my inlaws took out a big loan for us a couple of years ago,we are now struggling to pay it back big time,it is against there house so we have to pay them every month,we cannot get a loan so pay them off,we cant see away round it,my partner works day and nite just to pay loan we never have any money left for anything else,we have 4children and its putting a strain on our relationship,does anyone now away round it,as ive said its not in our name so we cant go bankrupt.
2007-10-28 11:31:33 · 18 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
we have spoken to them and told them we are struggling to pay it,but they cant help,also they cant exstend it as they have tried and they was refused,ito the person who commented on why have 4children,well they are mine from previous relationship,the inlaws got us the loan when my partners was in good job,now he earns much less.
2007-10-28 11:43:30 · update #1
also we sold our car,we have nothing else to sell,ive tried to get job.my we cant cut back anymore as my partner gets 1300wages,rent is £500and loan is 650,we are not entitled to any child or working tax benefits,i really dont no where to turn,i use to turn to my dad but he died in febuary,my mum died 2years ago we are basically alone on this.
2007-10-28 11:49:36 · update #2
we live hundred miles away from inlaws so they cant babysit while i work
2007-10-28 11:51:42 · update #3
Your in-laws put up their house to help you. That is not someting you can walk away from. I suggest both of you get 2 jobs, and have your inlaws baby sit. Letting them loose their home cannot be an option.
2007-10-28 11:49:06 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It sounds like you are in a really tough spot right now. Unfortunately, you really need to try to pay the loan off. Is there a different job situation between the two of you that could bring more money in? Are there other debts that can be reorganized? Are there expenses you can eliminate or cut back on.
It's not going to be fun, but if you can make it through this tough spot, there will be better times on the other side.
2007-10-28 11:38:45 · answer #2 · answered by Dan H 7 · 0⤊ 0⤋
If your inlaws took it out against their house then they are obviously having to pay it back as well as get the money from you to help them pay it back. All you can do is find a way to save money, look how you live and see if there's something you can do without, if your partner is working day and night then you need to get a job in order to help out until this loan is paid off, you cannot just have your inlaws take out this loan and leave them high and dry???
This is why you do not lend money to friends and relatives. You are just going to have to figure out how to pay them off, sell something, give blood, sell a kid (j/k) figure out a way to make extra income to help your poor spouse. Next time, don't borrow money.
2007-10-28 11:38:22 · answer #3 · answered by Weimaraner Mom 7 · 1⤊ 0⤋
this sounds to me like some very bad and irresponsible planning in the first place. However the company who made the loan do not want to repossess the property unless they really have to so I may be a good idea for your in-laws and yourself to approach them and try to negotiate a lower monthly payment. This will extend the pay back time for the loan and ultimately cost more in interest. The fact that you were the beneficiarys of the loan may complicate the matter and the may want some contract from you as well but it is worth a try
2007-10-28 11:41:50 · answer #4 · answered by Maid Angela 7 · 0⤊ 0⤋
Well I'm sorry for you, it may not be in your name but you were quite happy to accept it.
They probably thought they were doing their best to help at the time.
It must have been a very large loan, its as good as a mortgage.
Go speak to them, tell them the seriousness of the situation and how your both feeling after all, if things don't work out between you and your partner, how will they manage then to repay it.
2007-10-28 12:04:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
FOR GOD'S SAKE BE HONEST WITH YOUR IN-LAWS!!! They wouldn't have given you the opportunity to get a loan if they didn't care about you, so they'll want to know if you're struggling with the repayments. Take it from one who's been there recently, they may get mad and you may feel embarrassed, but it's a whole lot better than being in debt you can't handle and your in-laws will respect you more for being honest - I guarantee! Swallow your pride and be adult about it.
2007-10-28 11:36:49 · answer #6 · answered by Mrs B 1 · 1⤊ 0⤋
Go to the Citizens Advice Bureau FIRST. Do not get talking to loan companies or other smart alecs who'll stitch you up with more complex debt.
This means - get advice from people who are NOT there to sell you something.
2007-10-28 11:37:23 · answer #7 · answered by Anonymous · 1⤊ 0⤋
other than being morally responsible for the loan in law they are responsible for it as they are the ones who have signed the contract for the loan
all i can suggest is to come clean with your in-laws and show them that u are struggling to payback the loan at the moment but will pay as much as u possibly can and u will pay more when you are able other wise it not your problem according to the law
2007-10-28 11:39:15 · answer #8 · answered by minty359 6 · 0⤊ 0⤋
You need to speak to your parents and see if there is any way they can help you out meantime.
Don't let this drag or else they could end up financially worse off than they would be helping you out
2007-10-28 11:37:04 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Phew! you have got yourselves into a mess, try talking to your In-laws, and the loan people, you never know, the loan may be extended. My philosophey of life, "Nither a borrower or a lender be"
2007-10-28 11:36:53 · answer #10 · answered by Greybeard 7 · 2⤊ 0⤋