in-laws from hell

jamie1976

hello all, im after a bit of financial advice for my wifes parents.

bascially they have amassed massive credit card bills. i dont have an exact figure but i think we are talking upwards of £50k. they own their own home, which although is in a nice area, it is in a servere state of disrepair and is barely habitable, so wont be worth alot. her dad is self employed and relies totally on his car for business, which is now old and keeps breaking down but he cant afford to repair it, so he cant earn any money. he's also fast approaching retirement age, so he wont be able to get another job. he refuses to go and speak to anyone their situation and says he's too embarassed, while the mother in law simply buries her head in the sand and refuses to admit they even have a problem, and wont even tell her husband the extent of her creditcard bills.

they also have a 20 year son who still lives at home and is in full time education. he has issues himself so is unlikely to ever get a job and be able to support himself.

im no financial expert so i dont have a clue what their options are. im guessing selling their house is the obvious solution and using any cash to rent for a few years then declare themselves bankrupt.

alastairq

hi.........Before anybody does anything, your parents-in-law have to admit to themselves there is a real problem!

Pointing out the issues probably will have little effect.....what is needed is a quantum shift in attitude.

This can only really be achieved by themselves.

Once they are prepared to accept there is a problem, then they can be pointed in the right direction for proper debt advice...suggest you look at the stickies at the top of this page?

Sadly, despite witnessing the oncoming financial Armageddon, there is little you can do but maintain a discrete but sympathetic distance.

Probably not a good idea to be suckered into providing financial assistance....

this will only be a wasted effort......the issues will not be dealt with.

Perhaps you could display a positive view of bankruptcy.....try attempting to shake off some of their inbuilt prejudice against BR?

Perhaps removing the stigma that ignorance of the system lays upon BR?


Avoid being judgemental if the debt issue is raised...father-in-law really has to overcome his embarrassment at the situation...it is far, far more common than he, you or most people think....or would care to admit.