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What would you do if your own mother did this?

Okay, over a year ago I stupidly agreed to sign as guarantor to an £8000 loan for my mum and step-dad’s business, along with a £10,000 overdraft on the understanding that if, for some unimaginable reason, my parents were unable to pay back, then they would sell their many ponies, numerous cars, horse trailer, quad bike etc.. to clear the debts.
Basically, the company went under, my parents made NO attempt to repay the money and I got saddled with a debt I am completely unable to settle (I’m 27, with no savings and I work part-time in a cafe )
Their attitude is “We got screwed by companies not paying up (which was actually the case, but still not MY problem!) and its not our fault” So they just tell me that I should go bankrupt and in 12 months the bankruptcy will be over and with no affect on me.
Now they recently moved into a rented 6 bedroomed manor house, which they had completely redecorated and fully carpeted throughout (as you can imagine, this was NOT cheap), they just bought a caravan and are taking their 2nd or 3rd holiday abroad this year, yet they claim that they have no money. This is NOT the loan money paying for this however, as that is long gone.
I guess my question is, what would you guys do? I’ve tried to deal with the loans myself but as I have absolutely no paperwork concerning them and without at least an account number or even the address that the business was registered to, the bank are reluctant to talk to me. I don’t even have the debt collection letters as my mother took them pretending that she was “sorting it” and I wont recieve any more as they now go to another address.
Currently my mum looks after my daughter for a number of hours a week during 2 of my working days as there is NO childcare available in the village I live in, so basically, I NEED her to keep my job. What should I do? Quit my job in order to cut off contact with this vile excuse for a mother? Take out life insurance on her and hope for karma to help me out with a plane crash on one of her holidays? (not serious with that, horrible as she is, she’s still my mum)
I have an appointment with the Citizen’s advice Beureau but without any paperwork etc, I don’t know what they’ll be able to do to help me. I don’t have a penny to my name to employ a solicitor either.

4 COMMENTS

  1. Insist that your mum accompanies you to the Citizen’s Advice Beureau so she knows you’re going to do something about this. Never ever trust her again with any type of loan. Do you have siblings–what do they say? You may have just learned a very expensive lesson about loaning money to relatives and friends. I’d give her a deadline to pay you back, and if she doesn’t, then cut off all ties and find yourself another mother-figure. Good Luck!

  2. Since the loans are in your name you should be able to get copies of the information from the lenders.
    Do you have theUS equivalent of small claims court where you could recover some of the funds?
    What your mother did is undeserving of any respect or consideration from you.
    Get a Judgment in court or who ever decides such matters in your country and then attach/lien those ponies and properties.

  3. Your situation is an interesting one to say the least. Given the information you’ve told us, your parents seem to be in very good financial standing to afford 6 bedroom houses and lavish vacations. All I can say is that if I had a son or daughter who invested in my business and I could afford to pay back their investment, I would. I’m uncertain of whether or not what they did was legally wrong, but morally wrong? Absolutely.

  4. Tiggerif, you’re my hero! How does a 27 yr old w no savings & only pt work get 18,000 credit, apparently unsecured???? I want to be just like you, tell me how. lol RJ

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