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5 Bumps

Money trouble with in-laws

My in-laws have 13 payday loans out(yes, 13) all for $500 each and they are wanting me and my husband to give them $6000 when we get our income taxes back....we have 2 kiddos and they think we're going to get a lot back so they want us to basically give our whole refund to them, then they would pay us back $350 a month until it's paid. Normally I wouldn't have a problem helping them, but we have our own bills I'd like to pay off and I'm afraid we'll give them the money and then they'll just little by little get more payday loans again. Am I being selfish? I don't know what to do...I feel stuck in the middle. My husband agrees with me and says we need to take care of our own bills first. What do you all think I should do?

Answer Question
 
Samie8183

Asked by Samie8183 at 11:10 PM on Jan. 25, 2011 in Money & Work

Level 8 (228 Credits)
Answers (22)
  • Don't do it....you'll regret it! They need to take care of their own bills.
    MrsMWF

    Answer by MrsMWF at 11:12 PM on Jan. 25, 2011

  • I agree. It is extremely sweet of you both to want to help his parents, but you need to take care of your family first.
    TsMommy428

    Answer by TsMommy428 at 11:14 PM on Jan. 25, 2011

  • See, that's the thing...I've helped them out in the past...went and got a payday loan for them in my name for their insurance and they never paid me back, so we were stuck with an extra bill that week because I was being nice and ended up getting skewed.
    Samie8183

    Comment by Samie8183 (original poster) at 11:15 PM on Jan. 25, 2011

  • Don't ever loan money you aren't afraid to lose. If they haven't paid the loans, why would they pay you?
    blu_canary

    Answer by blu_canary at 11:15 PM on Jan. 25, 2011

  • Don't do it! That is way too much money and they are old enough to take care of their own money problems.
    wildflowers25

    Answer by wildflowers25 at 11:15 PM on Jan. 25, 2011

  • Tell them you cant do it. Tell them, you have bills to pay and you cant afford to give them that much, and your tax return is not as much as you expeted this year. Plain and simple. Youre lucky your hubby is on your side with this one! It would take them a year and a half to pay that back. Remember, they are adults too and should be able to take care of themselves
    leksismommy

    Answer by leksismommy at 11:17 PM on Jan. 25, 2011

  • I agree...DO NOT DO IT. I know you are worried that if you don't help them it will ruin your relationship with them, but I guarantee it will ruin your relationship with them if you do it !!

    My kids are adults....I can't even imagine asking them to do such a thing!! If anything, I want to help them out, not take money they could use for their lives.

    If for any reason you do loan them the money, and I truly believe you should just pay off your own bills, and save or spend the rest on your own family, PLEASE MAKE THEM SIGN A CONTRACT. That way if things don't go well, you have it in writing, and always keep a record of their payments....but really, please don't do it.
    ohwrite

    Answer by ohwrite at 11:20 PM on Jan. 25, 2011

  • Do not do it. Refer them to a Consumer Credit Counseling Service; there are non-profit ones.
    gdiamante

    Answer by gdiamante at 11:24 PM on Jan. 25, 2011

  • They got themselves into it they should get themselves out of it. I would never stoop so low as to ask my kids to pay my bills.
    okmommy08

    Answer by okmommy08 at 11:33 PM on Jan. 25, 2011

  • nope dont do it... if they cant pay off the 13 loans they have then what makes u think that they can pay you all back?... Plus they shouldnt ask that you all do that because u all have kids
    JacquitaH

    Answer by JacquitaH at 11:41 PM on Jan. 25, 2011

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