Me and My Family
May 18th 2019, 9:15 am
#2236
BE Enthusiast
Joined: Jan 2012
Posts: 466
Re: Me and My Family
To be fair to P11 there are some of us (self included) who have occasionally expressed some cynicism as to the veracity of the story as told. I think I do, now, believe his story however the odd alarm bell, does still ring - for example when he "trails" the next forthcoming episode!
There are numerous ex-Pat sites, and many describe in their own words how gullible and stupid Johnny Foreigner had become after meeting and marrying their young sweethearts.
The annoying aspect of these sites is that despite all the written warnings by those that have suffered, there are still countless men who are prepared to take a chance, without realizing the majority of very young girls seek not love, but security and financial reward.
May 18th 2019, 9:19 am
#2237
Account Closed
Joined: Mar 2017
Posts: 0
Re: Me and My Family
This saga is not fiction or made up. I know of other ‘Johnny Foreigners’ who have mirrored similar experiences, all incidentally who have been treated like a ATM .It was parade till the family came out of the woodwork. Some had ended up in a Philippine prison, many have been left helpless and penniless.
There are numerous ex-Pat sites, and many describe in their own words how gullible and stupid Johnny Foreigner had become after meeting and marrying their young sweethearts.
The annoying aspect of these sites is that despite all the written warnings by those that have suffered, there are still countless men who are prepared to take a chance, without realizing the majority of very young girls seek not love, but security and financial reward.
May 18th 2019, 9:21 am
#2238
BE Enthusiast
Joined: Jan 2012
Posts: 466
Re: Me and My Family
P11,
If you need a top class attorney PM me. My attorney has done a lot of work for my wife and myself and is a well respected counselor of our not small town. His charges are also very small, he also specializes in family matters, the sort you may have coming.
If you need a top class attorney PM me. My attorney has done a lot of work for my wife and myself and is a well respected counselor of our not small town. His charges are also very small, he also specializes in family matters, the sort you may have coming.
May 18th 2019, 9:42 am
#2240
BE Enthusiast
Joined: Jan 2012
Posts: 466
Re: Me and My Family
P11,
One thing you have not mentioned is the size of the loan your L/L took out. I don’t blame you for not disclosing the amount due to embarrassment.However it is clearly substantial for most Filipinos , which makes me think the whole episode is a scam.
Over the time I have lived in the Philippines I have come to realize how little savings or money Filipinos have, and that includes professionals, those with good occupations.Those with serious money are usually not even seen by most. It does make me wonder who and why would anyone who has large amounts of money lend to your L/L given her track record of failure. I doubt very much someone with large amounts of money would even give your L/L the time of day.
One thing you have not mentioned is the size of the loan your L/L took out. I don’t blame you for not disclosing the amount due to embarrassment.However it is clearly substantial for most Filipinos , which makes me think the whole episode is a scam.
Over the time I have lived in the Philippines I have come to realize how little savings or money Filipinos have, and that includes professionals, those with good occupations.Those with serious money are usually not even seen by most. It does make me wonder who and why would anyone who has large amounts of money lend to your L/L given her track record of failure. I doubt very much someone with large amounts of money would even give your L/L the time of day.
May 18th 2019, 10:52 am
#2241
BE Forum Addict
Thread Starter
Joined: Jun 2014
Location: Philippines
Posts: 1,853
Re: Me and My Family
mikek1....
As you have asked, the total according to the lender is 203k. Interest per month is 20.3k. She apparently obtained the money on life insurance on her husbands death and wanted to use the money as income. My wife according to her,re-lent it to two individuals who have disappeared. I have their names. One was for 125k and the balance to another. I agree with your earlier comment that the profit on 12% loaning it back out is crass stupidity. Which makes me wonder about the stupidity or the veracity of the story. To add insult to injury, my wife is charged 3k every time she is late. This makes me wonder how good this "friend" really is. But it also explains why she is desperate for money when repayment is due. From what I gather, the first loan repayment is due about now. Still waiting for details of the agreement from the lender. Not sure how I will play this, I know that the loan is illegal and I do not think she is licensed. She wouldn't stand a chance in court to reclaim anything from what I gather. However, I might play the "white man" and hopefully come to an agreement with the seller.....assuming there is proof of the loan.
