Debt recovery problem

[pinky]

hi UncleLim

thanks for your advice and blessings.
Still feel the pain though and hope all is not lost.

[BeContented]

Mychildren:

U really go to loansharks??? Sorry, not that I don't believe u. Few years back, for some period, I saw my lift's wall, there was writings of owe $, pay $ sort of thing & the unit no. there. Once, I saw a police too, it may be due to this incident.

Its kind of scary to borrow from loansharks. I wonder could this be avoided? :?

We din go to the loanshark/moneylenders. Gave the $ to BIL to settle his debts himself. This is his first time.....& he came to us for help cos it's starting to snowball & he will not be able to keep this in dark anymore.
DH's sibling after all, so agreed to help but told DH to warn BIL it's first & last time cos I'm very worried if he does it again.

Actually I had encountered having paints splashed at my door b4. FIL acted as a guarantor for his friend (who happened to be MIL relative), & end up my house kena. :mad: We made a police report & apparently there was some mistake cos the friend already paid up. After that, no more trouble. So DH also know his side is very troublesome...... :slapshead:

Think if the BIL was willing to come clean with his wife, probably would not have reached this stage.

[Mychildren]

BeContented,

Sorry, misinterpret the BIL as bill, read too fast, my problem. Thanks for your explanation.

[BeContented]

pinky:

hi BeContented,

wow, your BIL is really too much. how come you cannot reveal to his mother and wife? are you n your husband gonna go on subsidising him endlessly?

hi Mychildren,
yes, my husband did bring up to his other colleagues about the unpaid loan so that they will be aware of it.

Actually this BIL is a rather simple & nice fella, since first time can help. But no 2nd time lor. MIL is a super nag & all cannot stand her 'loud shrieks' .... So can understand lah. As for wife, think she also the fierce & dominating type....so he prob dun dare.....
Anyway, it's still within our ability to help, if too much, then must activate all....cannot care so much.

Pinky, try not to let it upset u too much......it's a lesson learnt.

[pinky]

hi BeContented

thanks for the advice. Now trying to imagine that the loan may have truly help to pay that fellow's mother's hospital bills. He just sms my husband yesterday promising to pay end of the month :xedfingers: Trying not to hope too much in case disappointed again.
ohm..........................................

[millbear]

hi pinky

I know that I am not alone to face this similiar problem as you.
My hubby lent $8k to his former collegue without a written IOU and has chasing him for returning back in partial. Worst, my hubby signed as his guarantor for borrowing money from bank. I came to know when the letter was mailed.

[MMM]

millbear:

Worst, my hubby signed as his guarantor for borrowing money from bank. I came to know when the letter was mailed.

:yikes: That is really scary. How can your dh be a guarantor for his colleague? Even for siblings/ relatives, people are wary of being a guarantor. Is there anything he can do now to limit his liability/ risk?

[millbear]

MMM:

:yikes: That is really scary. How can your dh be a guarantor for his colleague? Even for siblings/ relatives, people are wary of being a guarantor. Is there anything he can do now to limit his liability/ risk?

Seriously dont know what to do. pray that his former collegues paying on time... at the same time, my hubby chases him to return the money back every month... sians