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stevewool

What happens if you don’t pay your debt

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Not to sure where to put this , but if its in the wrong place then please move it.

Emma has just been asked to borrow, lend or give away 100,000 peso to help here sister, why you may ask.

1 To help with a new business adventure , water purification to run from the sisters home.

2 To help with the extension they are having built on the side of the house to start this new adventure.

3 To help pay  the mortgage they have not paid on there property and are getting phone calls and interest added to that loan.

Now I have no idea which one it is and there could be more to come but my question is what happens when you fall behind in mortgage payments , is interest added daily can the house be taken over and could they be kicked out .

As usual Emma is concerned for his sister and her nieces and nephews and Emma has told her sister to contact me as I do all the finances, my concern is getting the facts with out lies.

If they have defaulted on the mortgage ( forgot to pay 3 or more months) or ran out of money for the extension ( I have seen pictures of all the scaffolding) then how the hell can they have this new business adventure .

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You should ask for the formal business plan.  :hystery:

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For that amount of money - I would get a lawyer, and get the mortgage if they when they default.  (her family knows not to ask me for money, though)

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3 minutes ago, OnMyWay said:

You should ask for the formal business plan.  :hystery:

Do the ever have plans for anything.

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Just now, Tukaram (Tim) said:

For that amount of money - I would get a lawyer, and get the mortgage if they when they default.  (her family knows not to ask me for money, though)

Now we are both retired I have no spare money .

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1 minute ago, stevewool said:

Do the ever have plans for anything.

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

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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?

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There is no loan from me at all, I don’t want to be involved in a partnership in a new business adventure but I also don’t want to see the family turned out of the house, so if they are behind on the payments what happens then .

Here is I was to be behind in my mortgage payments and having difficulty I could arrange a meeting and to try to sort the problem, is it the same in the Philippines.

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Three island rule Steve. I am serious about that.

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7 minutes ago, Old55 said:

Three island rule Steve. I am serious about that.

Three island rule, I have tried looking this up but I am lost on this one.

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