My poor Father in law taken for a ride !!!!

Muppet_Mum_2

Hi
This is my first post but myself ,husband and my in laws are at our wits end on what to do next so any advice greatly needed ...

Ok long story short ..... My BIL ( Brother in law ) is 31 and is divorce 6 months ago after his poor wife was fed up with his spending ways and getting loan after loans ( she lefts him for other reasons but thats not important ) All was ok for a few months and he was doing well in his used car sales business... then last Feb 2006 he was rushed into hospital for a burst appendix and has nt worked since ... He sold his house he had with his EX and spent the left over paying off some loans but it s got bad to worse ... Any money he does have get spent on something but not to re pay back loans/ credit cards etc or us ...to the point he got my FIL to get a £14,000 loan out 3 months ago to help him start up his car sales business ...Guess what its all GONE !!!! BIL even had the cheek to ask last week for money off us !!!!I had a sneak look in his business cheque book and all that in the stubs are wages ...wages ...wages no cars or bills paid from it ... Now do you think he taken my FIL for a ride and how the hell is my FIL going to get out of this one he retires in 5 years time and this loan is over 5 years and looks like he has to pay for it ... BIL will not get a job as he thinks he is self employed and has nt paid any taxes .... and is living with a girl on the council and there have now asked for a bigger house togeather hes been with her 3 months ..and on top of all this her EX is trashing any car stock BIL has got and he cant afford to repair them so its getting from bad to worse .
..Now will my father in law get into trouble if he tells the loan company that he got this money out for his son and if my BIL is made bankrupt which wont be long does my FIL have any comeback with it all ...

Please give advise on this as my FIL is ill with worry and its getting us all down

TheWaltons_3

The loan is in his name, therefore he is liable... he would have to use some other means to get the money out of the bloke... but he is still liable to the loan company, who wont care what the money was for.

Sorry situation, I hope he gets something back at least.

winnie81

What an awful situation. Yes he is liable and they won't care about the situation with BIL

I hope BIL wakes up and has a guilt attack for what he has done and gets a job to pay for the loan himself!

moanymoany

Your FIL will have to bite the bullet as already said. There is no way out. My advice to him is to accept it and move on. Leave the BIL behind, there is no money there and if there was I doubt that it would flow your FIL's way.

Perhaps concerned family members could contribute a little towards it and get it paid off. Can it be moved to get the best rates, juggle it to 0% cards to stop interest and then go for maxing the payments and get it over asap?