Father in Debt

LegacyUser

About 11 years ago (when I was still in secondary school) my father bought a house in the UK for my sister and her boyfriend as they were unable to get a mortgage. To get around this my father put up another house he owns as collateral and he bought the house for them. At this stage my father has the family home, a house in his hometown (mortgage collateral), he had a 50% in another house his parents left to him and the house in the UK.

So my sister breaks up with her boyfriend and moves back to Ireland but the crash has just happened, pound weakens against the euro and now my father is in massively in the red. My father finally end up selling the house taking a €100k+ loss. He doesn't do a big switch back to euro instead he just uses the money to make the monthly repayments + insurance (which is very high due to my fathers age) we are talking about a repayment of €3k a month all in. So after a while the money runs out. So my father sells the other house he owned 50% in but despite this he is still in the red.

He has €50k in his bank account but he owes the bank €75k. All would be okay except for the fact the bank don't want to extend the mortgage past my fathers next birthday. My father told me they will have to sell the other house (which the mortgage is against) to pay off the debts but he'll lose 33% of the sale due to Capital Gains Tax. Or sell the family home but then they'll have move back to my fathers hometown which is a four hour drive which neither of my parents want.

He is trying to get a job (in Education) but while he is being successful in the interviews once the school try and get him a contract the state dept won't give him one because of his age. Apparently state depts can be ageist but private companies cannot.

He has asked me if I would be able to get a loan out and he'll cover the repayments. I told him no as I don't want to repeat the same mistakes as he did. Thing is I have saved up enough money to actually nearly wipe out all of the mortgage but as selfish as it sounds I want to use that money for myself as I want to go travelling with it and have a good safety net.

My two older sisters won't help as they both now have families of their own and this somehow makes them ineligible to help out. I feel likes it up to me to help out because I'm the youngest and because I'm single I can afford to lose my savings that I've worked hard to build up.

I hate to see my father in this mess and I would love to help out but if I've learned anything from his mistakes is that never lend money to a family member.

I've told him to get in contact with MABS but as of yet he hasn't.

Is there anything I can do to help him out?

Another day

Post on askaboutmoney you will good advice there. Tough times.

witchgirl26

OP I feel for you as you want to help your family but I would completely advise against you taking out a loan for anyone else. I don't know what age your father is but there is a state retirement age and most state agencies won't hire someone coming up to this as it is counterproductive for them at this point.

I think you've done the level you can by telling him to contact MABS. Maybe try talking to your older sisters - they may not have been approached but if a large portion of the debt is because of one of them, it definitely should not be you sorting it out.

You've worked hard for the money you've saved up and I would keep that. It's your safety net and gives you a start so you don't have to rely on others. If you did use it to clear the mortgage amounts, you wouldn't have any right over the properties and no savings which honestly sounds like a lose-lose for you. I know he doesn't want to pay the Capital Gains tax but it looks like that is the most viable option for him to sell the other house. He has an asset and a debt - it's a simple equation to use the asset to clear the debt.

It's a horrible messy situation but don't get yourself further involved in a monetary sense.

Hollister11

Where is your sister who the house was bought for in all this?

Tenigate

Your father can't have it every way. Sounds like he'd stop losing sleep if he just sold the house, paid the CGT liability, cleared the loan and increased his savings.

It wouldn't be a bad idea for him to contact a solicitor who specialises in wills & inheritance in order to reduce both his CGT and inheritance tax liabilities. But it doesn't sound like he's ready to do this. He just wants to clear a hump and avoid CGT, possibly leaving his own €50k savings untouched (am I right to assume that?).

Kerry25x

Surely your sister who he initially bought the house in England for feels the need to try and help him out now?

groovyg

Hollister11 wrote: »

Where is your sister who the house was bought for in all this?

Exactly since she is the one that he bought the house for why is she not worrying about the debts incurred instead of you. I think MABS is the best route for your dad. Just because you are young and have savings doesn't mean you should throw them all away, will you not want to buy a house yourself at some point?

I think he should get some professional advice, probably from a solicitor.

You are right to not get involved. It might sound harsh but this is a mess of his making.

There is no painless solution - if this is causing stress he will have to either get a job that can pay his debts or sell the house, pay the tax and clear the loan.

Your sisters are looking out for themselves and their families - you should too.

