TL;DR at the bottom
So my dad is in his late fifties and has managed to accumulate over $50,000 in debt, (keep in mind him and my mother both work blue collar jobs making a max of $40,000 a year combined). In order to pay it off, him and my mother opened a loan with the bank with their house as collateral (to pay off the debt) and my mother has been working on paying this off for around five years. (My father isn't helping out even though it's his debt!)
For the past year he has been talking to someone online who is promising to help him "become rich with stocks." My dad originally sent him over $15,000 taken from his IRA as neither him or my mother have any savings, and another $20,000 taken from my 14 year old sister's savings account and his credit cards. At the moment, his IRA and 401K are completely empty and he has an additional $50,000 in credit card debt on top of his loan.
I personally feel that there is no hope as he has fallen for similar schemes before he married my mother and continually does this. My mother doesn't seem to care about any of this and continues to cover for him. If she doesn't pay his loan, we lose our house. When we try and confront him about any of this, he gets very angry and basically tells us that it's none of our business. I'm going to be leaving for college in a year and I am so worried that things are just going to keep getting worse, I have no knowledge of anything finance related, so what can I do to try and help fix the situation? Should we get the police involved?
TL;DR My dad has accumulated over $100,000 in debt from online scams that he refuses to pay and continues to accumulate more. He has no retirement savings and is on the road to getting our house taken away.
Submitted January 13, 2019 at 05:39PM by Sufficient_Sprinkles http://bit.ly/2Rpy2RH