Back to the dog house...
As you have asked, the total according to the lender is 203k. Interest per month is 20.3k. She apparently obtained the money on life insurance on her husbands death and wanted to use the money as income. My wife according to her,re-lent it to two individuals who have disappeared. I have their names. One was for 125k and the balance to another. I agree with your earlier comment that the profit on 12% loaning it back out is crass stupidity. Which makes me wonder about the stupidity or the veracity of the story. To add insult to injury, my wife is charged 3k every time she is late. This makes me wonder how good this "friend" really is. But it also explains why she is desperate for money when repayment is due. From what I gather, the first loan repayment is due about now. Still waiting for details of the agreement from the lender. Not sure how I will play this, I know that the loan is illegal and I do not think she is licensed. She wouldn't stand a chance in court to reclaim anything from what I gather. However, I might play the "white man" and hopefully come to an agreement with the seller.....assuming there is proof of the loan.
Back to the dog house...
Last edited by Philosophical 11; May 18th 2019 at 11:07 am.
May 18th 2019, 12:34 pm
#2242
BE Enthusiast
Joined: Jan 2012
Posts: 466
Re: Me and My Family
Astounded by the stupidity of your L/L. I think this is definitely another scam........payment is about due. You are wasting your time deliberating the legality of the loans. It does not work like that in the Philippines, unless it’s a bank of course. There are numerous 5/6 lenders who have no legal requirements, or do not adhere to any if there was.
You state that the borrowers have fled, are you kidding, what for 105k, no chance a Filipino would leave their family or face the shame in the local barangay for that amount. Why doesn’t your L/L find out where here debtors have gone and get the money from them. Is it the fact that according to you the loan was illegal, but so was your L/Ls loan business illegal.
This whole episode sounds like the ultimate scam, and once again you are being used and abused. For gods sake wake up and smell the coffee before you come to harm, or end up broke.
You state that the borrowers have fled, are you kidding, what for 105k, no chance a Filipino would leave their family or face the shame in the local barangay for that amount. Why doesn’t your L/L find out where here debtors have gone and get the money from them. Is it the fact that according to you the loan was illegal, but so was your L/Ls loan business illegal.
This whole episode sounds like the ultimate scam, and once again you are being used and abused. For gods sake wake up and smell the coffee before you come to harm, or end up broke.
May 18th 2019, 12:53 pm
#2243
BE Forum Addict
Thread Starter
Joined: Jun 2014
Location: Philippines
Posts: 1,853
Re: Me and My Family
Mikek1.....
Yes, I agree chasing debtors is a waste of time although the small claims court does make the process easier. Problem with that of course the debt needs to be legal, which it is not to her two lenders, witnesses and a legal contract with affidavit. Even if she located the two borrowers in question, there is nothing she can do.
*****For gods sake wake up and smell the coffee before you come to harm, or end up broke.***** Which is exactly why I want to see the agreement she supposedly signed.
Regards
Yes, I agree chasing debtors is a waste of time although the small claims court does make the process easier. Problem with that of course the debt needs to be legal, which it is not to her two lenders, witnesses and a legal contract with affidavit. Even if she located the two borrowers in question, there is nothing she can do.
*****For gods sake wake up and smell the coffee before you come to harm, or end up broke.***** Which is exactly why I want to see the agreement she supposedly signed.
Regards
May 18th 2019, 12:55 pm
#2244
BE Enthusiast
Joined: Jan 2017
Location: Kuching, Sarawak
Posts: 674
Re: Me and My Family
203,000 peso = £3000. If there is an insurance policy on you how much is THAT? Consider that she only collects if you are dead...and/or passes the policy on to the moneylender. In fact, the MONTHLY interest is 23,300 peso = £330 with £44.7 accruing from the fine - which doesn't even cover the principal. After the first month the debt will be £3344.7...next month (#2) £3679.2+£44.80 (fine) =£3723. Then the next month (#3), £4095 + another £44.80 fine = £4140. Ahhhh, the beauty of compounding interest. Month four £4554 + £44.8 fine = £4598. Month five, lemme see Interest =...£4598 * 10% = £459.8 PLUS the accrued amount = £5057.8 (plus fine of £44.8) = a Grand Total of £5102.6.
