Help me with your thoughts about lending money to your children...💰🤑

in The LIFESTYLE LOUNGE • 3 years ago (edited)

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Another day stuck in the house waiting for this virus to be sorted, Boris says the Vaccines are on track and hopefully by September everyone should have had the injection. That is only just over 8 months, If I have to stay in lockdown for 8 more months I will be needing a padded cell as will have totally lost my mind.

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I have a debate going on in my house about lending money to your adult children. Do you ask for the money back or let them keep it, does that mean you have to give the same to your other children.

Over 5 years ago I loaned my oldest daughter £1000, this would help her clear her overdraft saving her a large fee every month, she would then start paying me back in small amounts until that debt was cleared.

MY OPINION

I have asked for the money back, I think she thought I would forget about it but I haven't and constantly asked for it back, I wouldn't have minded if it was a small amount, £1000 is a lot of money to me. We have just recently talked about it again and I am going to be getting it back over the next 2 months. If I had borrowed the money from her she would have wanted it back, she would have hounded me for it. I also think even though the debt is with her mother she still has an obligation to pay me back. She will learn from this and hopefully won't get herself into debt again.

I have waited a few years for it, given her plenty of time sadly my youngest daughter doesn't believe me, she thinks I will let her off with it, going to prove her wrong.

I have brought the girls up not to borrow, I have shared mine and hubby's experience of falling into debt, the sleepless nights, rows, the constant worry then robbing Peter to Pay Pal etc. Me and hubby were young when we started buying this house, we really didn't have a clue, My parents were useless and his were no better. We got into a lot of debt, now when we look back we are positive we didn't spend all that and think there may have been some identity fraud but no way of proving it now. We got in touch with a Debt Management Company, they gave us options to either go Bankrupt or paying what we can until the debt is cleared. I chose to pay it back as it was our debt. We have stuck to the plan paying every month, in 2 months time we will officially be out of debt. Can't wait.

I want my girls to save up for what they want or do without. I also want the to think the same about lending from family they have to pay back what they borrow.

Would you ask your child for them to repay what they have borrowed from you?

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I agree with you, if it is a loan that pays back the money, it helps them to be responsible even before the bank, it is also good to teach them to save for necessary things like a computer or electronic devices

Thank you, I agree with you too :)

If you borrow you must pay back, no matter if it is from your mom. Teach them responsibility.

I agree :)