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Help please folks,
I've been staving off for years but I can't see any way out of this,
I took out a loan for my parents years ago as they were struggling, however they are now unable to pay me back,
I'm currently sitting at about £27k in debt with a mortgage of around £74k with maybe £10k in equity, this loan is costing me around £500 a month and I'm really really struggling with it, any advice would be greatly appreciated

Comments

  • savetosave
    savetosave Posts: 127 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Hi
    How much longer is the loan payable for? Are your parents able to make any payments, even if not the full amount?
    Complete an soa and see if anyone can help you work out ways to save.
  • Bp123
    Bp123 Posts: 4 Newbie
    Hi,
    Thanks for your message,
    Because I've had to consolidate time and again I've still 6 years to go, unfortunately my parents have made so many mistakes with money they can't afford anything, total nightmare ��
  • Are there any other family members who could help them?
    Mortgage at 01.01.14 £119,481.83:eek: today £0 Emergency fund £5.5/5.5k & £200/200 cash.:jWeight 24/02/19 14st 7lb now 12st determined to stop defining myself by my mistakes. Progress not perfection.:T100%through my 1% mortgage challenge. 100% through my pb challenge.
  • kazwookie
    kazwookie Posts: 14,273 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Maybe your parents need to join this site and do a SOA as well, so we can make suggestions to help them as well as you.

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  • Bp123
    Bp123 Posts: 4 Newbie
    Hi, yes there is but they've given up on them as they've lent them money also
  • Bp123
    Bp123 Posts: 4 Newbie
    Hi,
    They already have citizens advice helping them,
    I've done all I can but I can't do anymore and now I can see the ground opening up on me, I've 2 kids who are my main priority and I don't want history repeating itself, especially when all I've done is what anyone would do for their parents, however I didnt count on my parents letting me down so badly :(
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