Now we're a half year into your LL's debt. Month six will be £5612.86 + the fine of £44.8 =£5657.66 ....from a "tiny" £3K loan. Month 7 - £6268.23. Month 8 - £6939.85. Month 9 - £7678.63. Month 10 - £8491.3 Month 11 - £9385.23...and Merry Christmas! Month 12 will be £10368.55 . You've broken the £10K mark!!! The interest alone for that month will be £1032.4. You don't want to even know what monthly compounding interest will do the next year! Don't they teach the school kids in the Philippines that old game on doubling the penny every day? Or maybe only some of the kids actually get it.
Then again if she could hunt down the scofflaws owing her 12% and the same fine they'd have a debt of £13,483.94. So maybe you should hire a muscle man and threaten to wring some necks. Maybe LL is actually Drogon (or is it "Naga") Lady.
Oh, and maybe you should find out how much that Life Insurance Policy she took out on you was for. And what the original cost of that was, and if she is keeping up with those payments. When does the "waiting period" on cashing in on it end?
Now we're a half year into your LL's debt. Month six will be £5612.86 + the fine of £44.8 =£5657.66 ....from a "tiny" £3K loan. Month 7 - £6268.23. Month 8 - £6939.85. Month 9 - £7678.63. Month 10 - £8491.3 Month 11 - £9385.23...and Merry Christmas! Month 12 will be £10368.55 . You've broken the £10K mark!!! The interest alone for that month will be £1032.4. You don't want to even know what monthly compounding interest will do the next year! Don't they teach the school kids in the Philippines that old game on doubling the penny every day? Or maybe only some of the kids actually get it.
Then again if she could hunt down the scofflaws owing her 12% and the same fine they'd have a debt of £13,483.94. So maybe you should hire a muscle man and threaten to wring some necks. Maybe LL is actually Drogon (or is it "Naga") Lady.
Oh, and maybe you should find out how much that Life Insurance Policy she took out on you was for. And what the original cost of that was, and if she is keeping up with those payments. When does the "waiting period" on cashing in on it end?
May 18th 2019, 1:08 pm
#2245
BE Forum Addict
Thread Starter
Joined: Jun 2014
Location: Philippines
Posts: 1,853
Re: Me and My Family
RedApe.....
There is no interest outstanding at the moment...and obviously no fine.
My life insurance lapsed a few months ago and she is aware of that. Also, her insuring me for millions is just "talk" to impress her friends. To insure a 71 yr old for that amount would be too prohibitive.
Regards
There is no interest outstanding at the moment...and obviously no fine.
My life insurance lapsed a few months ago and she is aware of that. Also, her insuring me for millions is just "talk" to impress her friends. To insure a 71 yr old for that amount would be too prohibitive.
Regards
May 18th 2019, 1:20 pm
#2246
BE Enthusiast
Joined: Jan 2017
Location: Kuching, Sarawak
Posts: 674
Re: Me and My Family
RedApe.....
There is no interest outstanding at the moment...and obviously no fine.
My life insurance lapsed a few months ago and she is aware of that. Also, her insuring me for millions is just "talk" to impress her friends. To insure a 71 yr old for that amount would be too prohibitive.
Regards
There is no interest outstanding at the moment...and obviously no fine.
My life insurance lapsed a few months ago and she is aware of that. Also, her insuring me for millions is just "talk" to impress her friends. To insure a 71 yr old for that amount would be too prohibitive.
Regards
May 18th 2019, 1:38 pm
#2248
Concierge
Joined: Apr 2001
Posts: 46,381
Re: Me and My Family
I wonder why a woman, who is supposedly business smart, decided to dabble in illicit borrowing and lending of monies. Being a native, she is fully aware of her culture's propensity to borrow and not repay. So why would she knowingly enter into a business activity that is 99% assured is not going to succeed?
