Would you lend money to a close family member?

When_the_going_gets_tough

Good news Op. With regard to the mould you need to check your house carefully to see if the damp is caused by water getting into the house - eg blocked gutters etc or whether it is caused by condensation. If the latter you need to vigourously treat all mould areas with propietry mould treatments to kill the mould off, then redeocrate with mould inhibiting products - have a good look online or a careful browse at a good DIY shop for the products. Get rid of mouldy carpets etc. The key if you can't afford to heat is ventilation and cleaning up the condensation on a twice daily basis. Yiu can also use dehumidifiers but keeping the bathroom window open 24/7 will help. It might be freezing but it will help to keep the mould at bay. Mould from condensation normally forms in the top corners of outside walls which are the coldest - it occurs because colder air is less able to contain moisture so it condenses onto the cold surface. We all produce a lot of water into the atmosphere just by breathing so open windows really do help even if it feels counterproductive. There is a lot you can do without spending a fortune - good luck with it all.

Beckyy

Excellent news OP.

I'm not sure where you are butting the price of heating oil had dripped significantly for us, there was still quite a few pence per/L difference between local companies though.

I hope things continue positively for you

keith969

I once lent my brother £4500, because I could at the time. It was more than her asked at first, and I said I'd lend it to him interest free and he was to pay me back at £80/month.

About a year or so later found he'd not been paying the £80 into my bank account. "Oh I was a bit tight". Fortunately his wife threw a fit and told him to pay it.

Things worked out in the end, but I'd not lend to anyone I know in future...

treacle12

Hi,
What wonderful news about your husband's job and also your dear Mum's support. I am so pleased for you, hopefully you can start to go forward now. xx

Kimberley

I used to have a mold problem until I bought a good dehumidifier. I have it on 24 hrs a day and have had no problems since. It's an Ebac, it was expensive but well worth it. Mine is for a 3/4 bedroom house and I empty the tank once a day in winter about twice a week in the summer and that is a lot of water collected from the Air. It doesn't use much electric either.

JimmyTheWig

FBaby wrote: »

How much are you look to spend and therefore borrow (and why furniture?). The problem is that if you invest £10K say, but only manage to sell the house for £80K, then how will you repay your mum? On that basis, no I wouldn't loan the money in these circumstances.

This is absolutely right.
Before these problems you couldn't sell for £80k.
Fix the problems and you still won't be able to sell for £80k.

Anyone who "lends" you money needs to understand that they won't be getting it back any time soon, if ever.

fivetide

Be careful how you spend that money is all I would say. Prioritise. Get the Cillit Bang out and maybe invest in some Magnolia paint. Not a bad idea to refresh paint for a sale and you can do it all yourself very cheaply.


Beyond that, if you can get the house on the market great. Good luck OP and your mum sounds like a belter.

lazer

OP - as above make sure you are getting all the benefits you are entitled too (Council Tax, Mortgage relief, JSA etc) and organisations such as the St Vincent de Paul and Salvation army may help out with heating oil too.


Perhaps post a statement of Affairs on the debt free wannabee board, and we can give you more practical help with your money.


Just a few suggestions:
Is your mortgage interest only, if not can you potentially change to IO?
Again with your mortgage - have you overpaid in the past, if so might be able to reduce payments now?
And lastly on the mortgage - have you received benefits to help pay the mortgage (Think you can get this for 2 years).
Any assets you could sell?


Any utilities or insurances you could switch suppliers and get a better deal on?

Lunar_Eclipse

Yes, definitely, although I'd accept that depending on the circumstances, I might never see the money again.

I borrowed a large sum of money from my parents last year to move house; it has been paid back.

Money is only a means to an end, so if I had the means to help a close family member out by giving/lending them some, I would; children would be at the top of my list.

Hoping 2015 brings you a change in fortune.

tea_lover

Have you spoken to your mortgage lender about a short term payment holiday?

If this was possible I'd use the money saved to buy some good cleaning products and a job lot of white paint. Once the house was clean it'd be straight back on the market.

Certainly no need to buy furniture to sell a house!