Greetings...

M20....Obviously I have not explained the situation regarding the loan well enough, or you have not properly read what I have posted. The loan was taken out on the 28th April last year for a total of 203k. 10% pm interest and re-loaned at 12% pm. The loan repayments were repaid each month with no problem until the two loanees disappeared in December of last year. My wife was then saddled with interest payments which obviously she could not afford. However, she repaid the interest owed by "losing" money with various excuses over the past few months. I could prove nothing but my suspicions were aroused. Once I had proof, I then took the steps of leaving her until she finally admitted the truth.

Yes, its only a piece of paper with a signature and date. But the loan repayments tie in nicely with the monies "lost" in the last few months. Yes...I could just shrug my shoulders and say she is an unlicensed lender and the loan is illegal under Philippine Law. But the consequences of that could be dire and indeed be unsafe for me to remain in the Philippines. So...I took the decision to repay with gritted teeth. The consequences of which to my wife is this: She has lost her personal allowance which she accepts, she no longer handles the bills....I do. If she needs money for groceries etc....then she asks me. If things get difficult financially ....she will get a job, She has already discussed one with me this morning.

Now, and finally. The initial loan was 203k. Last night she spent much time arguing with the lender about the repayments. Apparently, some of the capital has been paid off. The total owing is now 191k. The lender, was also stating that some arrears were due (1 month). My wife then argued (with receipts) that this was not so. The lender this morning apologized to me for her mistake. My wife saved me 1000's in repayments. If this was the ultimate scam, then that would not have happened.

Regards

Millhouse....

No. But will be in installments...with reduced and reducing interest rates.


Regards

But they're not really consequences, are they? It's still your money paying the bills, buying the food, and now paying back her debts. She hasn't saved you money, she's cost you dearly!

The very least she could do is stop talking about getting a job and actually get one to pay off her own debts. The old but accurate 'actions speak louder than words'.

I was thinking more of the "Road to hell" -

I'm so sorry, but that is Scamming 101 and it looks like it has been successful.
"Make 'em grateful to you when it's looking a little hairy, and the golden goose keeps on giving"

Greetings...

Now the dust has settled somewhat, I am now of the opinion that her family are innocent of all the shenanigans over the past 6 months or so. Indeed, apart from 2 unpaid loans (gifts) they have been guilty of nothing out of the ordinary since my arrival here over 4yrs ago. My wife does not confide in them, nor me if it comes to that, because of her proud independent nature. Having communicated with various members of her family over the past few weeks, they have shown genuine concern over what has been going on recently. Those concerns and conversations I have posted here. Also, on recent visits to their home, I have seen no evidence of riches beyond their means. Furthermore, up until recently, they came cap in hand looking for a few peso on a regular basis. In other words....they are still poor. Or perhaps more realistically, they don't know how to handle their combined income. I have no problem with them....and I am hoping that the excommunication of my wife will be over soon.

I have posted that statement, in order to set the record straight after reading some of the comments posted here.

I intend to post something later in the same vein about my wife, now that I have had time to reflect on the traumas recently. She, as I am sure you are all delighted to know (maybe not)....is continuing to be the lovely lady I met 4 yrs ago. Yes, she is wounded, devoid at the moment from her family and many friends. I sincerely hope that changes soon. She seeks comfort with me and I will continue to give her my full support. Helping her recuperation is her dog of which they are inseparable. I continue to be amazed at how she has taken to her and her previous puppy. She has shown no inclination toward animals in the past. Anyway, more on her later.

Regards

So the holders of the Secondary Re-Loan paid monthly at 12%. But they only paid the interest, correct? That would mean they were paying HER INTEREST payments, plus 2% toward the principal. That presumably would go into paying back the principal. 2% @ 203K = about 4060 peso (was this per month? Or over the year). If per month she was actually getting P24,360/ month from her loan recipients and paying back to her lender P20,300. That's a monthly profit for her of 4060 peso. Presumably she scraped together out of this an additional 1000/peso a month to reduce the principle to her (the original) lender. She was keeping @3000/month (P36,000/year). But at this rate it would take 16-17 years to pay off the loan. If she were left in the lurch for six months she would have been able to make payments of about two months (providing she had not spent her "profits"). So presumably the rest (3-4 months - P60-80,000) were made from pilferage, more loans, her allowance, pawning, etc. Missing any money or items?

RedApe....

Wrong. The secondary re-loaners repaid some of the capital.

Mikek1....

I will kick your assertion that she just regards me as an ATM into touch when I next post soon.

Regards

Think about this. Even if they had paid back all 12K of the principal it really doesn't help the issue. All that would mean was that LL was pocketing the rest and not using her "profits" to pay down the principal until the scofflaws left town. Unless she still has money squirreled away you are taking on her debt of P191,000 and 10% monthly interest (hopefully no late fees). Thus the interest fee alone is 19100 a month . (£286.3/ month), twice that if you want to get out from under the debt in about a year.

P11, I urge you to go back and re-read the first few pages of posts on this thread from 4 years ago, with a clear, sensible head on. Now look at the truly sorry position you're in, having ignored every single piece of well-intentioned advice that was offered to you... how have you allowed yourself to get here?

Imagine what the posts in 4 years time will look like...