Also there is the fact that this distant relative knows of her inability to repay what she borrowed, either in interest or principal. Where is their gain in loaning her money. Other than this being the true story of this borrowing/lending scheme, you have no proof that she didn't borrow this money and repay someone or something that was hanging over her head. P11, financially your LL is still taking you for a ride. I'm amazed that you are continuing to contribute to her family's rental costs. Why? They have washed their hands of her and still you pay monthly for their living accommodations. And now the grapevine says they are going to sue for defamation to their lovely daughter's and their reputations. Another way for them to garner monies at your expense.
Ultimately, the main issue with your life and your wife is financial. You really need to stop all financial assistance to her family and yes, even to her. Do the legwork on this loan business but do not pay one penny out of your pocket.
Also there is the fact that this distant relative knows of her inability to repay what she borrowed, either in interest or principal. Where is their gain in loaning her money. Other than this being the true story of this borrowing/lending scheme, you have no proof that she didn't borrow this money and repay someone or something that was hanging over her head. P11, financially your LL is still taking you for a ride. I'm amazed that you are continuing to contribute to her family's rental costs. Why? They have washed their hands of her and still you pay monthly for their living accommodations. And now the grapevine says they are going to sue for defamation to their lovely daughter's and their reputations. Another way for them to garner monies at your expense.
Ultimately, the main issue with your life and your wife is financial. You really need to stop all financial assistance to her family and yes, even to her. Do the legwork on this loan business but do not pay one penny out of your pocket.
May 18th 2019, 2:10 pm
#2249
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,138
Re: Me and My Family
P11, I reckon you could do with a laugh about now, so I hope this gives you one.
Husband tells wife he wants to be cremated, wife tells husband he'll be embalmed and buried. Her reasoning is that if he's not embalmed he'll be smelly like his poo, and besides, her brother is an embalmer so that'll save her some money.
Husband tells wife he wants to be cremated, wife tells husband he'll be embalmed and buried. Her reasoning is that if he's not embalmed he'll be smelly like his poo, and besides, her brother is an embalmer so that'll save her some money.
May 18th 2019, 2:12 pm
#2250
BE Forum Addict
Joined: Dec 2016
Posts: 1,013
Re: Me and My Family
mikek1....
As you have asked, the total according to the lender is 203k. Interest per month is 20.3k. She apparently obtained the money on life insurance on her husbands death and wanted to use the money as income. My wife according to her,re-lent it to two individuals who have disappeared. I have their names. One was for 125k and the balance to another. I agree with your earlier comment that the profit on 12% loaning it back out is crass stupidity. Which makes me wonder about the stupidity or the veracity of the story. To add insult to injury, my wife is charged 3k every time she is late. This makes me wonder how good this "friend" really is. But it also explains why she is desperate for money when repayment is due. From what I gather, the first loan repayment is due about now. Still waiting for details of the agreement from the lender. Not sure how I will play this, I know that the loan is illegal and I do not think she is licensed. She wouldn't stand a chance in court to reclaim anything from what I gather. However, I might play the "white man" and hopefully come to an agreement with the seller.....assuming there is proof of the loan.
Back to the dog house...
As you have asked, the total according to the lender is 203k. Interest per month is 20.3k. She apparently obtained the money on life insurance on her husbands death and wanted to use the money as income. My wife according to her,re-lent it to two individuals who have disappeared. I have their names. One was for 125k and the balance to another. I agree with your earlier comment that the profit on 12% loaning it back out is crass stupidity. Which makes me wonder about the stupidity or the veracity of the story. To add insult to injury, my wife is charged 3k every time she is late. This makes me wonder how good this "friend" really is. But it also explains why she is desperate for money when repayment is due. From what I gather, the first loan repayment is due about now. Still waiting for details of the agreement from the lender. Not sure how I will play this, I know that the loan is illegal and I do not think she is licensed. She wouldn't stand a chance in court to reclaim anything from what I gather. However, I might play the "white man" and hopefully come to an agreement with the seller.....assuming there is proof of the loan.
Back to the dog house...
Isn't this the normal arrangement in a business deal?
Having followed your life story here I cannot help but believe that this "loan deal" is no more than a very profitable deal for LL et al. She knows you are a softy and you won't let her down.
Good luck.
