Cleaning Up For My Parents by 2024

kylos

Hi everyone, I'm new here. :money:


And of course, the reason for that is because of a Mortage-Free adventure. Only this time, I'm having to do it at my parents expense so the house is not repossessed by January 2024. Perhaps not so funnily enough, my Father has been left to his own devices for many years and it hasn't turned out well. There's loans, a credit card, and other things that need addressing before we can consider paying off this mortgage in a much healthier fashion.


As I'm new I'll admit I'm not entirely sure where to start. All I know is we probably want to pay off some of these loans ASAP so we can cut the interest. There's a lot to do in asking my Mother how she can help, as it seems for years she's had nothing to do with it and won't talk to my Father about it. This needs to change though, otherwise the house will end up being repossessed after living there over thirty years.


If anyone could point me in the right direction that would be awesome, thanks. I've had to take some time off work just to deal with this issue, and I'd like to be as thorough and meticulous as possible in dealing with this, so there's no need for anyone to worry anymore. Cheers guy. :j

MovingForwards

You need to work out a statement of affairs, there is a lemonfool link on the debt boards. This will help you see everything in black and white, where excess spending can be cut back and then get your parents to stick to it.

It will be hard getting your mom involved, as she is probably of the generation where it was the husband who dealt with financial things. But, it's for the long-term benefit of her to learn now, as she may be the one left out of the two, when the time comes (morbid, I know).

I'm assuming they are of state pension age, check to see they are receiving everything they are entitled to, perhaps post pension / benefits / health etc on the benefits board and see what answers you get. There are a lot of knowledgeable members on that board.

Good luck!

kylos

Actually no, they are 55 and 56 respectively, but both are clearly clueless of what to do and who to ask. I knew coming here would be an awesome start, so thanks for pointing me in the right direction and I'll do as you suggested before returning here later. Thanks!

South_coast

Hi kylos, I don't have any advice but just wanted to say how lucky your parents are to have you and I hope they realise that. Best of luck with your journey xxx

kylos

Thanks man, although I feel it's going to be a bit tough for a while, some sacrifices will have to be made. Seems my Dad got out a consolidation loan (it seems he has both an interest-only and repayment...) to pay off for the mortgage.. on top of other things. I just hope when I get all the details together I input them correctly and the debt people here can give us the right course of action.



When we've progressed through that, I may return here to see what we can do about this mortgage. Obviously an extension would be awesome, but they're getting on and I can see them being refused if they don't prove they are paying for all these other things.

elsien

A post on DFW is definitely the way to go. You'll need all the figures for income and outgoings, debts, interest rates etc. It won't work unless your parents are fully on board.

Sea_Shell

Good for you trying to help and point them in the right direction.

I hope they get fully on board, engage with the process and are 100% honest with you about ALL their spending and debt, as unfortunately, without that commitment, it could prove to be a thankless task!!

Do you think they're ready to hear "bad news" if (when) you have to tell them they need to cut back on XYZ?

kylos

So far the response has been positive, and we're currently drawing up an SOA calculator which may take a few days to complete.


I hope this isn't against any kind of forum rules to ask this random question, but it seems the Property Insurance will expire on the 24th of this month. Does this mean the mortgage will come under threat? Are they legally responsible to follow up and get new insurance? And if so, do you need to get the insurance from the same lender? Sorry if any of this sounds silly or is against any rules. Cheers.

elsien

Do you mean building and contents insurance? Not having any would be foolish but they should shop around as companies often put up prices for existing customers and offer better deals to new ones.
Ditto utilities, broadband, car insurance etc. I got £120 knocked off my car insurance with one phone call as an incentive to stay with them.
It is also worth looking at the cashback sites for extra incentives, bearing in mind that cashback isn't guaranteed so should not be the main reason for choosing a particular provider.

jackomdj

I assume you mean building and contents? This isn't lnked to the mortgage, but you would be silly not to take it out. Buildings covers you for the structure, contents is just that both are important and shopping around you can get it reasonable cheap. Easiest way to shop around is to go on an online comparison site.

Skibunny40

If your parents are 55 and 56, there's possibly an option they could access any private pensions they have. I am NOT saying this is a good idea (they need to learn how to work with the money they have, and will need the pension money for many years in the future) however, it is something that should be considered as part of the overall financial picture.