Huge debt and retired

LearningtoSave2006

RAS wrote: »

LTS

Please do get your parents to take professional advice on their circumstances.

Your dad has obviously done what he could on his own. I am really glad he has now seen fit to take you into his confidence.

Im my mind one issue that may need to be addessed, albeit very tactfully, is that your dad seems to be a bit older than mum and if these debts are joint, if he dies before she does, she will inherit them. it is likely that she will be even more financially challenged.

Rather than struggling for years for repay a tiny percentage of the debt and then the surviving parent have to cope with the distress of bereavement and going BK shortly after, it may well be more sensible to make the break now and have some sort of life together.

As Alan says, they will have to learn to budget very carefully as they will not have access to credit, but you know your way round that anyway.

If they have any doubts, do get them to pop onto the BK sub-forum and have a chat. Most of the folk are lovely. If the odd maverick gets on, they will be put straight. Based on my experience the most likely time for mavericks is Friday night when the boards are quiet and and outsiders get bored.

If you folks decide to go BK, then the folk on the forum will support them practically and emotionally.

my best wishes to you all.

That never even crossed my mind. Thank you very much for bringing that up, it is something to seriously consider.