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?

millbear:

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

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.

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? :?

BeContented:

pinky:

Hi UncleLim

thanks for sharing. I have not yet decide if I will drop this matter but for my husband, he just admitted that on hindsight he was too soft-hearted. Anyway, no more loans from him :xedfingers: and we will see how events fold the next week. Frankly, the feeling of being played out sucks and I am trying to let go of the anger first. :stompfeet:

Hi Pinky,
It won't be easy to let go, anger will probably be up & down in cycles.
I have gone through a few times of loaning $ to friends & siblings. While I do get back the $ eventually (over 3-8 year period), it can get really frustrating.
After loaning to them, we had to skimp & cut down on our expenses/lifestyle .... while our borrowers still go travel/restaurants etc & took own sweet time to return the money. Even as I wrote this, we had just bailed our BIL out from a few moneylenders/loansharks. Apparently cannot tell my MIL nor his wife.....so meanwhile, the wife had gone Europe for 2+weeks of holiday & planning another venue for 1.5weeks in Dec.....while I gotta wait 7 years to get back the full loan. The last loan, he tried to waive off a few $K behind my back (DH agreed to it :mad: ) but it leaked so no choice gotta repay.

It's never easy to loan $ to people. Next time, b4 loaning, must ask if oneself if one is ready to forfeit it......

pinky:

Hi UncleLim

thanks for sharing. I have not yet decide if I will drop this matter but for my husband, he just admitted that on hindsight he was too soft-hearted. Anyway, no more loans from him :xedfingers: and we will see how events fold the next week. Frankly, the feeling of being played out sucks and I am trying to let go of the anger first. :stompfeet:

pinky:

Hi UncleLim

thanks for sharing. I have not yet decide if I will drop this matter but for my husband, he just admitted that on hindsight he was too soft-hearted. Anyway, no more loans from him :xedfingers: and we will see how events fold the next week. Frankly, the feeling of being played out sucks and I am trying to let go of the anger first. :stompfeet:

pinky:

Hi UncleLim

thanks for sharing. I have not yet decide if I will drop this matter but for my husband, he just admitted that on hindsight he was too soft-hearted. Anyway, no more loans from him :xedfingers: and we will see how events fold the next week. Frankly, the feeling of being played out sucks and I am trying to let go of the anger first. :stompfeet:

tutormum:

As long as your DH can prove that he did lend and the debtor admits that he borrowed, the boss will instruct the payroll dept to deduct from his pay. The debtor may be required to sign a letter of authorisation for them to do so.

Funz:

Really? That can be done? I am surprised that companies will get involved in something like that. If it is a case of alimony with supporting documents from court yah but lendings between colleagues. Just really surprise.

tutormum:

pinky:

thanks tutormum for your advice.

My husband only found out recently that he had borrowed from another colleague but only return the amt after many months. As you mentioned this guy display trait of a compulsive borrower and I will tell my husband to approach the boss about the salary deduction but he wonder if he needs a court/formal order to give to the personnel dept for such an arrangement. Is there a need for a formal authorisation?

As long as your DH can prove that he did lend and the debtor admits that he borrowed, the boss will instruct the payroll dept to deduct from his pay. The debtor may be required to sign a letter of authorisation for them to do so. This is also to prove that he did 'receive' his salary but paid to another party. There is no need to go to court.
The only way for him to get out of paying is to resign but I don't think he'll do just that as his rice bowl is at stake. In case it does happen, then the only course of action is to go to court and find out which company he'll be working for.

pinky:

thanks tutormum for your advice.

My husband only found out recently that he had borrowed from another colleague but only return the amt after many months. As you mentioned this guy display trait of a compulsive borrower and I will tell my husband to approach the boss about the salary deduction but he wonder if he needs a court/formal order to give to the personnel dept for such an arrangement. Is there a need for a formal authorisation?

tuition_czar:

I really hope you get your money back. Your DH shouldn't have lent money to mere acquaintances, let alone parasites.