Aspadeaspade

op under no circumstances should you take out a loan in this situation. at the risk of sounding harsh you didn't create this situation and you certainly don't have to bail your family out. my brother did this. he gave his savings to one of our parents under the pretence that everyone was to pay him back. needless to say, no one is paying him back and he's been left out of pocket ever since having to start from zero. no doubt at some point you will want your own home and family etc and this would greatly impact your future and chance of a mortgage later on should you do it now. don't get involved OP. it's not your responsibility. if you wish to help it should be a joint effort between you all or no one at all..

Mr. Incognito

Get professional advice.

If he sold two properties at a loss the losses will be offset against the CGT

retro:electro

TBH I feel sorry for your father. He sounds like he did his best to provide for all of you and made some mistakes along the way, and now when he's no longer eligible for a loan or desirable enough for work, he has reached out to his family to help him only to be told no. I can't tell you what to do with your money but I know what I would do. I've seen how financial stress can ruin people, physically and mentally. I think you all as a family need to sort something out and help the man.

seamus

FatherinDebt wrote: »

My father told me they will have to sell the other house (which the mortgage is against) to pay off the debts but he'll lose 33% of the sale due to Capital Gains Tax.

So?

It'll get him out of debt, right? If that's the case then he's just being pig ignorant refusing to sell it because he doesn't want to pay tax on it. Instead trying to lump the debt onto you.

As Mr. Incognito says he should sell that house and get professional tax advice to minimise his tax bill.

woodchuck

This is a horrible situation to be in OP and it sounds like there is no clear cut right or wrong answer. Generally speaking I always think it's a bad idea to loan money to family or friends, but I think parents are a little different when you consider the amount of time, money and energy they've sacrificed for you over the years. Not that anyone owes their parents, but I'd be much more inclined to give/loan money to my parents than to siblings for example.

I don't think my father would ever ask me for money unless he was extremely desperate though. It doesn't sound like your father is quite there yet despite having asked you? As highlighted above, he does still have the option of selling another property.

What is your relationship like with him in general?
Does he have any sort of plan for how/when he could pay you back? I think if you do go ahead with the "loan" though, you'd have to accept the risk that you may never see that money again.

What is he doing with this house now?
Is it rented out, kept for holidays, empty, used by family?
Would it be missed if it were gone or is this a matter of pride?

yosser hughes

If it was my Father I'd do whatever I can to help.

Tenigate

yosser hughes wrote: »

If it was my Father I'd do whatever I can to help.

You'd take out a 75k loan at 10% interest, deprive yourself of taking out a mortgage, and possibly lose your life savings of 75k..

Or.. advise the father to seek financial advise (incl tax advice), and sell the second property if it's causing so much hassle?

I know what I'd do.

goldenhoarde

Do what you can do to help but the best help in this case is advice.


As he has savings of 50000 could he see if the local credit union would loan him 25000 or whatever. He might be a member already and lodging 10000 might give him the potential of a loan for 30000 leaving a five k shortfall that the family might consider funding


Mabs and tax advice would be a good start as the cgt will have to be paid at some point

As others have said selling up the house with the mortgage is probably the best plan and with proper advice the tax bill might not be as big and avoids a move/upheaval.

You going into debt will cause you problems when you need a mortgage etc in the future even if its being serviced by your parents.

If they God forbid die during the term of the loan will it be written into the will that the loan is the first thing paid off. If you go down this loan route you will need to cover yourself fully -> legal advice and a contract -> which don't go down well in family circles usually

woodchuck

Tenigate wrote: »

You'd take out a 75k loan at 10% interest, deprive yourself of taking out a mortgage, and possibly lose your life savings of 75k..

Or.. advise the father to seek financial advise (incl tax advice), and sell the second property if it's causing so much hassle?

I know what I'd do.

I think she said that her Dad has 50k, so needs 25k. Which the OP has in savings, so wouldn't have to take out a loan herself? I'm not saying she should give him the money, but just want to try and get the facts straight.

It is a huge ask though and I don't think I could do it unless my parents were absolutely desperate (e.g. at risk of losing the family home) which it doesn't sound like they are.

yosser hughes

Tenigate wrote: »

You'd take out a 75k loan at 10% interest, deprive yourself of taking out a mortgage, and possibly lose your life savings of 75k..

Or.. advise the father to seek financial advise (incl tax advice), and sell the second property if it's causing so much hassle?

I know what I'd do.

