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Legal, pensions and money

Adult Son and money

(88 Posts)
SecondhandRose Wed 03-Feb-21 18:00:55

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

sodapop Sun 25-Jun-23 09:26:11

This thread is two years old now so hope SecondhandRose and her son have sorted out their emotional and financial issues.

Primrose53 Sat 24-Jun-23 20:49:21

I hope all goes well when he moves out but be prepared he may still need a lot of financial help! My friend’s son is like that. He does work and comes over as very presentable and bright but he had a big gambling problem and his parents had to bail him out of a small fortune. he also had a lot of debts which they have paid off to in an attempt for him to start afresh.

He is now married with 2 small children but because of his poor credit history he cannot buy a house so has to rent. My friend buys him cars (nearly new) as he switches between jobs that provide a company car and those that don’t.

She also pays for all his family to go on holiday abroad with them. We all tell her she does too much for him but she says she is afraid he might do something terrible but he has never shown any signs of mental health problems.

Georgesgran Sat 24-Jun-23 20:17:19

OMG - Reported this poster again!!

Frank197 Sat 24-Jun-23 20:14:30

Message deleted by Gransnet. Here's a link to our Talk guidelines.

Hithere Mon 15-Feb-21 17:20:13

Who is going to pay for his monthly rent, living expenses, moving expenses?

pmeehan3 Mon 15-Feb-21 15:15:54

1. Stop enabling your adult son. It's time he flew the nest. If he can't find a place on his own then he needs to find a place with roommates. 2. Your son is correct that he doesn't have to pay this loan back. You got involved when you should have stayed out of it. You went to your mom. His grandma. You then made/had an arrangement with your mom. You didn't make an arrangement with your son.

sodapop Mon 15-Feb-21 12:36:11

Good news SecondhandRose you have done the right thing even though it must have been hard. Make sure nothing changes between now and the end of the month then look forward to getting your room back.

Grandmabatty Mon 15-Feb-21 11:48:37

That's a very positive update. Good luck.

SecondhandRose Mon 15-Feb-21 11:46:10

Morning. Well I have an update. He is moving out at the end of the month. Has found a friend to rent a flat with. Is being very reasonable and has even said he will pay us back. He is moving north 3 hours away. Quite frankly he needs to go and stand on his own two feet. He doesn’t currently have work but he always gets what he applies for as he sounds very intelligent!

So we hope good comes out of this and it means I’ll have an extra wardrobe I can use!

welbeck Thu 11-Feb-21 23:12:12

is Manchester far away. has he somewhere/one to go to. unlikely to have enough points for council housing, single adult male. but he'll have to face the realities.
nest. push. fly.

Grandmabatty Wed 10-Feb-21 16:33:13

Hmm, is the 'moving to Manchester' an attempt at emotional blackmail? Make sure you have an actual date for him moving out. Keep the move in any conversation light and airy and as a done deal. I think there's a bit of flouncing going on here. Sadly I'm not convinced he'll go without more bother.

Hithere Wed 10-Feb-21 15:50:49

Is there a date for him to move out?

How long are you waiting for him to move out? What then, when it does not happen, what is your plan?

Nonogran Tue 09-Feb-21 22:48:02

In my experience it's best to set a deadline! For example, 'I'd like you to get started on moving out." " Let's make it before my birthday on June 15th." (Or any other appropriate date that suits you Mother)
My offspring was no trouble living at home, no trouble at all but just needed that little push into adult life & the outside world. Said offspring made some mistakes at first but soon grew wings and is now flying high.

Summerlove Tue 09-Feb-21 20:13:17

Roses

HITHERE. Why do you need more examples of the daughters behaviour ?

Surely it's enough to have a general picture of her

The big problem that needs dealing with at the moment is the son

I don’t actually feel there is enough to get a picture of her.

But if OP doesn’t want to discuss it, that’s her choice.

Roses Tue 09-Feb-21 09:45:18

HITHERE. Why do you need more examples of the daughters behaviour ?

Surely it's enough to have a general picture of her

The big problem that needs dealing with at the moment is the son

Madgran77 Tue 09-Feb-21 09:21:24

secondhandrose well done for sending it. Be prepared for more petulance! Stand firm, he needs you to. And you need to live in peace! flowers

WW010 Mon 08-Feb-21 09:34:19

Well done. He’ll be fine. And you can reclaim your lives. X

SecondhandRose Mon 08-Feb-21 07:41:28

Well the email got sent. We need to email or when we speak to him he twists our words. Even now he says we are throwing him out. We have said either pay your £200 a month rent or move out. He has chosen the moving out option and got very petulant. So apparently by the end of February he will be moving to Manchester!!!!!!

timetogo2016 Sat 06-Feb-21 14:20:06

I agree with Shandy57, the £200 i feel would be safer if you put it away for him.

WW010 Sat 06-Feb-21 14:15:11

This is so difficult for you. Equally difficult for me to read as I’ve had very similar problems. My DS is 33 now. He finally got a good job about 2 years ago via job centre- I made him go, drove him there, and now he’s doing well. It’s been hard though and friends have often said the same to me about enabling. It’s easy to say but when your son rings to say he has no food and no money how do you refuse?? Funnily enough a financial advisor just said to me ‘of course you should support him. He’s your son’. I was taken aback as so many people had criticised me previously. I’ve relaxed a bit now and realise he will find his way in time. I think young men have had a very difficult time in recent years. The increased influence of women in society (a good thing) has left many adrift - the old models are crumbling. Some are struggling with this new world unfortunately. Good luck anyway. You’ll find a way that suits you and your family. And good luck with your cancer. Look after yourself!

Hithere Sat 06-Feb-21 14:06:41

OP

Stop barking and start biting

You and your husband should be telling your son how it is going to be, instead of you hiding behind your husband and an email.

Take control of the situation.

Grandmabatty Sat 06-Feb-21 13:44:14

Will he ignore the email or pretend he hasn't received it? Have a plan B.

rafichagran Sat 06-Feb-21 13:29:55

Hit the send button.

Oopsadaisy1 Sat 06-Feb-21 13:26:07

Hit that send button today

SecondhandRose Sat 06-Feb-21 10:11:23

But he hasnt sent it yet...