Pick Your Community: | Hopkins | Muhlenberg | Daviess | Christian | Henderson | Lakes | McCracken | Webster
Davis Motor Sales banner ad

Dave Says – June 16, 2013

davesays300 greenKENTUCKY (6/16/13) – This week Dave discusses Resenting the family loan and Watch what you give them!

 
Dear Dave,
I borrowed $30,000 from my aunt to buy a condo eight years ago. We had a deal that she would get her money back, plus a piece of the profits, when it sold. If there were no profits, she would get back her original $30,000. Recently the condo sold and I lost the money I put into it, plus my aunt’s money as well. I make good money and don’t have any other debt, but I’m a little resentful now that she wants me to pay her back. Do you have any suggestions? - Christine

Dear Christine,
I don’t want to be mean, but you have no right to be resentful toward your aunt. This is the deal you signed up for, and she did nothing wrong. Wanting her money back now isn’t greedy or malicious on her part, and it’s definitely not worth putting a family relationship at risk.

I know what you’re thinking, because it’s just human nature. You just went through a lot, and the situation didn’t work out as planned. Plus, it doesn’t sound like your aunt is hurting financially if she put $30,000 toward helping you in the deal. Part of you is thinking she has plenty of money, so why doesn’t she just forgive the debt and forget about everything?

If you were barely scraping by, I might suggest that you sit down and talk with her over a cup of coffee, explain the situation and ask her to forgive the debt. Right now, the little girl part of you is whining, “Oh, come on. Just let me go!” But the grown-up Christine knows better. That part of you is whispering, “You know what to do…”

Pay her back as quickly as possible, and get this bad deal behind you for good. You said you make good money, so just take care of your responsibility. It’ll hurt some, but it’s better than taking a chance on ruining the relationship with a very generous and loving aunt. - Dave
 
Dear Dave,
I’m working on my debt snowball, and I’m trying to settle with a pushy collector. I don’t have the $9,000 I owe, but I have $3,000 I’d like to offer as a settlement. Recently the collector has started asking for a lot of information I don’t feel comfortable providing. What should I do? - Daniel

Dear Daniel,
Lots of times in these kinds of situations collectors are trying to gather up as much information as possible in order to sue you. Even if that’s not the case here, there’s no reason for you to be supplying them with a bunch of extra info. Just offer them the $3,000, and make it clear that your financial coach—which is me—told you not to answer any more of their nosy questions.

Make sure they understand that your offer of $3,000 stands as a settlement of the debt today. If they’re willing to accept the offer, get a statement in writing saying that the $3,000 represents payment in full before you cut the check. If they choose not to accept your offer, and they keep asking questions that are none of their business, just tell them to call back when they’re willing to discuss terms. Then, hang up! - Dave

*Dave Ramsey is America’s trusted voice on money and business. He’s authored four New York Times best-selling books: Financial Peace, More Than Enough, The Total Money Makeover and EntreLeadership. The Dave Ramsey Show is heard by more than 6 million listeners each week on more than 500 radio stations. Follow Dave on Twitter at @DaveRamsey and on the web at www.daveramsey.com.

 

Disclaimer: The content supplied by columnists and letters to the Editor on this site does not in any way, shape or form, implied or otherwise, necessarily express or suggest endorsement or support of any of such content, statement, or opinions therein. SurfKY News does not necessarily adhere to or endorse content provided by outside non-staff sources.

© Copyright 2014 SurfKY News Group, Inc. All rights reserved. This material may not be published, broadcast, or rewritten without permission. SurfKY News encourages you to share this story by using one of the social media links below.

Posted on 2/2/14
2/6/2014 - posted
3/13 - 16
button coupons

Stock Report

1 DOW 18,062.19
+8.48 (0.05%)    
2 S&P 2,092.71
+3.94 (0.19%)    
3 NASDAQ 4,811.77
+4.91 (0.10%)    
2/6/2014 - posted
3/13 - 16
2/6/2014 - posted
3/13 - 16
button classifieds
2/6/2014 - posted
3/13 - 16

Most Read This Week

December 24, 2014 12863

Christmas Eve Bloody Brawl Erupts on Dulin Street

in Local (Hopkins) Top News by Doreen Dennis
December 25, 2014 9031

Gift Returns Done Right

in General News For All Sites by SurfKY News
December 25, 2014 6428

Arrests Made After Dulin Avenue Christmas Eve…

in Local (Hopkins) Top News by Officer C.P. Haynie
December 25, 2014 4712

Crime Stoppers Top Most Wanted - December 25, 2014

in Video by Crime Stoppers
December 23, 2014 4225

Couple's Alleged Dispute over Blanket Leads to…

in Local (Hopkins) Top News by Madisonville Police Department
December 23, 2014 3697

Alleged Theft at Walmart Sends Two to Jail

in Local (Hopkins) Top News by Madisonville Police Department
December 26, 2014 3371

2014 Looking Back: World Mourns Watson Family…

in Top News For All Sites by Paul McRee, SurfKY News
December 26, 2014 3332

5-Year-Old Boy Kills Buck/Doe

in Local (Muhlenberg) Top News by Randy Adams
December 23, 2014 3307

Disturbance Results in Vehicle, Foot Pursuit,…

in Local (Hopkins) Top News by Officer Tyler Russell
December 23, 2014 3105

Hopkins County Grand Jury Indictments

in Local (Hopkins) Top News by Karen McKnight

Stories Trending Today

December 28, 2014 3029

Patriot to Idle Two Mines Today; 600-700 Jobs…

in Top News For All Sites by Rita Dukes Smith, SurfKY News Director
December 28, 2014 1488

Unique New Year's Traditions from across the World

in General News For All Sites by SurfKY News
December 28, 2014 1476

2014 Looking Back: Central City’s Lu Ray Park…

in Top News For All Sites by Paul McRee, SurfKY News
December 27, 2014 1198

Understand and Avoid Elder Financial Fraud

in General News For All Sites by SurfKY News
December 28, 2014 1129

Five Tips to Get Control of Your Retirement in…

in General News For All Sites by David Taylor
December 28, 2014 964

New Year Brings New Sales

in General News For All Sites by SurfKY News
December 28, 2014 956

Dave Says - Dec. 28, 2014

in General News For All Sites by Dave Ramsey
December 28, 2014 914

Lung Cancer Not Always Linked to Smoking

in General News For All Sites by SurfKY News
December 28, 2014 907

Outdoor Truths - Dec. 28, 2014

in General News For All Sites by Gary Miller
December 28, 2014 907

Legislator's Log - Week of Dec. 28, 2014

in General News For All Sites by Brent Yonts

SurfKY News Group, Inc.
Corporate Office & Studio
1125 Nebo Rd.  •  Madisonville, KY 42431
270.452.2727 (phone)
  •  270.452.2249 (fax)


Contact a member of our staff: www.surfky.com/contact
Copyright © 2014 SurfKY News Group, Inc.  •  Terms of Use  •  Site Map

social fbsocial twsocial yt
social gpsocial flrsocial rss