Jump to content
House Price Crash Forum
Sign in to follow this  
dalek

Anecdote - Debt Sh**t Hitting The Fan

Recommended Posts

I posted this anecdote recently in a thread that wasn't much seen - so I've posted it again, as I think it's important.

I met my 90-year-old neighbour last week. She was in tears - her son, in his fifties, had told her he was £70,000 in debt (on top of his mortgage, he lives in the countryside and has a good job) and the only way out was for her to sell her London house , now valued at around £470,000, and come to live with him and his wife. She was desperate - worried about her son, who was saying he'd have to go bankrupt otherwise and terrified of leaving the home she's known for 60 years.

Anyway, she'd reluctantly said yes, but after chats with me and others, changed her mind.

She rang her son to tell him - his wife was already out viewing for a new, more expensive house in which they could all live!

A few hours later, the wife rang my neighbour to say she was disappointed, and would now have to leave her son! Talk about emotional blackmail.

My neighbour then took financial advice from another relative who's in business, and they decided that instead of moving, she would take out £100,000 from her property under an equity release scheme and give it to the grasping pair of vultures.

How did this grown couple get into £70,000 worth of debt!! And now they're so desperate they'd turf this woman out of her home - at 90!

I'm not sure how these release schemes work - they're aimed at the elderly - but the son'll lose much of his inheritance when his mum dies because of the interest on that £100,000, which I think will be enormous, but he's desperate. Needless to say, the wife isn't leaving him anymore...

Share this post


Link to post
Share on other sites

What can one say. A scenario probably repeated many times daily now.

I tend to the view that it's best not to get involved in financial matters unrelated to one's own nearest.

Though I do think that it would be unwise for this woman to go and live with her son and daughter in law.

As to how people accumulate such debt levels? It's very easy now and there are examples everywhere.

Share this post


Link to post
Share on other sites

Your elderly neighbour needs support in not giving in to blackmail.

If she'd leave him now she'll leave him when they've got £100k just come to them.

I have told my dad on more than one occaision that I don't want his money and he should enjoy spending it whilst he's alive. I suspect my sisters don't feel the same way though.

Share this post


Link to post
Share on other sites

What can one say. A scenario probably repeated many times daily now.

I tend to the view that it's best not to get involved in financial matters unrelated to one's own nearest.

Though I do think that it would be unwise for this woman to go and live with her son and daughter in law.

As to how people accumulate such debt levels? It's very easy now and there are examples everywhere.

It is a truely horrible story...grasping, greedy little sh1ts. Unbelievable...getting your frail Mum to bail you out...when you are 50+. Despicable...and his wife sounds like a right b1tch.

This is the greed of modern Britain on a platter.

my advice to the frail old girl? Stay where you are, get some home help in if need be, and enjoy the rest of your years away from these grasping turds. And when you shuffle off this mortal coil, leave all your money to the cattery! :)

Share this post


Link to post
Share on other sites

Her son and daughter-in-law must have no morals. At her age, she should enjoy her last days stress free. Her son needs to grow some balls.

Share this post


Link to post
Share on other sites

Her son and daughter-in-law must have no morals. At her age, she should enjoy her last days stress free. Her son needs to grow some balls.

At 50 its about time they grew up and to some responsibility for their actions! 50 years old and still can't control their finances! shocking :blink:

horrible story, poor old lady.

Share this post


Link to post
Share on other sites

I have told my dad on more than one occaision that I don't want his money and he should enjoy spending it whilst he's alive. I suspect my sisters don't feel the same way though.

I've said this to both my elderly aunt and my mother - my aunt has just sold up and is happily living off the interest on the proceeds to a much higher standard of life than she was when she owned her own place.

Told my mum also that when she's ready she should sell up and spend the lot having a great time. By the time she's ready to do that I'll have plenty of room for her to live with me if she wants.

Can't believe these greedy b@stards have blackmailed their 90 year old mum. Scum. :angry:

Share this post


Link to post
Share on other sites

I posted this anecdote recently in a thread that wasn't much seen - so I've posted it again, as I think it's important.

