FAMILY LOAN DILEMMA - Page 16

NYCLatinaMe · ‎01-14-2017

@pdlinda wrote:
@Carmie I think you made several powerful points in your response. First, my daughter is a hard-working professional who is raising a large family with her husband.
I agree that if the outstanding amt of the loan was nominal, it wouldn't be worth her time to collect it; however, $800. is A LOT OF MONEY!

I also think your point about charging interest is appropriate. The loan was due on Oct. 1st. Now, it's going to be Nov. 1st. That's A MONTH LATE. Can we only imagine what a retail lender would charge on a loan balance that was 30 days late??

I think she will tackle this situation over the weekend and I hope she can reach a satisfactory arrangement to bring this situation to a reasonable conclusion.

@pdlinda I don't know the law in your jurisdiction, but smoe caes impose a statutory interest rate for debts due and not repaid. So your daughter can ask the court to award her interest from the date the debt was due at the statutory rate. If there isn't one, I am sure the judge will come up with something. But it is possible the judge does not giver her interest. The court I am almost certain would not award late fees that a bank would collect because that is in the agreement with the bank, not the agreement with your daughter. If she files, she should ask in her papers for sure, as I have no idea how long it would take to get the case resolved. I think @Carmie wrote she had done this, so maybe she knows. In giving her ultimatum, your daughter can mention she will be seeking interest, since payment was delayed. But I just see it's a month of interest, so this will not be a lot of money. Say the statutory rate is 5 % annually, for one month that would be $3.33. So it depends on how long it takes for the thing to be resolved.

NYCLatinaMe · ‎01-14-2017

@stevieb wrote:
@pdlinda, My own approach would be to ask the young woman what the repayment problem is and when she expects it to be resolved. If she doesn't know and refuses to make those determinations with her parents, then I'd contact the parents asking the same questions. Suggestions about court and demanding interest, for me, fall flat. At this point, family relations might be a challenge to salvage but they aren't yet at the family 'divorce' stage. It is possible to make it clear that one expects repayment without 'breaking bad' and I'd choose to start there, trying to avoid escalating an already ugly situation.

@pdlinda This may be a good approach before court, I hadn't noticed it has only been a month. People may have been waiting for money to be received at the end of the month. The discussions @stevieb suggests are definitely the first step. But I don't agree with all these payment plan ideas. She will end up having to ask for money for every installment. If they want to pay that way, let THEM suggest it, and then maybe accept, perhaps put that in writing with a penalty ($10/month per installment?) if an installment is not paid on the due date.

NYCLatinaMe · ‎01-14-2017

@pdlinda wrote:
@JeanLouiseFinch Yes, there is an update. My daughter sent an email regarding the situation to her niece and her niece's parents (my SIL's sister and her husband, the parents of her niece). She was coureous and civil; however, she didn't mince words.
The niece responded in a very conciliatory way expressing her sincere apology.

The PARENTS (father) also responded. Gave some sort of lame excuse regarding "miscommunication". My daughter responded regarding specific plan for payment.

The FATHER said he would transfer $200/wk to my daughter for 5 weeks to resolve the loan. Some vague reference to "apology". He transferred $200 immediately from his company's acct. She followed up by confirming that $200. would be transferred every Friday? He answered: "That's my plan." LOLOLO.

I could say more; however, I'll leave it at that.

@pdlinda If they comply with this it is a good arrangement. Odd $200/week installments. And it looks like he will be paying $1,000, instead of the $800? I am guessing they operate a store or restaurant business, or something depending on collections? Odd they need to go week by week like this. But 5 weeks is soon, so that is good! Sorry I joined the discussion late!

lynnie61 · ‎04-28-2010

@pdlinda I hope they follow through. I'm sure the email may have been an added step, and maybe THEY wanted to possibly avoid embarrassment of being called into the magistrate. I hope your daughter gets the funds in 4 weeks. I hope it works out for her. Lesson learned!

To some people here posting $800 must mean nothing. To most people $800 is considered a lot. It wasn't a $20 or $50 loan.

pdlinda · ‎10-23-2011

@NYCLatinaMe

It's 3 more payments. She's now owed $600. It was $1,000 and he paid $200 twice. I miscalculated...

pdlinda · ‎10-23-2011

@lynnie61 Absolutely, $800 is A LOT OF $$$...

As my father always taught us, if a person has $$ it's because they're conscious of the details of how much comes in and how much goes out...if they aren't careful about revenues and expenditures, they won't have $$$ for long!

There was NO WAY this loan wasn't going to be paid off. NO WAY!

riley1 · ‎03-10-2010

@pdlinda - I certainly hope for your daughter's sake the rest of the payments are on time and this situation comes to an end. Hope she learned that even family can't be trusted to repay loans.

I admire her spunk in seeing this through and finally getting her point across.

bikerbabe · ‎03-09-2010

Paying from a company account?

pdlinda · ‎10-23-2011

@bikerbabe YAH...I know...That's why I kept my comments brief regarding the update.

Sooner · ‎03-10-2010

Still puzzled by a number of issues and first of all the husband didn't/doesn't want to get involved, so how come the loan was made in the first place? In the first place, that I don't understand at all.

Second, how come, considering that fact, people are blaming him?