My Dad Is in Debt How Can I Help?

If your dad is in debt and you want to know how to help, you’ve come to the right place. We know it can be worrying, but don’t fret; we’re here to advise you.

Each month, over 170,000 people look to us for guidance on debt troubles. You’re not alone, and we’re here to help.

In this article, we’ll cover:

• Spotting signs that your dad has money problems.
• Talking to your dad about his debts.
• Understanding if you could be responsible for your dad’s debt.
• Looking at ways to help with your dad’s debt, which might include writing some off.
• Suggestions for helping your parents with money matters.

Our team has a lot of knowledge about debt, as some have even had their own debt problems, so they know how hard it can be.

Let’s explore how you can best aid your dad with his debt.

Can I be responsible for my parent’s debt?

You cannot be forced to pay the debts of someone else, including your parents. You are only responsible to pay the debts in your name, such as your credit cards, overdraft and personal loans, including joint credit applications. 

How can I help my dad with debt?

There are three things you can do to help your dad with his money problem, without having to give him money yourself. You should:

1. Be supportive and positive

Having money problems can lead to mental health problems and even suicidal thoughts. Thus, it is important that you show full support for your dad at this difficult time and be positive about the eventual outcome of his debt journey. 

You can do this by avoiding judgment and telling your dad that you understand why he got into debt and you’ll always be available to help. You should also let him know that there are ways to get out of debt without experiencing financial hardship. More on this soon. 

2. Help him budget better

You can start helping your dad by getting him to manage his money better. An effective way to do this is by creating a monthly budget planner, which can identify where he could save. It also comes in useful in the next step – getting free debt advice. 

3. Connect with a debt advice charity

Once you have made a monthly budget, encourage your dad to speak with a debt charity. They provide a confidential personal assessment and recommend debt solutions. Sometimes they even set these up with creditors.

The debt solution is likely to make repayments affordable and could even wipe some of the debt off. 

How can I help my parents financially?

You can help your parents with money problems by giving them money, helping them budget effectively or by finding ways to reduce their essential expenses. You may want to consider looking for cheaper energy suppliers for your parents by using comparison websites like uSwitch. 

How to spot your dad has money problems

It’s difficult to realise that someone you care about has a debt problem because they usually try to hide it out of embarrassment or worry they will be judged. Nevertheless, you should look out for a combination of the below, which could suggest they have a debt problem. 

1. He has lots of unopened letters around their home
2. His mood changes after receiving calls or texts
3. he suddenly started receiving lots of calls and letters
4. He has sold an asset unexpectedly, such as his car
5. He is arguing more with your mum
6. He is acting withdrawn and anxious
7. He is getting irrationally angry at sporting events/outcomes

How do you help a family member in debt?

The best way to help a family member in debt is to provide emotional support and put them in touch with a debt charity from free debt advice. The debt advice will provide them with the most appropriate debt solution and may even organise this debt solution directly with their creditors.

Uncover the finer details below.  

How should I ask my dad if he has debts?

Asking your dad if he has money problems is the only way to really know for sure. The best way to do this is to give him an opportunity to explain what’s happening without directly questioning him about debts. For example, “I noticed you sold your car, did you need money for something?”. This is less threatening and may elicit a more detailed response. 

If it doesn’t work you may want to be direct. But only do so in a private setting and with empathy and support. 

Thousands have already tackled their debt

Every day our partners, The Debt Advice Service, help people find out whether they can lower their repayments and finally tackle or write off some of their debt.

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Should I pay off my dad’s debt?

You might want to pay off all of your dad’s debt, but this is a personal decision. You should not pay off his debt if it will cause financial insecurity which could result in your own personal debts. StepChange claims that many of the people they help are in debt because they offered to help other debtors and did not get paid back. 

Paying off some but not all of his debt is not advised until after you have spoken with a debt advisor. There may be more advantageous ways to clear the debt using debt solutions, rather than making a partial repayment. 

» TAKE ACTION NOW: Fill out the short debt form

Debt solutions for your dad

Here at MoneyNerd, you can learn about the different debt solutions your dad may be able to use before getting in touch with a debt charity. 

Our debt solutions page links to all the common methods used to get out of debt. You could use the information to build your dad’s confidence and motivation to get out of debt, especially if he is suffering from mental health problems.