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.

In Other News...

Veterans Honored Nov. 8-11 at Land Between The Lakes

GOLDEN POND, Ky. (10/20/14) — Land Between The Lakes National Recreation Area will join all federal agencies in… Read More

Banner Presented to Calloway Board of Education

PADUCAH, Ky. (10/20/14) — Elizabeth Alexander, a junior student in John Williams Technological Design class at Calloway… Read More

Most Read This Week

October 17, 2014 12037

UK Women's Soccer Welcomes Ole Miss, No. 5/4…

in General Sports For All Sites by UK Athletics
October 20, 2014 5633

Uncle Lee's in Greenville is Closing Its Doors…

in Local (Muhlenberg) Top News by www.unclelees.com
October 17, 2014 3910

Single Vehicle Collision Results in One Injury

in Local (Muhlenberg) Top News by Trooper S. C. Recke
October 19, 2014 3821

Kentucky Energy Department Releases Virtual Solar…

in General News For All Sites by Dick Brown
October 16, 2014 3112

Madisonville Police Arrest Reports - Oct. 16, 2014

in Hopkins News by Madisonville Police Department
October 21, 2014 2983

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 17, 2014 2786

Woman Arrested at Taco Bell for DUI

in Local (Hopkins) Top News by Madisonville Police Department
October 18, 2014 2768

Muhlenberg County Celebrates New Farmer’s Market

in Local (Muhlenberg) Top News by Charles W. Riley II, SurfKY News
October 17, 2014 2680

Madisonville Police Arrest Reports - Oct. 17, 2014

in Hopkins News by Madisonville Police Department
October 20, 2014 2670

Man Charged for Assaulting Pregnant Wife

in Local (Hopkins) Top News by Madisonville Police Department

Stories Trending Today

October 21, 2014 2983

UPDATE: Pedestrian Struck by Vehicle on Shamrock…

in Local (Hopkins) Top News by Officer C.P. Haynie
October 20, 2014 1962

Hopkins County Board of Education Recognizes…

in Local (Hopkins) Top News by Tammy Holloway, SurfKY News
October 21, 2014 1871

Madisonville Police Arrest Reports - Oct. 21, 2014

in Hopkins News by Madisonville Police Department
October 21, 2014 1858

Man Charged for Switching Plates on Vehicle;…

in Local (Hopkins) Top News by Madisonville Police Department
October 20, 2014 1535

Providence Police Reports Released

in Local (Webster) Top News by Chief Brent McDowell
October 21, 2014 1515

Arrival of Overpass Beams for I-69/Pennyrile Pkwy…

in General News For All Sites Touching Hopkins by Keith Todd
October 21, 2014 1330

Alliance for a Drug-Free Owensboro-Daviess County…

in Owensboro News by Carla Shelton
October 21, 2014 1249

Meade County Set to Host Third Region Boys'…

in General Sports For All Sites by Steve LeMaster
October 22, 2014 1233

Failure to Signal Ends in Drug Arrest

in Local (Hopkins) Top News by Madisonville Police Department
October 21, 2014 1131

RWRA Sewer Repairs Starting Tomorrow

in Owensboro News by Abby Shelton

SurfKY News Group, Inc.
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