25.2 C
Singapore
Friday, October 7, 2022
Ads

MAN PLANS TO LEAVE HIS “$100K IN DEBT PARENTS” WHO SPENDS ON USELESS STUFF

A man posted a story on Facebook seeking for finance advise after he his parents refuse to pay their outstanding loans and plans to run away.

Advertisements

The parents who are over $100,000 in debt often spend money on investment gurus and useless items.

Here is the story:

“Hi I would like to seek some advice and i hope the admins can put this up cause I really need it.

A and B just graduated and managed to secure jobs with $3XXX salaries.

Advertisements

A is from a low income family. A’s household debt crosses 100000. His parents aren’t well educated, cannot read english, and have a bit of mental issues like schizo/OCD/anger issues so they don’t take advice from him and are unwilling to change/pick up new skills. They are nearing 60 and have not paid their housing loan, and they demand that A should give all his salary to them. However, A’s parents often waste the money by gambling/buying useless things/getting cheated by insurance/investment gurus. A’s parents have many credit cards and do not even know how much they owe the banks.

A attended university on a scholarship. A has a younger sibling who is going to start university soon. A wants to save money for the younger sibling to attend university but does not know how to deal with the debt. A asked his friend B to lend him money ($10k), but B is hesitant to lend to A. A says he wants to abandon his family and move out and leave his parents to deal with their own debt. A studied engineering and has tried to learn about debt/finance/insurance but is afraid his knowledge is not enough. B also does not have such knowledge but wants to help. Is A left to deal with his parent’s debt for the rest of his life? Does debt from parents pass on to the children?

-What schemes are there to help people like A?

-Are there non government schemes to help A? Like from a mosque/church/charity group? Where can A find financial advice (for free) from trusted people who are not trying to sell anything?

-Should B lend money to A?

Advertisements

-Should B get involved at all?

thank you very much”

- Advertisement -
- Advertisement -
Latest News

GIRL SAYS SHE LIKES SPORTY GUYS BUT BF IS A “NERD”, BF SAYS HE LIKES MODELS BUT GF IS “CUTE”

I met my bf during Uni camp in Y1, where we became very good friends.Although he’s a nice...
- Advertisement -