I met my 90-year-old neighbour last week. She was in tears - her son, in his fifties, had told her he was £70,000 in debt (on top of his mortgage, he lives in the countryside and has a good job) and the only way out was for her to sell her London house , now valued at around £470,000, and come to live with him and his wife. She was desperate - worried about her son, who was saying he'd have to go bankrupt otherwise and terrified of leaving the home she's known for 60 years.

Anyway, she'd reluctantly said yes, but after chats with me and others, changed her mind.

She rang her son to tell him - his wife was already out viewing for a new, more expensive house in which they could all live!

A few hours later, the wife rang my neighbour to say she was disappointed, and would now have to leave her son! Talk about emotional blackmail.

My neighbour then took financial advice from another relative who's in business, and they decided that instead of moving, she would take out £100,000 from her property under an equity release scheme and give it to the grasping pair of vultures.

How did this grown couple get into £70,000 worth of debt!! And now they're so desperate they'd turf this woman out of her home - at 90!

I'm not sure how these release schemes work - they're aimed at the elderly - but the son'll lose much of his inheritance when his mum dies because of the interest on that £100,000, which I think will be enormous, but he's desperate. Needless to say, the wife isn't leaving him anymore...

I think that the equity release schem should leave enough left but that her will should lean more toward say a Donkey sactuary then her children.

If he had been lving in the home for many years.. then it would appear that perhaps he has been mewing his bottom of to the limit already..

50, and no equity himself..

Share this post


Link to post
Share on other sites

That is a terrible story.

As some of you know my Mum is currently very ill in intensive care and has been so since before Christmas. I have looked after my Mum for the past 15 years since my Father died and have had no help from my brother and sister - in fact they have not come near in all that time.

About a fortnight ago my sister turned up on the front door, supposedly worried about my Mum, but once inside the home the only thing she and her parnter kept repeating was "This house is as much mine as it is yours!"... When I asked why she and her partner had not come near in 15 years I was told that I have a car and they do not... they live just TWO roads away which is about 400 yards.

Some people are very greedy and in the case of that 90 year old lady there will come a time when she will most likely need care coming into her home to help her or even nursing care - at that point the only thing she has that will give her good care, as opposed to taking pot luck with social services' care, is the value of her home. Sadly, the worry of what is now going on might be what actually kills her.

Right, I have been unable to visit my Mum for a week due to myself having had a bad dose of flu so I am off to the hospital. Having children is a wonderful thing if the children you have actually grow up to be decent, loving, kind people.

Share this post


Link to post
Share on other sites
Guest Bart of Darkness
my advice to the frail old girl? Stay where you are, get some home help in if need be, and enjoy the rest of your years away from these grasping turds. And when you shuffle off this mortal coil, leave all your money to the cattery!

Damn right!

Share this post


Link to post
Share on other sites

I posted this anecdote recently in a thread that wasn't much seen - so I've posted it again, as I think it's important.

I met my 90-year-old neighbour last week. She was in tears - her son, in his fifties, had told her he was £70,000 in debt (on top of his mortgage, he lives in the countryside and has a good job) and the only way out was for her to sell her London house , now valued at around £470,000, and come to live with him and his wife. She was desperate - worried about her son, who was saying he'd have to go bankrupt otherwise and terrified of leaving the home she's known for 60 years.

Anyway, she'd reluctantly said yes, but after chats with me and others, changed her mind.

She rang her son to tell him - his wife was already out viewing for a new, more expensive house in which they could all live!

A few hours later, the wife rang my neighbour to say she was disappointed, and would now have to leave her son! Talk about emotional blackmail.

My neighbour then took financial advice from another relative who's in business, and they decided that instead of moving, she would take out £100,000 from her property under an equity release scheme and give it to the grasping pair of vultures.

How did this grown couple get into £70,000 worth of debt!! And now they're so desperate they'd turf this woman out of her home - at 90!

I'm not sure how these release schemes work - they're aimed at the elderly - but the son'll lose much of his inheritance when his mum dies because of the interest on that £100,000, which I think will be enormous, but he's desperate. Needless to say, the wife isn't leaving him anymore...

Why the crocodile tears ?