That's fine. I'm just stating what I would do. I'm not sure where you're getting the 75k figure? At least I read the thing.
I would do anything to help my Father. The OP actually has the money but wants it for travelling.

goldenhoarde

yosser hughes wrote: »

That's fine. I'm just stating what I would do. I'm not sure where you're getting the 75k figure? At least I read the thing.
I would do anything to help my Father. The OP actually has the money but wants it for travelling.

Which is the OP,'s choice. Helping sort the issue out will be better for all in the long run, rather than causing issues relationship wise later down the road

Based on the posts its a cashflow issue which can be sorted with proper advise

minikin

Three kids should cough up €8k a piece to get your parents out of trouble. How much do you think they spent raising and educating the three of ye? Won’t you get it back in inheritance in the end? Time to pay a bit back to the folks that gave you everything...

Fol20

anna080 wrote: »

TBH I feel sorry for your father. He sounds like he did his best to provide for all of you and made some mistakes along the way, and now when he's no longer eligible for a loan or desirable enough for work, he has reached out to his family to help him only to be told no. I can't tell you what to do with your money but I know what I would do. I've seen how financial stress can ruin people, physically and mentally. I think you all as a family need to sort something out and help the man.

I have to say, although you didn’t create the mess. Your dad is in trouble not because of gambling debt or anything bad like that but because he tried to help out his family when he didn’t have to. Yes, it should be the daughter that should be helping out but if she can’t I think I would. As the poster above mentioned. The mental and physical stress can change people and he made an honest mistake trying to help his family. You could always come to some compromise where instead of it all being put on you maybe you could half whatever he is asking for combined with you talking to the other sisters privately to see if they can help out also

Fol20

Tenigate wrote: »

You'd take out a 75k loan at 10% interest, deprive yourself of taking out a mortgage, and possibly lose your life savings of 75k..

Or.. advise the father to seek financial advise (incl tax advice), and sell the second property if it's causing so much hassle?

I know what I'd do.

I would look at it from an unemotional objective point of view. Maybe he is holding onto this second house so he can pass it onto children later on in life. If it makes financial sense I would have no problem taking out a loan as your parents would have done so much for you for your entire life. It’s time to give back a little.

GingerLily

Fol20 wrote: »

I would look at it from an unemotional objective point of view. Maybe he is holding onto this second house so he can pass it onto children later on in life. If it makes financial sense I would have no problem taking out a loan as your parents would have done so much for you for your entire life. It’s time to give back a little.

Ye but who will get that house. Lots of children have been burned before investing in a family home that's been solely left to just one child.

I wouldn't risk my safety net, not when there is an actual solution.

Hitman3000

Nice family! If I were your father, I would sell all my assets except my principal residence to clear the debt. Then in my last will and testament leave my estate to the local dog or cat home.

Toots

OP, can you clarify the figures involved? Are you saying he owes 75k to the bank? How much of a loan does he want you to take out?

Tenigate

yosser hughes wrote: »

That's fine. I'm just stating what I would do. I'm not sure where you're getting the 75k figure? At least I read the thing.

I read the thing, too.. and I'm assuming op's father has no income and is relying on his savings for living expenses and the 75k mortgage repayments. If he forks over 50k to the bank and op forks over another 25k, how would the father make repayments to op?

Maybe a wrong assumption and most likely op's father would not require a full 75k, but likewise he'd need a lot more than 25k.

Tenigate

Hitman3000 wrote: »

Nice family! If I were your father, I would sell all my assets except my principal residence to clear the debt. Then in my last will and testament leave my estate to the local dog or cat home.

This is the crux of it, really.. inheritance planning.

The op's father is at the age where he should be getting his affairs in order. Op is at the age where he(?) Is essentially setting himself up.. bit of travel, some savings, thinking about buying a home.

While the father seems to understand the need to avoid cgt, presumably so he can leave assets to his family.. there's no communication to say that's his intention.

This is stubborn at best and selfish at worst. Because the risk to the op of lending a large sum of money to a family member is higher than simply an arms-length transaction.

I guess it would be fair if the father did everything above board, such as agree repayment terms, secure the house on the loan, all done through separate solicitors.. but what if the father defaulted? It wouldn't be nice to have to take him to court.

fishy_fishy

So he bought a house for the OP's sister and is in debt as a result. But it's the OP expected to bail him out?

No way. If anyone should help here it's the sister.

