+1Clear the small debt, pay off the credit card and then spend what's left on something nice for all of you
Are you paying your parents mortgage for 12 years? And you plan to borrow 100k to pay them off. I might be absolutely wrong and misunderstood. The situation is just not clear for me.Thanks for all your replies. Sorry I should have clarified about the mortgage we pay the monthly payments to vulture funds for the last 12 years and the plan is that we borrow enough to pay them off. We are waiting on a deal to be made with them so have no idea how much it will be but could be up to €100,000. I feel like I am frozen I am dealing with a lot of stress and I just can't get my head around finances for years now.
Spending too much and no plan whatsoever for future
YesAs I understand that you are living in a house which belongs to your parents, and that you are paying rent of €700 per month.
In the background your parents are making payments to the mortgagor, but these payments are interest only, or similar and this leaves a capital amount of €100,000. This is legally your parents debt, but if it were cleared your parents would gift you the house.
Have I understood correctly.
We are waiting on a deal to be made with them so have no idea how much it will be but could be up to €100,000.
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