I was under the impression reading previous posts that old dears like this are simply taking up valuable housing stock, having the sheer audacity to have large houses with multiple bedrooms that could

otherwise be given at knockdown prices to young families - how dare she not sell up.

Share this post


Link to post
Share on other sites

Why the crocodile tears ?

I was under the impression reading previous posts that old dears like this are simply taking up valuable housing stock, having the sheer audacity to have large houses with multiple bedrooms that could

otherwise be given at knockdown prices to young families - how dare she not sell up.

Awooga

Share this post


Link to post
Share on other sites

I have told my dad on more than one occaision that I don't want his money and he should enjoy spending it whilst he's alive. I suspect my sisters don't feel the same way though.

Admirable. I was speaking to my old man about buying his house of him and my mum as they dont have all that mutch of a pension. I am very uncomfortable with inhereted wealth. This way at least I would feel I would have made their retirement a bit easier. It's probably as good a place for my cash as an ISA or something.

Share this post


Link to post
Share on other sites

Why the crocodile tears ?

I was under the impression reading previous posts that old dears like this are simply taking up valuable housing stock, having the sheer audacity to have large houses with multiple bedrooms that could

otherwise be given at knockdown prices to young families - how dare she not sell up.

Put you and the old dear up against a wall - hand me a gun - we need to thin out the population a bit so there is not so much pressure on housing.

Now who do I shoot?

Share this post


Link to post
Share on other sites

Yuck. Guess the vultures can't wait for the day that the elderly lady finally shuffles off this mortal coil in order to get their hands on her house. It's a shame for them it belongs to the lenders, then.

Imagine releasing equity to help your 50-year old son. It's almost unbelieveable! People come up wth the most contrived excuses to explain the situation they're in. Money and your way of life does funny things to the mind. For example, if you ask a number of convicted murderers, very few of them see themselves as bad people; rather, they attempt to rationalise and justify their actions.

Share this post


Link to post
Share on other sites

It is a truely horrible story...grasping, greedy little sh1ts. Unbelievable...getting your frail Mum to bail you out...when you are 50+. Despicable...and his wife sounds like a right b1tch.

This is the greed of modern Britain on a platter.

my advice to the frail old girl? Stay where you are, get some home help in if need be, and enjoy the rest of your years away from these grasping turds. And when you shuffle off this mortal coil, leave all your money to the cattery! :)

Absolutely spot on. Bastards!

Share this post


Link to post
Share on other sites

I have no desire at all to defend this pair, who do sound like a right pair of sh1ts.

But...parents can have devastating negative impacts on their kids. In my family the children looked after the parents after my father broke his neck, for years and years and years. The parents did a lot better out of this than the kids.

You might wonder how the son got to be such a nasty little b*st*rd - it's quite possible that the "old dear" is not beyond reproach.

Share this post


Link to post
Share on other sites

A few hours later, the wife rang my neighbour to say she was disappointed, and would now have to leave her son! Talk about emotional blackmail.

Let that daughter in law go then, what a big deal. Looks like her son is possibly better off without a wife like that anyway!

EDIT: there is a possibility however that the blackmail was staged by the son and his wife to convince the old lady to sell. You mentioned that the son is desperate, so who knows. But this does not mean the lady should give in to this filth.

Edited by LazyDay

Share this post


Link to post
Share on other sites

I think the husband/son should cop just as much blame as his scheming wife, as he's in the middle and allowing his wife to get away with it.

Neither of them sound like they have any morals whatsoever.

I think the old lady should practice some 'tough love' and let him go bankrupt, after all she might not be around to bail him out much longer and its time he learnt some lessons at the university of life.

Share this post


Link to post
Share on other sites

Wait a minute, if the house is worth 450k won't she just end up giving 40% of the over 250k to Gordon Brown? aprox £80,000 in inheritance tax isn't it?

Better to help her family I'd think rather than give it to the UK Treasury.

Share this post


Link to post
Share on other sites

Wait a minute, if the house is worth 450k won't she just end up giving 40% of the over 250k to Gordon Brown? aprox £80,000 in inheritance tax isn't it?

Better to help her family I'd think rather than give it to the UK Treasury.

no Death

Better that he taxes the dead rather than the living.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.