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@Anonymous wrote:
Hello Everyone
I wasn't sure where to post this so I apologize if it's in the wrong forum.
I was talking to my dad yesterday and he told me that he had to return his hearing aids because the financing company turned him down. He said that his insurance will only pay a small amount for them because they see them as "cosmetic" and he couldn't finance the rest. Knowing what I know because of this forum, I asked him if it was CareCredit and he said yes. He said his score came back from them as 616. His credit isn't the best but even though he is retired he still makes 76K a year (that's just his income) with my moms income they make about 100K a year. He then asked about me applying for him. He is my dad (I was always a daddys girl growing up) he has done a lot for me in life. He even just offered to help me get a car by co-signing for me. In the end I didn't need him but he does try to help me anyway he can. So he asked if I could apply and he could finance the $3500. I have other cards that I could give him to put the $3500 on like my Venture or NFCU card but I know Care Credit offers no interest.
Well here is my issue, I have worked so hard in the last 6-7 months to get my credit up.i was just able to get my first auto loan which was a big accomplishment for me. I still have a lot to do but I have worked my butt off to get where I am at now. I haven't applied for care credit and I'm not even sure if I will get approved for the $3500 (my Walmart and Amazon cards were just raised to $3K-$3.5K) but I'm scared that he won't pay it and in the end I screw my credit up again because if he doesn't pay it I don't have the extra $195 a month to pay it right now with all of my other bills especially a new car payment and Insurance payment. Income isn't a issue for them, they just don't know how to manage their money at all. My husband and I make less together then they do together plus we have young kids and they are always asking us to borrow money. I let them borrow it and they do pay it back but I have to remind them or ask them and sometimes I get the "can you wait till the next paycheck" and just tell them "don't worry about it"
Because of this im scared. Im scared that every month im going to have to go after him for the money or call and remind him. I'm scared that he won't pay and Im screwed. I don't want to mess up my credit. I'm willing to take the inquiry and new account (even though I have a lot of new account since I just started rebuilding and quite a few inquiries) im just scared he won't pay but on the other hand he is my father and he really needs the hearing aid not just because he can't hear but also because of the ringing in his ears and he can't really sleep because of it.
I just don't know what to do and wanted to ask what everyone thinks.
Thank you everyone in advance and sorry if it's a little long.
I hate lending money to family or friends as when I do I expect to never get it back.. Thank gosh my family has never asked me for money, but friends have no issues with doing so... As stated I know if I loan a friend 100-200 dollars (granted this is small compared to what your parents are asking for) I know I am just giving it to them vs. loaning it to them.. It honestly gets involved and hurts my friendships with my friends as I am not a bank and I hold a grudge as I have been s*rewed over so many times this way...
With that said it is family, so do you feel comfortable doing it? Do you think they will pay it back or make the payments to you and you make the payments to Care Credit to ensure it is being paid? If you have a feeling they might default do you have the cash to cover it even though it would suck? Things just to think about, it isn't a fun situation when friends or family ask to borrow money as it puts you in a rough situtation that you are guilted into doing. Just my take on the matter.
That's a terrible emotional dilemma! Normally I'm with the crowd that says never lend money to family, but hearing aids for your aging dad, with whom you've always had a loving relationship seems on the surface like a good cause. And you're not exactly loaning him money, either, just fronting him a credit card. Yes, I can see why you feel you should do it even though you dread the possible outcome.
Here's a question, though. Why can't a man who has a $100k household income pay a few thousand dollars for hearing aids?
A little tingle at the back of my neck says you're being manipulated.
I think before you go any further you should sit down with your dad, explain your own situation and your fears, and find out why he doesn't even have a this relatively small amount of money to spend on a normal expense of aging. It'll be a difficult conversation, no question about it. But if he's hitting you up for this now, what will he hit you with in the future?
Wait... if you are in Navy Federal, Is Dear Dad already a member?
Does he have a credit card with them?
you paint a picture that screams sorry i love you but I CANT!
Does he already have a maxed out Navy Federal Card?
@Anonymous wrote:
CA- I was just rereading my post (I forgot to proofread before I posted as you can see) and you are totally right lol maybe if I can get a 2nd part time job I will do it just because I know we are in a better position to pay it if he doesn't.
I never said anything about a 2nd job!!!!
I want daddie to pay for his earing aid on his own credit and if he has screwed over or maxed out navy than I say NO HELP FROM YOU!