He works very hard and my daughter in law works part-time but I know they find it difficult to keep up with rising prices e.g having to buy three school uniforms - I'm not sure what to do as I have another two grown-up children.
2007-08-27 04:06:34 · 12 answers · asked by Maryhill 2 in Business & Finance ➔ Personal Finance
remortgage defo not we all are finding it hard to keep up with the cost of everything you can help him with little things like buying some clothes for the children or some shoes but to give them loads of cash will not get them to sort out there own mess it will just make them think "" oh mum will sort it out for us "" and if you do remortgage you will be worse of than you are now
2007-08-27 09:21:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
That's a tough choice. It really is, but unfortunately going into debt is probably not the answer. Why risk losing your home? Borrowing money just delays the inevitable. Once that borrowed money runs out there will still be school uniforms to buy, etc. Plus, now you will be paying a hefty tab to the bank every month.
Helping children out with money is a good idea but I definitely wouldnt go into debt for it tho. There's got to be a better way.
2007-08-27 11:23:28 · answer #2 · answered by sothere! 3 · 0⤊ 0⤋
Tis a sad fact of our modern society that we want it and we want it now.Just stop a second and take a look at there car status,activity in things that could wait.Why doesnt anyone realise that to borrow 1000 you owe 2000 and so on What purpose does it or will it for two of you to be in debt.The easier you make it this time sets a presidence,not to mention the rift that would soon become apparant with your other family.If you must help,sit them down and offer money management advice.Debt just attracts debt,and then you will be the one not sleeping waiting for a reposession.Remember your early life where it took a cast iron job just to get HP Now they call it a credit card Please stay lucky
2007-08-27 11:37:53 · answer #3 · answered by charlie 6 · 0⤊ 0⤋
It is admirable that you want to help out your son. But, before you do, take a long hard look at the situation.
Sure, money is tight everywhere, but, are there simple things they can do to cut back on expenses? I would be VERY surprised if you said no.
Your son, and his family have to learn to live within their means. If you remortgage to help him out this time, what will you do next time? And, what will your other children say?
2007-08-27 11:24:47 · answer #4 · answered by cbmttek 5 · 1⤊ 0⤋
Absolutely not. You should not go into debt for your grown children. You have an obligation to them to be able to care for yourself and not become a burden in your old age. This would be a different answer if it were a life or death situation but it is not.
Take care of your own retirement first and make sure you are provided for. Then if you have something extra you could help them out.
2007-08-27 11:48:36 · answer #5 · answered by Don 5 · 0⤊ 0⤋
Don't Remortgage! It's not only tough for your son! In the UK, millions are feeling the pinch and they have to cope through spending less on unnecessary luxuries such as theatre trips, pubs and restaurants, new shoes and bag every week (women) and some men even cut down on going to watch football. Instead of prime steak for dinner, they should buy reasonable quality burgers. Instead of prime cod, they could eat fish fingers or fishcakes etc. They could cut their electricity bills by turning off the lights in all unused rooms. Heat the water twice a day and use it for bathing cleaning etc. and reduce their gas bill. If you remortgage to help, you could end up in dificulty as well. If things go badly wrong, not only could your son lose his home but you won't have a home for him to come to either. This year, over 70,000 people are going to have their homes reposessed so your son is not alone. He can always go to Citizens Advice for helpful information but to be honest, most peoples misery is caused by the people themselves. I've been aware of rising costs for well over a year now and am expecting prices to rise a lot more due to our crops being destroyed during the floods and the rising price of oil. Therefore, I'll continue what I have been doing and that is looking at where I can save money and where I can get the best deals. Instead of paying nearly £3 for a packet of soap powder, I have found that a £1 packet washes just as good but doesn't smell as perfumey, therefore, I don't mind my clothes not smelling of spring flowers so a £1 packet does the job. If a supermarket has a good offer (buy one get one free) on something that is purchased regularly, buy plenty of it, each week until the offer is discontinued. Therefore, you can save many pounds over the next month or two. Tell your son that you are sorry but you can't help him. Tell him that he needs to economise and get his act together. If you do decide to help, he will continue being wreckless with his finances as he will believe that you will always bail him out. Therefore, you have to be cruel to be kind and refuse him any assistance.
Finally, I have just bought my daughter a new pair of school shoes, three new blouses, a new skirt, five pairs of socks, five vests and some underwear for less than £60. However, she also needed a new coat and I just bought one for only £10 in a sale. The coat retailed at £35. Therefore, apart from the school jumper, she is fully kitted out for less than £70 and I can guarantee that our income is far less than the two salaries that go to your son's home. OK, so he has three kids! £150 each is enough for each school year, that's less than £3 per child per week (£9 per week) so school uniforms are not an issue. I had to go to school in handy downs as many others do. Maybe, his younger children should do the same if he would rather buy an extra few pints of beer each week. £9 won't buy four pints of beer so just cutting down on alcohol would pay for the uniforms.
2007-08-27 11:30:53 · answer #6 · answered by kendavi 5 · 0⤊ 2⤋
Why should you remortgage - he's big enough and ugly enough to look after himself - why should you get into extra debt.
3 kids = 3 x child benefit - Tax Credits probably - and who knows what else.
Remortgaging is not the solution to the problem - it is short term answer and only enhances your debt - you just pay it off over longer period for his benefit.
2007-08-27 11:12:59 · answer #7 · answered by jamand 7 · 2⤊ 0⤋
that would be dumber than dirt --- right now it would not be remotely possible for you to get as good a rate as you all ready have == just give them the same advise i give everyone else -- tell them to downsize their life style and get themselves back on firm ground!!! heck if i did any with the telly and cable and internet i could save enough in two months to buy all the uniforms for a school year!!!
2007-08-27 11:33:52 · answer #8 · answered by mister ed 7 · 0⤊ 0⤋
Not being funny but its both their responsibilities to take care of their home and finances. If they have the time and energy to be laying on their backs and making babies then I'm sure they have brain cells between them to know that having kids cost money.
2007-08-27 11:16:46 · answer #9 · answered by honest girl! 4 · 1⤊ 1⤋
absolutely not, not your responsibility to support financially your kids the rest of their life's, you should offer moral support but not financial help, if he's having trouble supporting his family on 2 incomes then he needs to cut back on his spending period. don't refinance our home for the sake of your grown children, that's enableing them
2007-08-27 11:20:55 · answer #10 · answered by ? 2 · 0⤊ 0⤋