Are You a Financial Martyr?

Kate Phillips — Tue, 21 Sep 2010 07:49:25 +0000

A friend of mine, who happens to be a successful, self-employed business owner, was the victim of financial fraud. Not from a stranger, but from someone he knew very well. When his daughter suddenly requested more money for college expenses, he suggested a later time to discuss her request. However, his daughter’s mother – his ex-wife – had a more immediate solution to his daughter’s cash flow needs. After all, she knew her ex’s social security number and could imitate his signature. When my friend discovered what had happened, he did not lay down like a doormat as the ex had hoped. He took legal action. It was complicated (for everyone), embarrassing (for her), and frankly, the only self-respecting option he had. More than happy to discuss and provide for his childrens’ real needs, he was not about to be taken to the bank in such an underhanded way. He stood up for himself, and righted the wrong, removing the item from his financial record, and placing the responsibility with the person who had signed the fraudulent loan papers. Shortly after hearing this story, I met someone else, a middle-aged woman. She was exhausted, working three jobs. As I inquired about her circumstances, she revealed that she was paying off a number of credit cards – that she had not opened or authorized herself. Her own ex had hijacked her social security number and forged her signature, obtaining credit cards against her knowledge. She discovered the situation when angry creditors started calling. The cards were maxed out and late, and her credit was ruined. “Why are YOU paying them off!?” I asked incredulously. “You realize, that’s FRAUD!?” “I know, but I didn’t want to sue him or get lawyers involved,” she answered with a tired sigh. “But… but… you shouldn’t…

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Are You a Financial Martyr?