Hello, bit of a long one. I hope you get to the end and can advise me.
December 2019 our adult son who is living at home came to us highly emotional and tearful saying he wanted to end his life. He had taken out a £8k credit card loan he was unable to pay back. He had bought cryptocurrency with the loan, the value of it had gone down and down and he was in despair.
After this he went to the GP, went on antidepressants and had counselling. I sought help from my Mum re the loan asking if she would pay it and take it off my inheritance. Thankfully she did. The loan was paid off.
Now we are in Feb 2021. Our son is now 25, still living at home, he is back to work, his money management is still poor. He has recently made us aware that his original investment was now actually worth alot more and the value is climbing and climbing. He now has the money he invested back in the cryptocurrency account.
In the meantime aswell as paying off my son’s loan, my Mum gave my brothers each the same amount of money so it hasnt been attached to the inheritance.
Sooo this leads me to the fact our son has the original money back. We had a conversation with him last night about paying the money back and he has refused. He has said we didnt tell him he had to pay it back therefore he doesn’t have to. We pointed out to him that when your child says they want to end their life this is the last thing on your mind.
Our son pays no rent. We ask for £200 a month. We just get all sorts of excuses why he cant pay it. We thought he was hard up but yesterday he said he had been buying more cryptocurrency each month.
He owes us £600 for a damaged car. He has managed to give us £290 of this so far.
We bailed him out of another loan just before Christmas for £900. He is paying us back at £100 a month.
We have got ourselves into a problem with him. He clearly has mental health issues which affect him, he spends more than he earns but I am starting to feel somewhat hoodwinked.
Your thoughts please
