Loan payments to a relative

[afmed]

My husband went to graduate school in the US from Canada. At the time his step-father paid for tuition through a bank loan. We are now several years later and my husband has been paying back the loan for several years. Now we owe directly to the step-father because he paid his bank loan off with some money he got from a sold business. I totally understand to have a written agreement. We have never been late on any payment for 5 years. The only problem I have is that this written agreement seems to favor the step-father more so. Not only is my husband required to pay for a life insurance policy in Canada with the beneficiary the step-father, but now he wants in the contract something that states my husband owes his niece(the step-father’s niece) the payments if the step-father dies. I just want to know if this seems overdone. Should we have someone look at this agreement. Does my husband have to agree to a life insurance policy if he has a contract already to repay the loan?

[temeculaguy]

If you don’t like the deal, go to a bank and borrow the same amount of the debt remaining and pay it off. If that doesn’t make sense because it is a higher interest rate or some other drawback, then deal with whatever the terms are. More than likely the terms are still better borrowing from the relative, term life insurance is cheap and banks don’t die so assigning a beneficiary if something were to happen to him is logical.

Remember the lesson learned, never borrow money from relatives or friends.

[temeculaguy]

If you don’t like the deal, go to a bank and borrow the same amount of the debt remaining and pay it off. If that doesn’t make sense because it is a higher interest rate or some other drawback, then deal with whatever the terms are. More than likely the terms are still better borrowing from the relative, term life insurance is cheap and banks don’t die so assigning a beneficiary if something were to happen to him is logical.

Remember the lesson learned, never borrow money from relatives or friends.

[temeculaguy]

If you don’t like the deal, go to a bank and borrow the same amount of the debt remaining and pay it off. If that doesn’t make sense because it is a higher interest rate or some other drawback, then deal with whatever the terms are. More than likely the terms are still better borrowing from the relative, term life insurance is cheap and banks don’t die so assigning a beneficiary if something were to happen to him is logical.

Remember the lesson learned, never borrow money from relatives or friends.

[temeculaguy]

If you don’t like the deal, go to a bank and borrow the same amount of the debt remaining and pay it off. If that doesn’t make sense because it is a higher interest rate or some other drawback, then deal with whatever the terms are. More than likely the terms are still better borrowing from the relative, term life insurance is cheap and banks don’t die so assigning a beneficiary if something were to happen to him is logical.

Remember the lesson learned, never borrow money from relatives or friends.

[temeculaguy]

If you don’t like the deal, go to a bank and borrow the same amount of the debt remaining and pay it off. If that doesn’t make sense because it is a higher interest rate or some other drawback, then deal with whatever the terms are. More than likely the terms are still better borrowing from the relative, term life insurance is cheap and banks don’t die so assigning a beneficiary if something were to happen to him is logical.

Remember the lesson learned, never borrow money from relatives or friends.

[nostradamus]

Let’s see the existing agreement. Can you cut/paste it here? Seems like a lot of hassle for family. For your hubby I’d say pay back what he owes and be done with it but still it seems like the step dad might be acting dickish.

[nostradamus]

Let’s see the existing agreement. Can you cut/paste it here? Seems like a lot of hassle for family. For your hubby I’d say pay back what he owes and be done with it but still it seems like the step dad might be acting dickish.

[nostradamus]

Let’s see the existing agreement. Can you cut/paste it here? Seems like a lot of hassle for family. For your hubby I’d say pay back what he owes and be done with it but still it seems like the step dad might be acting dickish.

[nostradamus]

Let’s see the existing agreement. Can you cut/paste it here? Seems like a lot of hassle for family. For your hubby I’d say pay back what he owes and be done with it but still it seems like the step dad might be acting dickish.

[nostradamus]

Let’s see the existing agreement. Can you cut/paste it here? Seems like a lot of hassle for family. For your hubby I’d say pay back what he owes and be done with it but still it seems like the step dad might be acting dickish.

[PadreBrian]

Yeah, term life insurance is cheap. But if you don’t like the loan, pay that sucker off. Make that priority #1…even over vacations or new cars.

[PadreBrian]

Yeah, term life insurance is cheap. But if you don’t like the loan, pay that sucker off. Make that priority #1…even over vacations or new cars.

[PadreBrian]

Yeah, term life insurance is cheap. But if you don’t like the loan, pay that sucker off. Make that priority #1…even over vacations or new cars.

[PadreBrian]

Yeah, term life insurance is cheap. But if you don’t like the loan, pay that sucker off. Make that priority #1…even over vacations or new cars.

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