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.

e-max.it: your social media marketing partner

LIKE SurfKY on Facebook - Click here to LIKE us now.

© Copyright 2015 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 on social media.

Weather Sponsored by

1 DOW 17,812.19
+19.51 (0.11%)    
2 S&P 2,089.14
+2.55 (0.12%)    
3 NASDAQ 5,102.81
+0.33 (0.01%)    

Stock Report Sponsored by

In Other News...

Madisonville Police Reports Released

MADISONVILLE, Ky. (11/24/15) ― The Madisonville Police Department released the following reports Tuesday, Nov. 24. Rosa… Read More

Hibbs Electromechanical Wins Safety Award

LEXINGTON, Ky. (11/24/15) — Hibbs Electromechanical is among 14 organizations receiving Kentucky Employers' Mutual… Read More

Most Read This Week

November 20, 2015 9460

Dispatchers Overhear Drug Activity during…

by SurfKY News
November 21, 2015 8417

Injuries Result from Beulah Road Accident

by Doreen Dennis, SurfKY News
November 24, 2015 7429

Distillery to Operate in Old Graham School…

by SurfKY News
November 23, 2015 6969

Relative Charged with Murder, Arson in Deaths of…

by SurfKY News
November 20, 2015 4014

Dawson Springs Woman Dies in House Fire

by SurfKY News

Most Read This Month

November 17, 2015 14389

Ohio County Most Wanted - Top 10 - November 17

by SurfKY News
November 18, 2015 14063

Runaway Teen Returns on His Own

by SurfKY News

Stories Trending Now

November 24, 2015 7429

Distillery to Operate in Old Graham School…

by SurfKY News
November 24, 2015 3376

Ohio County Most Wanted - Top 10 - November 24

by SurfKY News
November 24, 2015 2493

Man Injured When Vehicle Collides with Deer

by SurfKY News
November 24, 2015 1339

New Information on String of Break-ins, Thefts

by SurfKY News
November 24, 2015 975

Wet/Dry Petition for Beaver Dam Submitted

by Lee Bratcher, SurfKY News
November 24, 2015 943

Madisonville Police Reports Released

by SurfKY News
November 24, 2015 753

Beshear Signs Executive Order Restoring Some…

by SurfKY News
November 23, 2015 704

Providence Police Reports Released

by SurfKY News
November 24, 2015 481

House Republican Leader Takes Issue with…

by SurfKY News
November 24, 2015 470

Sen. Rand Paul Responds to Conflict within…

by SurfKY News