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Accounting & Bookkeeping & Small Business Forum
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TheJax
Joined: 09 Aug 2007
Posts: 1
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| Posted: Thu Aug 09, 2007 9:47 am Post subject: Need Advice PLEASE! |
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Hi everyone.
I'm looking for some help by people who are in the financial/accounting industry as I am absolutely horrible when it comes to this stuff!
Here's my situation: I have a home equity line of credit which $20,000 of it is in use by me. Over the past year, my sister fell into some rough times and I've loaned her different amounts of money $1000 one month, $5000 another so on and so forth. She's been paying me back what she can when she can.
I want to make sure I don't ask for too much back (because she's agreed to pay whatever interest on what she's borrowed), but because she's made a couple of payments and then borrowed another $1000 here and there, I'm completely confused!
What is the best way/easiest way to figure this out?
Thank you all in advance. |
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Richard Noot
Joined: 20 Aug 2005
Posts: 831
Location: Minnesota
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| Posted: Fri Aug 10, 2007 1:33 pm Post subject: Re: Need Advice PLEASE! |
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TheJax wrote: Hi everyone.
I'm looking for some help by people who are in the financial/accounting industry as I am absolutely horrible when it comes to this stuff!
Here's my situation: I have a home equity line of credit which $20,000 of it is in use by me. Over the past year, my sister fell into some rough times and I've loaned her different amounts of money $1000 one month, $5000 another so on and so forth. She's been paying me back what she can when she can.
I want to make sure I don't ask for too much back (because she's agreed to pay whatever interest on what she's borrowed), but because she's made a couple of payments and then borrowed another $1000 here and there, I'm completely confused!
What is the best way/easiest way to figure this out?
Thank you all in advance.
Your very first mistake was loaning her any money in the first place. Now you are complicating the matter by allowing her to borrow more? You need to stop acting like a bank. Next have her contact a state chapter of crown financial ministries. The national office can be found at www.crownfinancialministries.com |
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Richard Noot
Joined: 20 Aug 2005
Posts: 831
Location: Minnesota
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| Posted: Fri Aug 10, 2007 1:37 pm Post subject: Re: Need Advice PLEASE! |
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Richard Noot wrote: TheJax wrote: Hi everyone.
I'm looking for some help by people who are in the financial/accounting industry as I am absolutely horrible when it comes to this stuff!
Here's my situation: I have a home equity line of credit which $20,000 of it is in use by me. Over the past year, my sister fell into some rough times and I've loaned her different amounts of money $1000 one month, $5000 another so on and so forth. She's been paying me back what she can when she can.
I want to make sure I don't ask for too much back (because she's agreed to pay whatever interest on what she's borrowed), but because she's made a couple of payments and then borrowed another $1000 here and there, I'm completely confused!
What is the best way/easiest way to figure this out?
Thank you all in advance.
Your very first mistake was loaning her any money in the first place. Now you are complicating the matter by allowing her to borrow more? You need to stop acting like a bank. Next have her contact a state chapter of crown financial ministries. The national office can be found at www.crownfinancialministries.com
Sorry the web address should be www.crown.org |
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