My husband has had a limousine business since 2004 but he has never made much money. In 2009 he was forced to file for bankruptcy owing almost one hundred thousand on credit cards and lines of credit. Yet, even after the bankruptcy he kept his limo business going, earning just enough to keep our heads above water. We could never afford to have any savings, insurance, investments. I have not had a vacation since 1993.
Either there was no money or he didn’t have the time – one or the other. We could never go anywhere because he was always on call in case someone needed a ride. It was not so much that he did not work hard. he just did not work smart. I asked him to consider another way to make money during the times the limo service was not busy. He could not do this because, again, he was always on call.
However, he did manage to travel “back home” three or four times in order to attend family funerals and to claim his inheritance which consisted of some quite unsellable parcels of land. (if I told you where he was from you would agree that no one would be interested in purchasing land in this country! Not at this time anyway!) He usually used credit to finance his trips because he had no savings. Once he took out a line of credit in my name and took $10,000 off the top for his trip. Yes, I am still on the hook to pay off that line of credit since it is in my name.
Recently my mother passed away leaving me $500,000.
Now my husband regards me as a cash cow. He has “borrowed” $25,000 from me already so that he can buy several new limousines for his business to meet a potential upsurge in business. Now he needs more money to insure them. He has promised to pay me back as soon as he starts to make money but I have not received a penny since he borrowed the first $5,000 from me last October.
I am almost 60 years old and disabled. I am afraid that he will drain my inheritance and I will be left penniless in my old age. Obviously, I can’t depend on him for financial security.
Why do I lend him money? He knows exactly how much I have and he would blame me for ruining his business if I did not cooperate. Life would be quite intolerable.
How else can I handle this situation? I need to protect myself and my money from someone who is fiscally illiterate. I don’t think that I will see any of the money I lent him ever again. And oh yea, my mother lent him $50,000 to invest before she passed away. He gave $10,000 to his sister so she could pay off some bills. he can’t account for another $15,000 and the rest is “invested” in a foreign bank in a country where the money has lost much of its value. He would only receive about $13,000 if he were to remove the money now. It is a good thing that my mother, who scrimped and saved all her life, will never know what has happened to her legacy!