Should I let a family member borrow $2K?
My wife informed me that her parents are short on their rent, again. My in laws are in their sixties and mostly unemployed. They've been unemployed since 2008 or maybe longer. My wife stated that her parents never really liked working for anyone else and have mostly gained income doing odd jobs.
My in laws have been renting a house in a nice neighborhood for the past ten plus years. Their rent is $3,500 per month, the only way they have been managing to pay their rent is by, sub renting every single room in their house, to strangers.
My father in law has been working as a delivery driver for the past three yeara, where he makes his own hours. I do not know all the details of the type of work that he does, but he always seems to be working, but by the of the month, they seem to always be short on their rent.My in laws have always said that financially they are not doing well.
My father in law bought new car last year with a price tag of $11K. My father in law makes the financial decisions in his house hold. I don't think his ideas have or are working.
My wife informed me that her dad approached her and asked if she could lend him $2K since they are short on the rent. My wife talked to me about it, and we both agreed that it would not be a good idea. The reason why were hesitant is because, we might never get repaid and the relation with my in laws will be damaged.
I recently found out my in laws are not allowed to open a bank account.
Any advise? Thank you.
- geetarman56Lv 7hace 1 mes
When it comes to family loans, unless you get it in writing the terms and payback conditions, you may as well kiss it goodbye usually. If you do it, make sure they acknowledge it is a loan, not a gift.
- hace 1 mes
If they can't get a bank account it's probably because they owe a bank money. I personally wouldn't lend them money because you won't see that money. How do they expect to pay it back? It's not your job to figure out how they should budget their adults they need to grow up. I know some people feel obligated to help because their family, but I wouldn't help especially if it sets me back.
- Alan HLv 7hace 1 mes
Help them to get support and guidance re budgeting.
Only if they take that seriously should you give money
- hace 1 mes
Seem like someone in their 60 s should have some sort of money saved ,If not give the money to them and don't expect it back. There are some decisions here that need to be changed since what they are doing is not working and you are being used
- ¿Qué te parecieron las respuestas? Puedes iniciar sesión para votar por la respuesta.
- FoofaLv 7hace 1 mes
Unless you're willing to look at it as a gift I wouldn't. It's not like they're ever going to be able to pay it back.
- Anónimohace 1 mes
I would not lend family money. I would GIVE them money OR say "sorry."
- hace 1 mes
I think you shouldnt, if they dont pay it back, lots of fights
- TjLv 7hace 1 mes
Hope that you consider it a gift, since you will never get it back. Do not be a fool.
- edwardLv 7hace 1 mes
I recently went on vacation to the Philippines...Dec-Feb. my wife stayed home because she doesn’t speak Tagalog. I took my mother and my cousin. We stayed in the family compound when we were there. The price for the entire trip was about $3k/person. My cousin is 40 and jobless. My mother is retired. They’re not paying me back, it’s only money, i can always make more. I only have one family. My brother in law asked if i can lend him $500 last year for his car insurance, didn’t miss a beat before i said yes. he bought a condo a few months ago. He didn’t pay me back and i’m not mad...it’s always a nice gesture to pay someone back but you only get one family, lending mine money was never a question
- Coach SimonLv 7hace 1 mes
It must be hard to pay rent, utility bills, buy a car, etc. without a bank account! There must be ways around that, but it could mean your husband acting as guarantor. It would seem sensible for them to cut their cloth according to their means. In other words, rent somewhere they can afford, for example. It would seem sensible also not to lend them rent money this month as they will probably expect it again. Perhaps you can lend it to them on condition they find somewhere less expensive to live. They will have to pay a deposit, no doubt, but they will hopefully get back the deposit they paid on their current accommodation.
No doubt you will all work through the various options as a family......