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|Borrowing Money On Behalf Of A Brother In-law. Advice Is Needed. by peacenow: 2:07pm On Feb 25|
My best friend asked me this question but I don't have answer yet. He is skeptical about the repayments from his brother in-law.
How can one take a loan on behalf of a brother in-law without getting into trouble? =N=900,000 is the total amount. He agrees to pay back in 15 months instalmentally. (keke Napep driver) The money is for Keke Napep Purchase.
My best friend needs advice on taking loan on behalf of his brother in-law to better his sister's family situation . Kindly help my best friend with advice please.
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|Re: Borrowing Money On Behalf Of A Brother In-law. Advice Is Needed. by budaatum: 2:14pm On Feb 25|
There is no harm in taking a loan on behalf of others, especially if you do not need the loan for yourself and want to be responsible for paying the loan back when the irresponsible person you took the loan for refuses to pay.
Can I be your sister-in-law please. I too need a loan.
|Re: Borrowing Money On Behalf Of A Brother In-law. Advice Is Needed. by Fixey: 2:18pm On Feb 25|
Nairaland is full of evil people who scatter families with bad counsels, watch how 95% will come and say your brother in law wants to use you and will dump you
|Re: Borrowing Money On Behalf Of A Brother In-law. Advice Is Needed. by SocialJustice: 2:23pm On Feb 25|
peacenow:Easy. Your guy should purchase the keke in his own name and enter into a balance and take agreement with his inlaw.
Balance and take for new keke is 100% interest. So the inlaw will pay back N1.8m in normal business but he can decide to ask the inlaw to pay N1.5m or even collect his N900k back without interest. His choice.
Your guy will also ask for 2 guarantors who will stand for that guy should he fail to meet contractual obligations to continue using the keke.
If he fails to do this, there's a 98% chance he will pay that debt by himself as the inlaw will stop remitting at some point because he knows he has no legal obligation to refund and he can blackmail him emotionally into paying the loan for him.
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|Re: Borrowing Money On Behalf Of A Brother In-law. Advice Is Needed. by Nbotee(m): 2:23pm On Feb 25|
Is he normal at all?? I can't even stand as surety for someone taking a loan talk more of taking a loan on their behalf.. Except the person taking the loan is willing to pay back the loan without complaints when the in-law defaults in payment.. Na so Una go dey use Una hand put Una self for problems
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|Re: Borrowing Money On Behalf Of A Brother In-law. Advice Is Needed. by legacystore: 4:20pm On Feb 25|
If u can afford to pay back the 900k easily if he defaults why not?
The problem is when u can't afford to pay back a loan u are taking on his behalf assuming he defaults.
Examine ur financial situation n take a decision
|Re: Borrowing Money On Behalf Of A Brother In-law. Advice Is Needed. by Kobicove(m): 6:23pm On Feb 25|
Tell him that that is one of the most foolish mistakes a person can make
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