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Pat87
#1 Posted : Wednesday, April 13, 2016 2:03:46 AM
Rank: New-farer


Joined: 1/2/2016
Posts: 23
How would you financially advise a family member who is stuck with a 600k loan(accumulated over years).Her payslip is almost null,nothing, and you can spare 15k monthly to help.would you
1.pay off the sacco loan directly monthly which is on a reducing balance until its done.(in 4 yrs)
2.Give the person the 15k then let the already tattered payslip to continue the deductions or
3..........
What is three??how do i empower and get this payslip back to where the person can save for shares and still live comfortably.
“An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”
― Robert T. Kiyosaki, Rich Dad, Poor Dad
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murchr
#2 Posted : Wednesday, April 13, 2016 4:12:40 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,980
I'd go with option 1 if there was a guarantee that there is a plan to empower her.
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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Pat87
#3 Posted : Thursday, April 14, 2016 6:02:41 PM
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Joined: 1/2/2016
Posts: 23
murchr wrote:
I'd go with option 1 if there was a guarantee that there is a plan to empower her.


Trying to find a way,is someone allowed to pay directly to a members loan without it having to show in her account first??i know if it shows in her account first she will withdraw.very tricky.
I dont know.
“An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”
― Robert T. Kiyosaki, Rich Dad, Poor Dad
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Boris Boyka
#4 Posted : Thursday, April 14, 2016 8:51:32 PM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,977
Location: Here
Pat87 wrote:
murchr wrote:
I'd go with option 1 if there was a guarantee that there is a plan to empower her.


Trying to find a way,is someone allowed to pay directly to a members loan without it having to show in her account first??i know if it shows in her account first she will withdraw.very tricky.
I dont know.

Going for option 1 is okay. Now if it is a FOSA account you can block all withdrawals from it. If her Salary goes through that account it will be tricky! She also has to apply to for standing order to repay the loan so that they stop check off. Btw she must be a drunkard or real spendthrift to be that irresponsible... A she! Sorry if you offended.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Pat87
#5 Posted : Friday, April 15, 2016 1:59:47 AM
Rank: New-farer


Joined: 1/2/2016
Posts: 23
Boris Boyka wrote:
Pat87 wrote:
murchr wrote:
I'd go with option 1 if there was a guarantee that there is a plan to empower her.


Trying to find a way,is someone allowed to pay directly to a members loan without it having to show in her account first??i know if it shows in her account first she will withdraw.very tricky.
I dont know.

Going for option 1 is okay. Now if it is a FOSA account you can block all withdrawals from it. If her Salary goes through that account it will be tricky! She also has to apply to for standing order to repay the loan so that they stop check off. Btw she must be a drunkard or real spendthrift to be that irresponsible... A she! Sorry if you offended.


NON TAKEN.
Not a drunkard ,just no financial discipline,she keeps topping up and for years even the small amounts add up to a bigger problem.i will enquire if its fosa,then will ask on blocking withdrawals and getting a standard order going.ubaya this ukulima sacco is not replying mails,i wish i knew a relationship manager from there to cordinate this with.
d'oh!
“An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”
― Robert T. Kiyosaki, Rich Dad, Poor Dad
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Boris Boyka
#6 Posted : Friday, April 15, 2016 10:36:16 AM
Rank: Veteran


Joined: 11/15/2013
Posts: 1,977
Location: Here
Pat87 wrote:
Boris Boyka wrote:
Pat87 wrote:
murchr wrote:
I'd go with option 1 if there was a guarantee that there is a plan to empower her.


Trying to find a way,is someone allowed to pay directly to a members loan without it having to show in her account first??i know if it shows in her account first she will withdraw.very tricky.
I dont know.

Going for option 1 is okay. Now if it is a FOSA account you can block all withdrawals from it. If her Salary goes through that account it will be tricky! She also has to apply to for standing order to repay the loan so that they stop check off. Btw she must be a drunkard or real spendthrift to be that irresponsible... A she! Sorry if you offended.


NON TAKEN.
Not a drunkard ,just no financial discipline,she keeps topping up and for years even the small amounts add up to a bigger problem.i will enquire if its fosa,then will ask on blocking withdrawals and getting a standard order going.ubaya this ukulima sacco is not replying mails,i wish i knew a relationship manager from there to cordinate this with.
d'oh!

Ukulima are VERY POOR at mails and phone calls. You just need to present yourself and put your point across. The employees also Sometimes don't have sufficient information You require. You'll have to move between reception, loan section and Fosa bank. After she does the letter authorizing standing order you also have to do follow up as they're very lazy. She and you must be present. I hope you're in Kenya and have patience as this can take a week to 3 months to implement.
Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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MadDoc
#7 Posted : Friday, April 15, 2016 1:59:16 PM
Rank: Member


Joined: 10/26/2015
Posts: 151
Best not tempt fate. Pay it off directly
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MadDoc
#8 Posted : Friday, April 15, 2016 2:00:48 PM
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Joined: 10/26/2015
Posts: 151
Second option is to open a joint account with her n place a standing order on it. Mandate will have to be both of you to sign
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Pat87
#9 Posted : Friday, April 15, 2016 3:07:39 PM
Rank: New-farer


Joined: 1/2/2016
Posts: 23
Boris Boyka wrote:
Pat87 wrote:
Boris Boyka wrote:
Pat87 wrote:
murchr wrote:
I'd go with option 1 if there was a guarantee that there is a plan to empower her.


Trying to find a way,is someone allowed to pay directly to a members loan without it having to show in her account first??i know if it shows in her account first she will withdraw.very tricky.
I dont know.

Going for option 1 is okay. Now if it is a FOSA account you can block all withdrawals from it. If her Salary goes through that account it will be tricky! She also has to apply to for standing order to repay the loan so that they stop check off. Btw she must be a drunkard or real spendthrift to be that irresponsible... A she! Sorry if you offended.


NON TAKEN.
Not a drunkard ,just no financial discipline,she keeps topping up and for years even the small amounts add up to a bigger problem.i will enquire if its fosa,then will ask on blocking withdrawals and getting a standard order going.ubaya this ukulima sacco is not replying mails,i wish i knew a relationship manager from there to cordinate this with.
d'oh!

Ukulima are VERY POOR at mails and phone calls. You just need to present yourself and put your point across. The employees also Sometimes don't have sufficient information You require. You'll have to move between reception, loan section and Fosa bank. After she does the letter authorizing standing order you also have to do follow up as they're very lazy. She and you must be present. I hope you're in Kenya and have patience as this can take a week to 3 months to implement.

i am not in Kenya,i will try to get another family member to represent.
“An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”
― Robert T. Kiyosaki, Rich Dad, Poor Dad
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Pat87
#10 Posted : Friday, April 15, 2016 3:16:36 PM
Rank: New-farer


Joined: 1/2/2016
Posts: 23
MadDoc wrote:
Second option is to open a joint account with her n place a standing order on it. Mandate will have to be both of you to sign

I will look into it definitelysmile ,it may make the process easier for sure.
“An asset is something that puts money in my pocket. A liability is something that takes money out of my pocket.”
― Robert T. Kiyosaki, Rich Dad, Poor Dad
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