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    • Gettingtherequickly
    • By Gettingtherequickly 5th Jan 18, 1:27 PM
    • 3,671Posts
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    Advice for dad bailing daughter out
    • #1
    • 5th Jan 18, 1:27 PM
    Advice for dad bailing daughter out 5th Jan 18 at 1:27 PM
    Writing on behalf of someone I know.

    His daughter has got herself into a debt cycle which she can't get out of. He previously bailed her out last spring and warned her not to get into debt again (he hates owing money), she is coming up to 21 so immaturity is the cause of it primarily, however although she is working, she has very little priority expenditure, which means that she has generally selfish expenditure.

    Anyway, he told her that she would have to get a loan, not the best idea I know, but he feels that she would have a greater fear of the bank than him and may take responsibility for her actions as a result. They bank at the same branch and, although she is unaware, he is prepared to act as guarantor which he has told the manager. However, as the amount is "only" 3k, the bank have said guarantor is unlikely to be required. Consequently, her credit history would probably either result in refusal or very poor interest rate.

    Which means that he will (and is resigned to) have to bail her out again.

    What would you advise he say to her? I was thinking along the following:

    1. As a high rate tax payer, that 3k has already had cost him 2k, as to be able to give her 3k, he was paid 5k (I am rounding figures, but she needs to know these things).

    2. Any cards are to be cut up.

    3. If she is not repaying him, not to even think of a 21st birthday present.

    She is not his wife's daughter, so he knows he can speak to me openly but at the same time, anything I say is with emotional detachment, which I know is easy for me to say, but he needs to over-ride his parental guilt, which he hopefully he will have no problem about doing this time.

    Any thoughts on what else he could say? He is desperate for her to take a more mature attitude and budget sensibly, but at the same time, she is an adult.
    A smile costs little but creates much
Page 2
    • sourcrates
    • By sourcrates 7th Jan 18, 10:29 PM
    • 14,342 Posts
    • 13,536 Thanks
    Thanks for all of your comments, just need to convince dad that she needs to learn. I think that she should be able to pay it back in less than a year if she gets her act together, there are many families who have less disposable income, she needs to appreciate how lucky she is.
    Originally posted by Gettingtherequickly
    Getting kids to realise this is the biggest problem though !!
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    • pennystretcher
    • By pennystretcher 11th Jan 18, 9:07 PM
    • 389 Posts
    • 1,449 Thanks
    She's old enough to know better, so just needs a LBM to understand she is now an adult. Maybe she should move out?
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