OP, I think you need to insist that your dad talks to MABS before anyone agrees to anything. And you need to remind him that if he's trying to get you to bail him out, not wanting to approach your siblings because they have families, what he's actually doing is denying you the chance to have your own home and family. In effect, he'd be making you pay for your sister's failed trip to the UK.

Hitman3000

Tenigate wrote:

This is stubborn at best and selfish at worst. Because the risk to the op of lending a large sum of money to a family member is higher than simply an arms-length transaction.

The OP's father has been described as selfish. Yet he put himself in debt to help his daughter, he has asked the OP for help also the rest of his children know the score but the OP wants to travel. Definitely the Dad who is the selfish one.....

GingerLily

Hitman3000 wrote: »

The OP's father has been described as selfish. Yet he put himself in debt to help his daughter, he has asked the OP for help also the rest of his children know the score but the OP wants to travel. Definitely the Dad who is the selfish one.....

Yes he is selfish the ways he's treating the OP, he was generous with the OPs sister and even went into debt for her but wants the OP to give up their life savings. Why can't the father just give up the extra house, what's the difference?

Hitman3000

GingerLily wrote:

Yes he is selfish the ways he's treating the OP, he was generous with the OPs sister and even when into debt for her but wants the OP to give up their life savings. Why can't the father just give up the extra house, what's the difference?

He asked for help, I read the Op' s post again. Can't see where the father asked the OP to give up their life savings. Maybe you can highlight the part I missed.

fishy_fishy

Hitman3000 wrote: »

He asked for help, I read the Op' s post again. Can't see where the father asked the OP to give up their life savings. Maybe you can highlight the part I missed.

He asked the OP to take out a 25k loan. More than the OP has in savings. That's effectively worse than giving up th savings because there's interest and what exactly happens if the father can't meet the repayments?

The father got himself into this arrangement when the OP was still a schoolchild. Why should the op give up her savings or take on a massive loan, jeopardising her ability to build her own life, to bail out the mess her father is in? A mess he got into for her sister.

I'm sorry but this is not the OP's problem. The father actually owns another property that he could sell to clear the debt but doesn't want the CGT hit. He has €50k in savings.

But the OP is supposed to bail him out? With no house at all and less than half the savings?

fishy_fishy

Btw OP, he wouldn't be paying 33% tax on the proceeds of the sale. He'd be paying 33% on the excess of the proceeds over the indexed cost (i.e. The profit)

Hitman3000

fishy_fishy wrote:

He asked the OP to take out a 25k loan. More than the OP has in savings. That's effectively worse than giving up th savings because there's interest and what exactly happens if the father can't meet the repayments?

The OP stated he/she has nearly enough saved to wipe out the 75k mortgage. Did you read the first pist?

GingerLily

Hitman3000 wrote: »

The OP stated he/she has nearly enough saved to wipe out the 75k mortgage. Did you read the first pist?

It makes no logical sense for the OP to loan their father money when the father could just sell the investment.

It's actually disgusting that the father is putting his child in this situation. It would be different if he'd have to sell the family home, but this is about an investment property which he can't afford.

Hitman3000

GingerLily wrote:

It's actually disgusting that the father is putting his child in this situation. It would be different if he'd have to sell the family home, but this is about an investment property which he can't afford.

He asked his child for help, the child refused. Hopefully the father decides to sell all his properties to meet the debt except his home. Lastly he won't but if I were the OP's dad I'd leave my entire estate to a dog or cat home. In light of how willing my children were to help me when I needed it.

Hitman3000

GingerLily wrote:

It makes no logical sense for the OP to loan their father money when the father could just sell the investment.

Btw again please read the first pist on this thread as you clearly haven't done so.

GingerLily

Hitman3000 wrote: »

He asked his child for help, the child refused. Hopefully the father decides to sell all his properties to meet the debt except his home. Lastly he won't but if I were the OP's dad I'd leave my entire estate to a dog or cat home. In light of how willing my children were to help me when I needed it.

He doesn't need the money - he needs to talk to a financial advisor and get professional help

kylith

Hitman3000 wrote: »

He asked his child for help, the child refused. Hopefully the father decides to sell all his properties to meet the debt except his home. Lastly he won't but if I were the OP's dad I'd leave my entire estate to a dog or cat home. In light of how willing my children were to help me when I needed it.

