Wisdom of TSF: Debt consolidation
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@Catogrande mate you had me right up until "cost to her beneficiaries."
It's a four bed, two storey townhouse. For her and a small dog. She only owes about 35% of its market value, and even after the carpet replacement we will need to do, she can't stay there.
The fucking strata fees are mental, I might add.
I've also just learned that her dad - who lives nearby and owes nothing in his 3 bed freestanding - also has practically zero other money.
So the plan seems to be sell both properties, and move them in together somewhere else. Freestanding house. Try to get her a carer's allowance or something.
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@jegga said in Wisdom of TSF: Debt consolidation:
Over here at least poa stops the moment they pop their clogs so keep that in mind when the vultures start circling .... I mean grieving relatives come to pay their respects.
Where there's a will, there's a relative.
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@NTA If you consolidate the debts, she MUST change to avoid getting back into debt. Otherwise people go forward and wind up with a big consolidated debt AND all the other debts together. This can be really hard to do - although you have a crack if she winds up in care of some form and you have POA.
She has a problem, and is very very unlikely to have recognised that yet.
Good luck
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@jegga said in Wisdom of TSF: Debt consolidation:
Over here at least poa stops the moment they pop their clogs so keep that in mind when the vultures start circling .... I mean grieving relatives come to pay their respects.
Yeah I think its the same here - so does that mean we need to ensure the right Executor is appointed on the will or something?
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Mrs TA got home around 10PM (I left near 7PM) and gave me the details. The MIL hasn't even got a mobile phone right now - everything but the landline has been cancelled. She's back to FTA TV and not even internet.
Mrs TA's brother came over as well, and he was pretty calm about it, which is odd because he's a massive hothead. They suggested the plan to sell both properties and move in together, but that she might have to rent while one of the properties was being disposed of.
"But rentals don't allow pets* and I won't be separated from my dog under ANY circumstances!"
If I was there, I would have pointed out that she can't actually afford the dog and, while I'm a dog lover, accidents happen
*Recently I believe NSW rental law changed to allow pets unless there was a pretty fucking good reason not to. I don't think we can risk the bond when the dog pisses all over the carpet though.
Mrs TA hasn't slept which is a big mistake. Things still look massive to her because she's frazzled.
I looked at the figures, and its just over $40K in credit cards and a mortgage she can't afford. So while its bad, it isn't that bad. Guy I played rugby with had his Mum gamble away her Dad's house and so they all had to move in together.
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I missed something here, if they aren't living together now is it a good idea for your in laws to move together *? Also those houses sound pretty big for people living alone, it'd probably be a lot less hassle for them to have a smaller place.
*(Moving back in with my ex....shudder)
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@jegga said in Wisdom of TSF: Debt consolidation:
I missed something here, if they aren't living together now is it a good idea for your in laws to move together *? Also those houses sound pretty big for people living alone, it'd probably be a lot less hassle for them to have a smaller place.
It's my mother-in-law and HER father - Mrs TA's maternal grandfather.
And it isn't a good idea anyway, because they haven't lived together for nearly 50 years and she can't stand him for more than a few hours at a time.
BUT this is what you get when you're not adult enough to look after your own affairs.
Yes the places are too big for them so we'll definitely get them to basically get something as small as possible. Hopefully all tiles so the dog can't fuck it up too bad. But out here the prices are ridiculous because Sydney.
A three bed single storey on a fairly small block will probably be around $800k. If we can find one, and if it doesn't have its price driven up further by investors and Indian/Asian families.
Would be easier if the three of them (MIL, Grandfather, dog) all carked at once.
I'd miss the grandfather.
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@NTA said in Wisdom of TSF: Debt consolidation:
@jegga said in Wisdom of TSF: Debt consolidation:
Over here at least poa stops the moment they pop their clogs so keep that in mind when the vultures start circling .... I mean grieving relatives come to pay their respects.
Yeah I think its the same here - so does that mean we need to ensure the right Executor is appointed on the will or something?
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You may want to check if it's the same in Aus but over here an Enduring Power of Attorney can have a clause which gives the attorney (presumably your wife) the power to create a will.
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@JC said in Wisdom of TSF: Debt consolidation:
You may want to check if it's the same in Aus but over here an Enduring Power of Attorney can have a clause which gives the attorney (presumably your wife) the power to create a will.
Thanks for the tip JC. Will chase that up as part of the discussion
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All jokes aside you'd have a built in babysitter, someone to mind the house and feed the pets when you're on holiday, someone who's always home to let tradies in to update whatever solar shenanigans you've just poured your savings into.
Also the mrs would be in threesome levels of relationship debt with you.
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@JC said in Wisdom of TSF: Debt consolidation:
@jegga said in Wisdom of TSF: Debt consolidation:
Also the mrs would be in threesome levels of relationship debt with you.
... but that threesome might have his MIL looking on through the ranchslider.
Looking in or looking out though...
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@Catogrande said in Wisdom of TSF: Debt consolidation:
@JC said in Wisdom of TSF: Debt consolidation:
@jegga said in Wisdom of TSF: Debt consolidation:
Also the mrs would be in threesome levels of relationship debt with you.
... but that threesome might have his MIL looking on through the ranchslider.
Looking in or looking out though...
Ugh
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@jegga said in Wisdom of TSF: Debt consolidation:
All jokes aside you'd have a built in babysitter, someone to mind the house and feed the pets when you're on holiday, someone who's always home to let tradies in to update whatever solar shenanigans you've just poured your savings into.
Also the mrs would be in threesome levels of relationship debt with you.
- At this point we don't trust the MIL with teh kids
- She's not capable of looking after her own house
- She dotes on her pet. We don't have any
- If she lets tradies in the place would be stripped clean
- Mrs TA wants nothing to do with the bitch right now.
- @Catogrande - give yourself an uppercut
