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Started By
Message
2
Posted on 4/4/16 at 11:08 pm to 777Tiger
Unless it's a no strings attached gift I'd decline unless you are ok with him commenting on how you spend your money. Maybe he won't, but some people can't help but think they have control over you if you owe them money. Your first instinct is the right one here.
Posted on 4/4/16 at 11:08 pm to Forkbeard3777
quote:
My student loan bill was right at $200,000.
damn dude,how many med schools did you go to?
Posted on 4/4/16 at 11:09 pm to lilsnappa
quote:
But you should refinance to a lower interest rate if you plan on taking a while to pay it off.
Sofi & DRB are offering fairly low rates right now.
How much lower of an interest rate are you going to get?
This post was edited on 4/4/16 at 11:10 pm
Posted on 4/4/16 at 11:10 pm to Forkbeard3777
quote:
How the frick can you not pay off $10,000?
I'm sure he can pay it off in due time through his monthly payments at 6.8%
Or he can save some money and pay back his FIL at 2%.
Posted on 4/4/16 at 11:10 pm to Five0
quote:
Never do business with friends
Would you like to know how I can tell you're poor?
Posted on 4/4/16 at 11:11 pm to 777Tiger
quote:
meh, things change when $ is involved
Not in my family, and plenty of others.
Do you know how many businesses are founded with a first round of friends and family investment?
Posted on 4/4/16 at 11:12 pm to thejudge
quote:
I don't need or want it. What bothered me was the whole bank isnt making me enough so I'll loan it to you instead tone. And it family. That discussion aggravated me. I was there 4 hours fixing his computer for the 1000th time because he won't get rid of AOL. He gives money out to the deadbeats left and right. Charges me interest lol. Maybe I'm being a bitch about it
I think from a financial standpoint, the whole thing makes perfect sense...
however, since you are feeling this way about him before the deal even starts, there is no way I would do it as it will just quickly turn into a clusterfrick of imagined insults on both of your parts...
no need to make a big dramatic issue about it...just politely thank him and say that you have been thinking about it and have heard from a lot of people that you should not borrow money from family....and leave it at that.
Posted on 4/4/16 at 11:13 pm to 777Tiger
quote:
damn dude,how many med schools did you go to?
Univ. Michigan + cost of living
Graduate school + cost of living
_________________________________
$200,000.00.
Attacked the principal hard and then just said lol. Treated it as another bill and nickel and dimed it.
Posted on 4/4/16 at 11:13 pm to thejudge
I have 2 mortgages financed by my parents... I'm paying them 5.5% on one and 3.5% on the other... keeps the money in the family, practically eliminates closing costs... win win... 1st one is almost paid off now.... my sister has one too... they are doing alright with all these checks every month 
Posted on 4/4/16 at 11:17 pm to CajunAlum Tiger Fan
quote:
All these "never borrow from family" folks must have shitty families.
A non shitty family wouldn't charge you interest.
Posted on 4/4/16 at 11:18 pm to Forkbeard3777
quote:
Attacked the principal hard and then just said lol. Treated it as another bill and nickel and dimed it.
good job, obviously in your case the ends justified the means, I just see so many people running up tabs like that with no plan to repay and degrees that will never generate the income to have a life and resolve the debt, kudos
Posted on 4/4/16 at 11:18 pm to Twenty 49
Exactly. I don't ever want to be in a position where family can leverage me or guilt me into something. I've had some negative experience with family though.
Posted on 4/4/16 at 11:21 pm to SG_Geaux
quote:
A non shitty family wouldn't charge you interest.
Eh. It's not like he's loan-sharking him. He's able to make a few bucks and save his daughter and her husband money as well.
My dad loaned me money from his HELOC for me to put a down payment on my first house while I was waiting on a bonus check to come through. Ended up borrowing it for about 5 weeks. While he didn't ask, I paid him back with the interest accrued on the 5 weeks.
Posted on 4/4/16 at 11:23 pm to SG_Geaux
Then the OP can make another suggestion...
FIL can make a tax free gift under 10K. OP suggests that the tax savings is of help and in return for the genorosity he'll draft monthlies +2% direct to FIL's account. OP gets out from under a reported debt, moves on to other worthwhile ventures with his wife and FIL feels like he's helped them both.
Crack beers. Live happy blended family lives.
FIL can make a tax free gift under 10K. OP suggests that the tax savings is of help and in return for the genorosity he'll draft monthlies +2% direct to FIL's account. OP gets out from under a reported debt, moves on to other worthwhile ventures with his wife and FIL feels like he's helped them both.
Crack beers. Live happy blended family lives.
This post was edited on 4/4/16 at 11:25 pm
Posted on 4/4/16 at 11:24 pm to thejudge
Do you not see he offers it with interest because he knew you didn't want outright help? He was offering to lower your interest, but help you keep your dignity by adding some interest.
With that said if you don't trust yourself paying it back regularly like you do now then I would have declined too.
With that said if you don't trust yourself paying it back regularly like you do now then I would have declined too.
Posted on 4/4/16 at 11:24 pm to SG_Geaux
quote:
A non shitty family wouldn't charge you interest.
A financially literate family would have no problem with charging/paying interest
Posted on 4/4/16 at 11:26 pm to Golfer
quote:
He's able to make a few bucks and save his daughter and her husband money as well.
Or he could not charge his own daughter interest and save them even more money if he is being so kind and generous.
Posted on 4/4/16 at 11:26 pm to Golfer
I barrowed 10k from my inlaws to start my business 3 years ago. Set it up in my bank to auto draft them every month. It's never been a problem and they have told me several times if I need more to come to them bc they don't want me wasting money barrowing from a bank or line of credit.
That said I'm actually closer to my inlaws than my own parents
That said I'm actually closer to my inlaws than my own parents
Posted on 4/4/16 at 11:26 pm to Sao
quote:
FIL can make a tax free gift under 10K. OP suggests that the tax savings is of help and in return for the genorosity he'll draft monthlies +2% direct to FIL's account. OP gets out from under a reported debt, moves on to other worthwhile ventures with his wife and FIL feels like he's helped them both.
GTFO of here with your logical, sound reasoning!
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