What happens if you don’t pay your debt

[Jack Peterson]

1 minute ago, Anselm said:

just saying that maybe the family is saying blah blah foreclosure when in reality it's nowhere near that stage. 

 I think you may be right  land and debts do strange things to people here in my experience 

[Anselm]

2 minutes ago, Jack Peterson said:

 I think you may be right  land and debts do strange things to people here in my experience 

Land especially brings character out of the woodwork, seen a few cases of long lost relatives appearing after a land sale is done

[Reboot]

12 hours ago, JJReyes said:

It is important to formalize the relationship (i.e.) "This is a business loan with an interest payment of..."  As already suggested, have a lawyer prepare the documents and have it notarized.  The reason is your relatives might borrow elsewhere explaining they have a rich Kano as an investor.  The documentation prevents being a target for any loan default from someone else.  In loans to family, you have to consider complete loss with no recourse.  Whether the amount is P20K, P50K or P100K, can you afford to walk away?

In writing as JJ suggests is general sound advice. Written arrangements preserve relationships. Reduces misunderstandings.

Edited April 25, 2019 by Reboot

[Reboot]

11 hours ago, Old55 said:

Three island rule Steve. I am serious about that.

Woe is me I bought on the same island. It's a big one, but I am just a 10 minute trike ride away!

[Jack Peterson]

45 minutes ago, Reboot said:

100,000 in costs for a political campaign (my father in law is now in barangay office thanks in part), which I gave in respect for the old man (not a loan).

 Mate I hope that does not come back and bite you in the backside, being a Foreigner, That could end up bad if it got out you funded a political issue 

[hk blues]

13 hours ago, stevewool said:

... my concern is getting the facts with out lies.

 

Good luck with that!

Seriously though, this may be the thin end of the wedge.  I don't lend money to family and therefore they don't ask - simple enough for us all.  I don't buy into this 3 island rule so much -it's just about managing expectations from the outset and you'll be ok. 

It's a No from me. 

[Reboot]

Sssssshhhhh.

[stevewool]

Lots of good advice and I would like to thank you all for replying.

Myself and Emma will always try to talk about any problems or cash being wanted from anywhere but as it’s the family and they know they have a loving sister she does get involved with tears and what ifs, and that is where you lot come into it, I have no idea of the laws over in the Philippines, and yes I have been burnt a few times by the family and there crocodile tears and there smiles but I do try my hardest not to be burnt ever again.

 

[Arizona Kid]

17 hours ago, Tukaram (Tim) said:

Then it is even easier. If you do not have the money it is that much easier to say no. 

For me it's become easier to say no weather or not I have the money. And most times I do have the money. If they get upset that I won't lend them money it's on them..not me. They are learning that I'm not a doormat. If they don't like it than they can stop coming to my house once a month or so when I sponsor a boodle fight that they always show up for.

[hk blues]

5 hours ago, stevewool said:

Lots of good advice and I would like to thank you all for replying.

Myself and Emma will always try to talk about any problems or cash being wanted from anywhere but as it’s the family and they know they have a loving sister she does get involved with tears and what ifs, and that is where you lot come into it, I have no idea of the laws over in the Philippines, and yes I have been burnt a few times by the family and there crocodile tears and there smiles but I do try my hardest not to be burnt ever again.

 

As they say Steve -  Fool me once, shame on you.  Fool me twice, shame on me!