The father can do as he likes with his estate. It's shameful to ask your child to put themselves into debt when you have a house other than the one you live in and 50% of a third house.

meeeeh

If I understand correctly, after selling house in UK, he has 75k loan. He also outright owns two houses and has 50% share in another and has 50k in bank. Are any of them generating rent income? Even if not, there are people in a lot worse financial situation. He definitely needs to see some sort of financial adviser but unless he is generating some income from other properties, what is the point owning them. Unless you want a share in one of the properties I can't understand why he needs your financial help.

LegacyUser

Hitman3000 wrote: »

He asked his child for help, the child refused. Hopefully the father decides to sell all his properties to meet the debt except his home. Lastly he won't but if I were the OP's dad I'd leave my entire estate to a dog or cat home. In light of how willing my children were to help me when I needed it.

Sometimes you have to be cruel to be kind as they say. How is the OP putting their financial security at risk any help to anyone? Rather than just throwing money at things they should sit down with a financial advisor and look at options. As someone pointed out as they sold two houses for a loss they may not have to pay CGT or there may be other circumstances we are not aware of that could reduce the cost. They should sit down as a family, all the siblings and father and look at the options. The OP seems more annoyed that they are expected to put their life on hold while their siblings are not.

My mother was like the father here in that she was holding on to two houses because she wanted my siblings and I to inherit them but we sat her down and told her not to be so old fashioned, this obsession people have with leaving stuff for kids I've not time for. My Granny sat on a massive chunk of money she could have used to make her last years easier but she kept telling my mum how she was going to inherit it etc etc....we told our mum she'd spent enough on us and to go enjoy herself. Sold the houses, downsized to a flat in France and living the good life for her. We will get nothing when she passes away and I couldn't care less.

It's also easy for people to say they'd give up their life savings when it's hypothetical, different kettle fish when you are actually asked to do it.

OP I would figure out a way as a family to get your dad out of debt without putting an unfair amount of the burden on you. Talk to MABS or a financial advisor

Goat the dote

meeeeh wrote: »

If I understand correctly, after selling house in UK, he has 75k loan. He also outright owns two houses and has 50% share in another and has 50k in bank. Are any of them generating rent income? Even if not, there are people in a lot worse financial situation. He definitely needs to see some sort of financial adviser but unless he is generating some income from other properties, what is the point owning them. Unless you want a share in one of the properties I can't understand why he needs your financial help.

From what I understood the 75k was owed after selling the share in the third house?
So he has savings of 50k, and owns his residential property and a second home.
It’s a no brainer, sell the second house. Pay off the debt and the cgt bill that would result. Do what you want with the rest.

I wouldn’t be willing to give him my savings, given that he’s only in this situation because he bought a house for a sibling, coupled with the fact that he has his own savings AND a second property. There’s nothing to indicate that the OP would be “rewarded” with a house in the fathers will.
I would maybe be willing to help out partially in conjunction with the sibling that caused this, and other siblings. But no way would I carry the can alone.

LegacyUser

Hi OP,

Feel for you in this. I lost my own father when I was 17 so I know the importance of the relationship but equally there's no point throwing good money after bad.

It seems from the very beginning your dad has been making bad decisions and honestly I think he'd be better served in getting proper financial advice than getting your name on a loan he intends to repay.

It's not clear just how big your savings are, if they are 75k (i.e. the full outstanding mortgage) then you have significant earning capacity (and importantly, saving capacity depending on how long you have been saving) which changes what you should do imo. If so, and you are able to help him out I think you should, though that's without knowing the family dynamics (and I know internal family loans can turn things poisonous pretty quickly).

Paddy Cow

From what I understand the father bought a house for his daughter and her boyfriend. They split up. The father is now in dept and he could get out of it by selling another property but he doesn't want to pay the tax. Neither the original daughter who he bought the house for or another daughter are willing to help.

The op has savings which presumably s/he worked hard for but somehow they are selfish for not handing them over to clear the father's debts??? That's insane.

Op I think you are right. You have learned from your father's mistakes and don't want to get involved in a financial mess. Your father could sell the other property and clear his depts. He doesn't want to do this. That's his choice.

Taking out loans for family is tricky. I once took out a 6,000 euro loan for a close family member who swore they would pay me back 50 a week until it was payed off. Never again. I was only on 300 a week and sometimes they didn't make the payment which set me back. Once they didn't pay for three weeks and I really struggled. They kept track of everything they paid (as did I) and one day they announced to me that they had paid me the 6,000 and we were even. I was shocked and had to have a very awkward conversation where I told them it was a bank loan and that meant there was interest and as I had taken out the loan to help them, I shouldn't be liable for the interest. The interest was quite substantial, over 1000 but they were having none of it. They told everyone that I gave them a loan and then charged them interest. About a year later they apologised and gave me the interest but I never had the same relationship with them again. Lesson learned. Never take out a loan on someone else's behalf unless you have a contract signed by both parties on repayments.

