Runaway debt wearing you down? Don’t know what to do? Having a hard time finding a sympathetic listener?
Pour it all out and pop me an email at lightdream (at) gmail (dot) com with your story or comment on this post. Let’s see if we can get bankers and experts to answer your burning questions.
There, there. Now that’s off your chest, keep watching this space for advice from the experts on how to handle debt. Hope to hear from you soon!
July 8th, 2008 at 5:27 am
some people give loan to others as a helping hand. they feel good about it and don’t demand anything in return. others give loan as they value relationship or their image more than money.others especially with extra money give loan as a business with calculated risk. for every loan we give we receive something in return immediate or in the future.but some people give loans expecting all kinds of returns.these are ones targetted by those who have mastered the art of borrowing without paying.it lessens the guilt feelings.unless you are in the lending business, just lend money you can afford to lose.
July 5th, 2008 at 9:28 am
Zadkiel, great point. This thing is more common than I thought it would be.
On the other hand, I have also seen cases where the borrower has really made good on her commitments and paid her “utang na loob” many years after the generous act. it’s amazing and inspiring to see that in Filipinos.
at the end of the day, you’re right. you have to make your own guarantee.
July 5th, 2008 at 9:25 am
G: unfortuantely, yes, you have a strike against you in your credit record. You gotta pound the table and get that check issued and when you do, you ask the card company to give you a certification that you have paid your obligations. that way, getting back on track is easier.
July 4th, 2008 at 4:34 pm
As for my understanding, this blog is for debt owed by the one who loaned only.
I got a friend who was made a guarantor for a debt. It was for her sister’s boyfriend who wanted to go abroad. For some reason the boyfriend did not continue his application for abroad and disappeared. She wound up paying the debt as she has signed the agreement. So she learned a lesson the hard way, never sign any contract for guarantee unless you are willing to pay others debt. The only help that I gave her was how to make a promisory note to pay the debt and how to negotiate as to how much she will pay every month within her budget.
Again, if you want to be a guarantor ask yourself the some possibilities that might happen. “Am I willing to pay the debt if the borrower…”:
1. has an accident resulting to inability to pay due to loss of income or job, or even dies.
2. disappered, whether intentionally or unintentionally.
3. loses the money and can not find way to pay the loan.
Usually when a person signs as the guarantor they think that the borrower will never abandon their obligation or has full trust with them. But then you have make your own guarantee.
July 4th, 2008 at 10:36 am
i also have a problem re this as my name has been dragged in a bad-credit mess because of company delay in issuing checks for a company credit card.
i presume i now have a bad credit history because of this (debts have already been paid, btw, and i paid for the interest/charges out of my own pocket).
I tried to talk to the collector and explained that it was a company credit card and the comp still had not issued me checks to pay for said debts (this happened last November). but the agent told me since it was my name, it would be me who would have a bad credit record!!!! GRRRRR!!!! I am still very angry coz of this!
My personal credit card, however is squeaky clean. I have never paid for a cent of interest/charges since i got one. So can you see how unfair this is?