for his deposits unless you actively sign up ASA guarantor, but he can spend his only and assets as he wants. Any debts he incurs will. Be recovered from his estate before anything is paid to beneficiaries.

Heard a lot about these scams, and have just returned from working in Ghana, but I guess all you can do is try and open his eyes.

freddie6953

Hi, Thank you for that reply.

It is a nightmare, the Police, Foreign Office, British Embassy in Ghana have all told him, but no, he continues with this self destruction, he knows what effects its having on me and my family and the mess hes going to leave behind.

Cheers
freddie

freddie6953

I`ve not been a guarantor for anything.
I wonder if I could continue with the mortgae, if I could afford it, and pay the balance when its due?
therefore not sell his house.

Getting a headache...
Cheers

freddie6953

Hi, Just been to a solicitor with dad, to get the house signed over to me and my sister, he`ll continue to pay the mortgage, but what happens if he need to go into a care home, would I be expected to sell his ex house which would belong to me and my sister??

Thanks

ILW

freddie6953 wrote: »

Hi, Just been to a solicitor with dad, to get the house signed over to me and my sister, he`ll continue to pay the mortgage, but what happens if he need to go into a care home, would I be expected to sell his ex house which would belong to me and my sister??

Thanks

Look up deprivation of assets.

Why do you object to your father spending his money on what he wants?

sammyjammy

Never mind care home fees your Dad cannot transfer the house over to you when half of it is owned by the mortgage company with the debt in his name. Either the mrotgage would have ot be paid off or you would have to buy it from him and take out a mortgage accordingly to pay the debt off.

freddie6953

ILW.
I dont object my dad spending his money on what he wants, Its the scumbags from ghana who are systematically bleeding a lonely old man dry, thats what I object to.

I`d like to think you`d feel the same about your parents if you were in the same boat.

ILW

freddie6953 wrote: »

ILW.
I dont object my dad spending his money on what he wants, Its the scumbags from ghana who are systematically bleeding a lonely old man dry, thats what I object to.

I`d like to think you`d feel the same about your parents if you were in the same boat.

Seems to be enjoying himself, world travel, new young wife etc. Not bad for 68.

What would you prefer he spent his money on?