I didn't think it would happen.

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    #16
    Originally posted by Izzycam View Post
    Yes, you would be suprised at how many parents will bail their children out of debt, guarantor or not.
    Personally it can be very helpful to my business but it teaches the children nothing other than the fact that they don't have to be self reliant. Also some of these childrn can be aged 20 up to 30, if you can call them children!
    I think the term is, adult children. Unfortunately more parents will be bailing out their children in years to come as a result of university fees, rents, deposits for mortgages and payday loans. This is the only generation worse off than the parents. And with all these cuts, who's going to look after them in their old age?
    To know how rich you are, count the things you have which money can't buy.

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      #17
      Originally posted by wilfred View Post
      This is the only generation worse off than the parents.
      That's certainly true, and it's partly as a result of the property boom in the 90s. We put a 10% deposit down and got a mortgage (on our first house) aged only 21. How many 21 year olds can afford to do that now, even if both partners are in work?

      I suppose the current generation of 20 somethings will stand eventually to inherit more wealth than we will...but they'll have a long wait. And they'll have to sell it all to pay for their own social care when they are old.
      'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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        #18
        My mum has to wrestle me to bail me out now, I ended up short last month and when she found out I didn't tell her she was more sulky over that then not borrowing off her...then money appeared in m account too...Parents are great but you all know you love us kids needing you!

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          #19
          Originally posted by wilfred View Post
          I think the term is, adult children. Unfortunately more parents will be bailing out their children in years to come as a result of university fees, rents, deposits for mortgages and payday loans. This is the only generation worse off than the parents. And with all these cuts, who's going to look after them in their old age?
          Originally posted by wilfred View Post
          I think the term is, adult children. Unfortunately more parents will be bailing out their children in years to come as a result of university fees, rents, deposits for mortgages and payday loans. This is the only generation worse off than the parents. And with all these cuts, who's going to look after them in their old age?
          I want to say I disagree Wilfred, based on the number of things that yoof have at their disposal not to mention the hordes that traipse in and out of the airports for boozefests in "Deutsche Bank on the Med" ( Greece Spain etc ).

          They do face enormous hurdles getting onto the property ladder and while they should be investing in their future with university fees, they do worry about paying them off later on. Unfortunately a degree does not open the doors in the way that it did in the 60's 70's and 80's, in a large part due to increasing number available and the quality of the education offered by some institutions. Many employers regard them as an entry level requirements in the same way A levels once were.

          Western European on the whole, is having to re-assess expectations of state provisions and anyone under 40 is, unfortunately on the cusp of either huge changes or worse ( JKO dedicates an entire thread to that). Those that have or are paying into the state think, erroneously, that they are getting back what they paid in, where, in fact, they paid for those that went before them, on the basis that those coming after them will pay for them (yes folks, social security is a Ponzi Scheme).

          It is the middle aged and upward that are the problem. We are living longer, expecting more, draining pension funds or cluttering up offices by just refusing to shuffle off, and thereby making the housing market static, keeping prices artificially high by reducing supply and stopping circulation of the money and related fees and expenses that keeps an economy ticking over.

          So: why do we point the finger at government or politicians, some hoping that Little Ed the Milk Monitor, "I'm always Sucking a Lemon" Nick the Liberal or "Matey the pre enjoyed Car salesman" Cameron have all the answers ?

          Surely a number of those over 40 can think about freeing up their capital? Perhaps they can buy the smaller house or apartment and rent their larger homes to their family at a level that services that mortgage? I am sure there is scope for some form of tax relief and exemptions to encourage this.

          Perhaps siblings and their partners could share- no that's just daft, but I am sure the members who are parents with teenagers feel that they are already running an HMO !
          Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

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            #20
            Originally posted by leaseholdanswers View Post

            They do face enormous hurdles getting onto the property ladder and while they should be investing in their future with university fees, they do worry about paying them off later on.
            So was it really worth it? In the 80's house prices increased to an unprecedented level. Only Yuppies (bankers again!) could afford the new Luxury flats on The Thames. For the average person there had never been a time when the percentage of your salary towards your home was so high. Interest rates rose to 16% and house prices soared.
            Council tenants who bought, got the best deal - until they became unemployed and discovered they couldn't claim housing benefit, which would not have been the case if they had continued to rent.

            Now everyone will pay, today's children can't even get a deposit because out of reach for the average couple. Also, today's youngsters will have to retire later, to pay for our pensions. If you have two children, the house you leave them might just be enough to cover their deposits.
            It's a rich man's world.

            Next time there's an Anarchist's riot, I shall be amongst them.
            To know how rich you are, count the things you have which money can't buy.

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