Posts: 8591
From: former land of the leprechaun
Registered: Sep 2004

posted May 09, 2005 01:35 PM         

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Would love to know what you guys think of a guy (in his 50s) who offered his father in law (a guy in his late 70s) a loan so his mother in law could get a hip operation done - the amount in question was £7,000. He then told him he was gonna charge him interest at the going rate and also got a lawyer to draw up a document, to ensure that if the amount wasnt paid back then his father in laws house would be used as surety? Any opinions on this situation - I would be interested to hear? Does anyone believe that its okay to charge your family interest on money loaned or not? Love Sue x

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Posts: 599
From: UK
Registered: Oct 2004

posted May 09, 2005 05:24 PM         

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I think he's a b*stard! Either do a generous act or don't do it all... its family, after all. There are banks for that kind of thing!

Many many people (muslims) believe that the whole notion of interest is wrong in the first place. I'm inclined to agree - it's just a built-in way for banks/governements to make money off poor, ordinary sods like us.

Have you wondered why they never PAY you as much interest as they CHARGE you?

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Posts: 4992
From:
Registered: Feb 2002

posted May 09, 2005 05:45 PM         

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From a financing perspective, 7 thousand pounds at the going interest rate, compounded is not a fair valuation for a house. I would imagine that a house would cost more, wouldn't it?

Plus, if the man (70s) can't pay the loan, the other guy (50s) would get the house, and would most likely refinance. Would he then force the 70s year old couple to move out because they can't pay the mortgage, in addition to the loan they already can't pay off?

Something smells fishy from a business perspective

I would totally ask jwhop for his opinion on this because he seems to be a real estate expert.

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Posts: 8591
From: former land of the leprechaun
Registered: Sep 2004

posted May 10, 2005 10:50 AM         

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Thanks Moon and Aphrodite for your replies, I tell you guys this is my brotheri-in-law and it caused a rift in my family cos I told him what I thought of him and my sister supported him. I felt sick when I found out what he did. To him life seems to be one big business deal and it horrified me to think a member of my family could do this. I still talk to my sister, but she backs him up all the way. Do you think they will get their karma for this, it has really upset me big time!!! Love to all xxx

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Posts: 4050
From: The Boundless
Registered: Mar 2003

posted May 10, 2005 03:19 PM         

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sue g., I'm sorry to hear this, and I agree that it sounds like a very, very bad deal. Perhaps the man in his 70s would be better off with a bank loan, or a mortgage on his home.

That being said, we mustn't think of karma as punishment. Karma is happening every moment of every day; it's what we chose/choose to experience/create in this life.

Best wishes to your family.

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Posts: 932
From: somewhere out there
Registered: Apr 2004

posted May 10, 2005 03:37 PM         

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Maybe is father was an uber jerk and had been a jerk to the son his whole life and the son took the opportunity to get him back?

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And always I think where we might have gone If we'd never met inside this song
Our names are enciphered But the words became true
When I was the sun and you, you were the moon
And there were the stars That helped to navigate our souls

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