How to inprove OK credit w/charge offs

Hedwig · 10-05-2007, 09:17 PM

I know what you mean about the not showing emotion. But he has just shown you in so many ways that he loves and supports you.

This won't be easy, but you'll get through it.

As far as the insurance goes, he's better off to NOT get a policy through the bank unless he can't get life insurance. The premium will probably be as high as or higher than what he would pay elsewhere, and all it does is pay off the loan. In other words, the value of the policy is declining as time goes on. He'd be better off to get a five year term policy (or ten, or however long the loan is) and make you the beneficiary. If you are actually the OWNER of the policy as well, it will be paid outside of the estate.

You can then use the proceeds of the policy to pay off the loan, and if there's any left you can split it with your siblings or whoever you want. If he gets it through the bank, there will be nothing left.

jlynn · 10-05-2007, 10:08 PM

Glad to know you have a support system in place.

Depressed · 10-06-2007, 10:41 AM

My dad will be getting a policy for the term of the loan through somewhere other than the bank, and I would like a contract between he & I for re: loan. This way my sister & brother will know that this loan is not part of the estate. My dad put me in charge of his estate as well as I am the health care proxy should he not be able to speak for himself. I just don't want them to think I am trying to put one over on them if my dad dies. As a nurse I have seen families come to blows over things like this.
Be well my friends, and I will let you know how things work out.

Hedwig · 10-06-2007, 09:59 PM

Keep us posted--don't just go away.

You could sign a promissory note with your father, showing that the money is to be paid back over X number of months or years. He could even say payments don't start until such-and-such a date, or that if he dies, any remaining amount is to be paid from your share of the estate or something. Then you would divide the estate according to his wishes and subtract that amount from what you get.

Even if you don't have any current issues, stay around and hang out. Soon you'll be helping others!