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Greedy or Generous? What says the OT
Posted on 3/12/14 at 8:57 am
Posted on 3/12/14 at 8:57 am
My cousin is about to get her undergrad. And after taking 1 semester off she's going to get her masters. She has 9000.00+ in debt at 15% interest. I'm thinking about offering to buy up her debt at 7% interest. She nevers misses a payment. I looked at the proposal as a win win for both of us. But am I being greedy by requesting any interest? She would make monthly payments to me at a fixed rate. What says the OT.
:nb4PicsOrGTFO:
:nb4PicsOrGTFO:
27
Posted on 3/12/14 at 8:58 am to Random LSU Hero
quote:
She has 9000.00+ in debt at 15% interest.
she is a moron for taking this loan.
Posted on 3/12/14 at 8:58 am to Random LSU Hero
not greedy at all IMO.
Posted on 3/12/14 at 8:58 am to Random LSU Hero
Not greedy.....in all fairness you're doing her a favor and making a few bucks along the way.
Posted on 3/12/14 at 8:58 am to Random LSU Hero
risky. Could ruin relationship. If she decides not to pay what are you going to do?
If it works out, then it is not greedy.
If it works out, then it is not greedy.
This post was edited on 3/12/14 at 9:00 am
Posted on 3/12/14 at 8:59 am to Random LSU Hero
Greedy
Posted on 3/12/14 at 8:59 am to Random LSU Hero
bad idea IMO
money and family shouldn't mix this way
money and family shouldn't mix this way
Posted on 3/12/14 at 8:59 am to Random LSU Hero
If you do this, you are an idiot. NEVER enter into a loan/business type arrangement with a family member and not expect to get screwed and/or cause family turmoil. There will be people along shortly to say it is OK but that is the exception.
People pay consistently on loans to outside sources because of the potential for negative outcomes (i.e. bad credit report). Remove that motivation and they will skip payments.
People pay consistently on loans to outside sources because of the potential for negative outcomes (i.e. bad credit report). Remove that motivation and they will skip payments.
Posted on 3/12/14 at 9:00 am to jbgleason
dick move asking for interest IMO
This post was edited on 3/12/14 at 9:01 am
Posted on 3/12/14 at 9:00 am to Random LSU Hero
you're going to buy debt from your cousin for profit? you sound like an a-hole
Posted on 3/12/14 at 9:00 am to Random LSU Hero
I'd gladly switch to someone I know especially if I knew I could make the payments. That 15% interest rate sounds fishy, you'd be doing her a huge favor so requesting interest seems ok to me.
Posted on 3/12/14 at 9:02 am to Random LSU Hero
what do you intend to do if she doesn't/can't pay off the loan anymore?
Posted on 3/12/14 at 9:03 am to CuseTiger
Pics? Someone had to say it.
Posted on 3/12/14 at 9:03 am to LSUSoulja08
quote:
bad idea IMO
money and family shouldn't mix this way
I agree unless you are completely fine not getting paid back
Posted on 3/12/14 at 9:04 am to Random LSU Hero
This could go horrible wrong....kind of like why you never loan money to family
Posted on 3/12/14 at 9:04 am to Displaced
quote:
what do you intend to do if she doesn't/can't pay off the loan anymore?
Shes very honest and hard working. the risk is all mine, but I wanted to help her out.
Posted on 3/12/14 at 9:04 am to Random LSU Hero
I have loaned people, relatives and friends, large sums at various rates. My guideline is how much I am able to save them without costing myself anything I would have made on the money through my investments.
I also have a promissory note drawn up and filed to cover any problems.
I also have a promissory note drawn up and filed to cover any problems.
This post was edited on 3/12/14 at 9:10 am
Posted on 3/12/14 at 9:49 am to LSUvegasbombed
quote:
dick move asking for interest IMO
Posted on 3/12/14 at 9:50 am to jbgleason
quote:
People pay consistently on loans to outside sources because of the potential for negative outcomes (i.e. bad credit report). Remove that motivation and they will skip payments.
this is golden info here
Posted on 3/12/14 at 9:52 am to Random LSU Hero
refer to the 7th crack commandment, it is very underrated
Keep your family and business completely separated
Money and blood don't mix like 2 dicks and no bitch
Find yourself in serious shite
Keep your family and business completely separated
Money and blood don't mix like 2 dicks and no bitch
Find yourself in serious shite
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