Our Son-in-Law is a Nothing Burger

Hi Scott,

Our 48-year-old daughter was $2,000 away from paying off her house when her husband of 23 years told her that he had used the redraw facility attached to their housing loan to withdraw $150,000 to invest in a cryptocurrency scam! He has now left her with $5 in the bank and two young boys to support. It seems our daughter was too trusting way back (23 years ago) when the home loan was set up. Even though it was in both names, the redraw facility required only his signature.

It has been extremely stressful and embarrassing, and like a snowball as unpaid bills have rolled in. As retirees we now find ourselves with a second family to support. All avenues for help have been fruitless so far. Can you give us any advice? Also, please alert other trusting young wives that they must have two signatures on a redraw facility or they may find themselves in this same devastating situation.

Tania

Hey Tania

It sounds like your son-in-law is an addicted gambler.

The fact that he was caught up in a crypto scam is neither here nor there – it all ends the same way:

The scammer (or betting company) ends up with all the money, the punter is lumped with the losses, and tragically, as is the case with your daughter, there’s often an innocent partner who becomes collateral damage.

So what advice do I have?

She has two choices: work it out, or kick his arse to the curb.

If she chooses to stay with him, I’d suggest she insist he get professional counselling (call Gambler’s Help on 1800 858 858). If she’s not planning on staying with him, I’d get her to speak to a family lawyer and an accountant and set up plans for life as a single parent.

Yet I’ll tell you one thing that’s totally off the table: getting the money back. The horse hasn’t bolted, it’s dead. No amount of flogging your son-in-law will bring it back. At some point they have to put it behind them and move forward financially (together or apart).

Scott