Can the Filipino smell spare cash

[graham59]

When they've seen my shack, my pushbike, and my dishevelled appearance, they know not to bother asking. 

[hk blues]

5 hours ago, Tommy T. said:

How many times must it be stated? In the island nations, especially Philippines, a loan should be considered a gift by the lender, especially if it is to family or close friends. Either you give thinking that or don't do it.

 

Not entirely true Tom, I have given loans in  the past but made it clear it is a loan, not a gift and agreed the repayment date.  If you make it clear at the outset then there is no doubt.  That said,  getting it back may be easier said than done! 

[Tommy T.]

7 hours ago, hk blues said:

Not entirely true Tom, I have given loans in  the past but made it clear it is a loan, not a gift and agreed the repayment date.  If you make it clear at the outset then there is no doubt.  That said,  getting it back may be easier said than done! 

Maybe not, HK... The best advice I read a while back in an online article about "loans" to friends or relatives was to make it even more clear than you suggest. It needs to be written down clearly - terms, amounts, dates - signed by all parties, witnessed and notarized to make it a legal document. All that still won't guarantee you will be repaid - as you suggest - but it puts them on notice that it is not a gift.

However I still feel it is best just to avoid it altogether. And I still think any financial deals with relatives or friends are a bad idea. You might get repaid, maybe not, but either way it can and often will create tension in the relationship if not outright hostility as Steve and Emma seem to be experiencing now? To me it's just not worth it...

[hk blues]

15 hours ago, Tommy T. said:

Maybe not, HK... The best advice I read a while back in an online article about "loans" to friends or relatives was to make it even more clear than you suggest. It needs to be written down clearly - terms, amounts, dates - signed by all parties, witnessed and notarized to make it a legal document. All that still won't guarantee you will be repaid - as you suggest - but it puts them on notice that it is not a gift.

However I still feel it is best just to avoid it altogether. And I still think any financial deals with relatives or friends are a bad idea. You might get repaid, maybe not, but either way it can and often will create tension in the relationship if not outright hostility as Steve and Emma seem to be experiencing now? To me it's just not worth it...

The term sledgehammer to crack a nut springs to mind, Tom!  You seem not to be taking into account that the amounts may be small/smallish and simply don't justify a convoluted business-type arrangement. 

[Tommy T.]

1 hour ago, hk blues said:

The term sledgehammer to crack a nut springs to mind, Tom!  You seem not to be taking into account that the amounts may be small/smallish and simply don't justify a convoluted business-type arrangement. 

Well... maybe you are right about that, HK. But loan a small amount or big amount? They are still loans/gifts? So pick your poison. If it is small amount, then consider it a gift always... That is the easiest way to deal with it. If not comfortable with that, then just laugh it off and walk away...

 

 I still suggest to avoid unless you feel like you wish to provide Christmas gifts now and year around...!

Edited November 29, 2019 by Tommy T.

[hk blues]

23 minutes ago, Tommy T. said:

Well... maybe you are right about that, HK. But loan a small amount or big amount? They are still loans/gifts? So pick your poison. I still suggest to avoid unless you feel like you wish to provide Christmas gifts now and year around...!

Tom - I am more than capable of managing my financial affairs thank you!  

[Tommy T.]

7 minutes ago, hk blues said:

Tom - I am more than capable of managing my financial affairs thank you!  

Sorry HK... I didn't mean you specifically... I was referring to the generic "you." I am making suggestions to anyone else who might be reading this thread...