Interest free CC or mortgage reserve?

GarethWilliams

Hi all,

Not sure if this is the correct section, sorry if its not.

End of last year, unfortunately my father passed away. As his only son and my mother and father are separated (was still married and on good terms), all the arrangements came down to me and my wife.

So, in summary, I have now aprrox 5k on my Barclaycard.

Dad has a property in France which is going to me, however, he didn't have much spare cash. So I therefor paid for everything. I wouldn't have it any other way, but I need some advise on what to do.

There is still a fair amount to pay for as I'm not too sure what to do with dads house, currently I plan to sell his house, but that will be at least 2 years off once I have sorted it all out.

What should I do with the current balance on my CC? Should I transfer it to a interest free one and keep moving it around for a few years or should I make use of the 20k odd I think in our mortgage reserve? Bear in mind there will be more expenses, but I hoping not too much!

Advise from experts be appreciated !

jonesMUFCforever

Was there a will?
If so who is named as executor?

If no will then your mother is legally next of kin.

Did your father have any savings at all?
First call on the estate will be the funeral bill.

Need a little bit more information to advise further.
My condolences.

grumbler

Well, this depends on the rate you pay on borrowing from the 'mortgage reserve'.
0% BTs are not completely free, require some efforts and require very good credit history for maintaining over years.

jonesMUFCforever

I would advise OP not to spend his own money until the details of whether he will get it back have been established.
He says that parents were separated but on good terms - if there is no will she might get a large chunk of the estate - OP needs to prove that what he has spent so far is recoverable before spending more IMO

Money does strange things to people.

gareth60

Hi,

Looks like I have 2 mse accounts, I'll sort them out in the morning rather than trying to do a mobile device.

Anyway. All of dads assets and property are in France, he was a french resident. The law is different there where the siblings get 3/4 and the spouse 1/4. My mum, even though they were separated is entitled to 1/4. She has done a pact to sign it all over to me. That part is already in motion. There was no will. It's not the sort of thing dad did unfortunately.

It's been treated under French law and therefor I am the next of kin. I have already dealt with all hmrc, uk banks (which have a tiny bit of money in), dvla, passport and his 2 private pensions and state pension. Obviously the funeral, wake and English/French solicitors.

He died and is buried in the country but he was still treated as a French citizen in hospital. It was close getting his medical cover renewed otherwise he was going to be charged!

Thx