The Op's father doesn't NEED the loan. He can pay his debts but will incur taxes. I think it is very unfair of him to put the op in this situation. At his age he should have the wisdom to be encouraging the op to go travelling and when s/he comes back buy a house with their hard earned money, not asking them to bail him out so he can save on a tax bill.

To all the people saying the father should sell his property and leave what's left to a dog shelter, the op isn't relying on inheritance and has the means to buy their own place. It's not the op's fault the father made bad investments and they shouldn't be guilted into bailing him out when he has other options/daughters available.

Hannibal_Smith

Which home did he put up as Collateral?

After the mess up with your sister, and selling the uk house your dad owed 100 k, yes? After selling a 50% share in another house he still owes 75k? To who? The mortgage bank in the UK? He tried to make repayments on the outstanding 100k, but that lead to the sale of the 50% house share sale?

No one forced your dad to buy a house for your sister and her boyfriend. Tbh that doesn't sound right. Did your dad by a house for you all? Why only for your sister, if not?

He needs to talk to a financial advisor. The property he sells, the 33% would be based on any profit, less expenses like legal fees etc. Would there be a profit on this outstanding rental property?

LegacyUser

I don't want to dwell on the fact as to why my other sisters aren't helping out but to put it simply it would be their husbands who would be fronting the cash as my sisters became part-time / low paid workers after having kids. I cannot see their husbands wanting to do it either.

The outstanding amount is 75k on the mortgage and my father has now 50k in savings after selling a house he had a 50% share in. So if he uses the 50k to pay off the mortgage he'll have 25k left to pay off.

The none family home is not rented out and it hasn't been for a sometime now. My father wanted to use his savings to do up the house and get the rent from that house to pay off the remaining amount of the mortgage as he could probably get 7-8k (before tax) a year from it. So that is why asked me to get a loan as he would give me the rent to pay it back.

He was in with the bank today and they advised him to sell everything so the family home, the other house and to downsize to a smaller property.

My father wanted to leave us all a property each but we've all told him multiple times that none of us are expecting that at all we'd much rather he would have that money to himself.

GingerLily

So there are four houses?

One sold for 50k profit

One family home

One house in UK with 75k owed

One vacant home that is not being rented and needs renovation

How much in negative equity is the UK house? Surely it can't be that much?

Why can't he use the 50k to renovate the dormant house?

Why are the bank telling him to sell everything? Is he in mortgage arrears on the family home?

This whole situation seems extremely messy and your father isn't managing it well at all.

Penn

FatherInDebt wrote: »

The outstanding amount is 75k on the mortgage and my father has now 50k in savings after selling a house he had a 50% share in. So if he uses the 50k to pay off the mortgage he'll have 25k left to pay off.

The none family home is not rented out and it hasn't been for a sometime now. My father wanted to use his savings to do up the house and get the rent from that house to pay off the remaining amount of the mortgage as he could probably get 7-8k (before tax) a year from it. So that is why asked me to get a loan as he would give me the rent to pay it back.

So he's 75k in debt, has 50k savings and owns a non-family house sitting idle. And instead of selling the non-family house, clearing his debt and possibly even having some money left over (depending on the condition and location of the house), he wants you to take out a loan to clear his debt so he can spend his 50k doing the house up and maybe clearing 5k profit a year from it to pay you back?

You and your sisters need to sit down with him, tell him to sell the house instead of renting it and clear his debts. It was a mixture of bad luck and eyes bigger than his stomach that got him into this situation by not only buying your sister a house but also the other houses he bought and the property crash, but to ask you to take out a loan to clear the debt, then pay you back with rent... he's being completely unreasonable and you shouldn't put yourself and your finances in that situation.

I understand he wants to leave you and your sisters with property or money, but he's doing so at great risk which could leave you all worse off. At the very least, sell any non-family home and see how things lie then.

Hannibal_Smith

Your father is not in a mess. He has options open to him. You are right not to throw more money at the problem. He should get financial advice...independent financial advice.

December2012

Why not sell one of the properties to you now?