Unsure if you can answer this question for me, but here goes.
I lent my father-in-law a lot of money to bail him out of a jam. My wife persuaded me to lend the money, and as of now, my father-in-law has not been making payments. In fact he has not made any payments. I have asked my wife to speak to him, but she does not like confrontations, and so far has refused. This is a lot of money and my wife knows it is. It is a part of our savings for retirement. I am at a loss as to what to do?
Lending money to family and friends comes at a price, and sometimes that price is the friendship or relationship. I am sorry to hear of your situation.
Your options are limited, meaning whatever you do you need to speak to your father-in-law. You need to know why he has not paid anything on the loan, and what his intentions are.
Do you have anything in writing regarding the money you lent him?
Does your father-in-law have any assets, or property? Not that would follow through with this option, but if he owes you more than £5,000, you could look at making him bankrupt, which is harsh. You could look at taking him to court and getting a CCJ, and trying to collect the money that way.
Either option will cause a breakdown in the relationship. For you it may be just business, but people take it personally.
You also may wish to discuss this further with your wife, and explain the options.
In the end, you may need to write off the money as a loss, you may not get repaid. And who knows, your father-in-law could have a very good reason why he has not paid at this time, and may plan to in the future.
Communication is key.