vania-janet/multiturn-rag-retrieval-data huggingface dataset:
This is not the case with your brother only. There are many business which run on this premise. It goes till the time all the conditions are in control and get busted when things goes out of way.  You have mentioned the loan amount and not the monthly repayment amount. Even if you say, a new loan will not solve his problem, what are the way out ? Telling things nicely sometime does not work especially when facts are otherwise. Hence you need to make a compete case study which should also consider his capacity to pay. As of now it seems he has debts of around 20 months of his earning, which can be considered high, depending upon the terms of major loan such as car loan and personal loan. A case study is way out. You can explain him with such case study that he should not go for further loans.
"New Zealand has a statute of limitations on debt of six years, twelve years if it is ""a debt acknowledged in a deed"" (probably not the case here). If you have had no contact with the bank for that time, the debt expires. If you got convicted of a crime in relation to the debt (e.g. fraud) then that would fall under a different statute of limitations, but a bank isn't going to bother doing that over $600, and the courts would probably not accept the case anyway."
Most likely, yes. AD&D is insurance against a specific type of peril.  Life insurance is, too, but there are fewer exceptions to payout.  I'd imagine that you'd have to die by accident, or be dismembered but not die, for it to pay out.  The exceptions in the policy are what you need to be concerned about. If loss of you (and your income) would be of financial hardship to your wife and your goals for your family, then you should consider life insurance. (If you do, consider having your wife buy the policy on you, and make sure it's clear that her funds were paying for it.  It may be possible to avoid having the payout go into your estate that way.)
"Here is a simple loan payment calculator.  If you allow early principal repayment, then you should just be able to plug in the new principal amount to find his new monthly payment (someone please correct me if I'm mistaken). Are you averse to creating a spreadsheet yourself in excel?  I suppose it could become quite an undertaking, depending on how detailed you chose to get with the interest.  Seems like it would be more direct and serve the dual purpose of recordkeeping. It's important to agree in advance whether pre-payments go to principal or go partly to interest (prepaying for periodic amounts not yet due, which are mixed principal and interest).  It's a family loan, so it probably makes sense to allow the prepayments to pay down principal; you don't need to structure your interest income and prevent him from depriving you of interest income (which many bank loans will do).  Allowing early principal repayment is pretty easy to calculate in your own excel spreadsheet, since you just need to know the remaining principal, time outstanding, and the interest rate. Note that if you are a US citizen, then the interest paid to you will be taxable income to you (""ordinary income"" rate).  Your brother will not be able to deduct the interest payments, unless maybe they are used for something like his business or perhaps mortgage.  There is no deduction for just a personal loan. Also, if you instead structured it without interest, then the interest not charged would be considered a gift under US gift tax law.  As long as the annual interest were under the gift exclusion amount ($14,000) then there would be no gift tax.  With no interest and no gift, you would not have tax consequences."
Reverse mortgage are generally recovered along with interest, from the sale proceed of the house after the person dies. The current age and life expectancy also go in determining the amount of mortgage the bank would offer.
Firms don't have to pay too much after a wrongful death.  The Fed actually put a price on a persons death.  [Its $250,000](http://www.wrongfuldeath-law.com/CM/Resources/Wrongful-Death-FAQ.asp#types0) for emotional distress and any other non-economic loss they can prove.    For a large energy company having [on average 30 wrongful deaths a year](http://www.msha.gov/mshainfo/factsheets/mshafct2.htm). It probably wont change any numbers on a balance sheet.
I am sorry for your loss, this person blessed you greatly.   For now I would put it in a savings account.  I'd use a high yield account like EverBank or Personal Savings from Amex.  There are others it is pretty easy to do your own research.  Expect to earn around 2200 if you keep it there a year.   As you grieve, I'd ask myself what this person would want me to do with the money.  I'd arrive at a plan that involved me investing some, giving some, and spending some.  I have a feeling, knowing that you have done pretty well for yourself financially, that this person would want you to spend some money on yourself.  It is important to honor their memory. Giving is an important part of building wealth, and so is investing.  Perhaps you can give/purchase a bench or part of a walkway at one of your favorite locations like a zoo.  This will help you remember this person fondly.  For the investing part, I would recommend contacting a company like Fidelity or Vanguard.  The can guide you into mutual funds that suit your needs and will help you understand the workings of them.  As far as Fidelity, they will tend to guide you toward their company funds, but they are no load.  Once you learn how to use the website, it is pretty easy to pick your own funds.   And always, you can come back here with more questions.
Don't worry about it. One of the big banks who like to whine a lot about defaulting borrowers is sending credit cards to a former resident of my home. The guy died in the late 90s.
"First, I'm really sorry to hear about your mother. My wife was recently diagnosed with Stage 4 cancer, so I know that there is a possibility that your mind is in ""survival"" mode, trying to preserve as much as you can in the way of things that you can effect (that's how I've been feeling recently). Having a loved one with cancer is really tough because there is absolutely, positively nothing tangible that you can do to change the fact that they have cancer. You will have to ask yourself some questions: How important is it that your mom can stay in her house? Moving could add some unneeded stress. How may years have you been contributing to your 401k? If you have 30 years left, you could have enough time to recover some of your losses from reducing the amount of money you have given up for your mom. Will your mom be able to pay you back for paying the taxes over time, or would this be a 'gift'? Have her doctors told her that she ""... has N months left...""? What is the next step after you are able to pay her taxes and save the house?  Someone close to me recently told me that ""There is no point in trying to save for someone for the future, if you can't sustain them until they get to that future. What will happen to your mom if she loses her house? Will it make it easier or harder for her to recover if she can stay? To paraphrase someone famous, ""you can't take a loan out for your retirement, but you could take a loan out for this event."" At any rate, good luck. My thoughts are with you and your mother."
Since this is the reasoning: I don't want to bother with micropayments, and harassing her for   monthly payments. You must do one the following: Provide the money to your mom as a loan (i.e.: with a note and interest) payable when the full repayment of the loan to the bank is done (i.e.: balloon note). The terms of the note should be that the money to be used as collateral for the secured loan from the bank. Provide the money to your mom directly. In this case you have to pay gift tax on $7K (above the 13K exemption limit). Since you want the money back - you'll probably want the option #1. Your interest rate should be above a certain level to avoid reclassifying it as a gift by the IRS (your tax adviser can help you with that). Your mom will pay interest to the bank on the secured loan, and to you on the collateral (unless you wave it, subject to gift tax, again - talk to the tax adviser). You will only need to harass your mom about the balloon payment in the end. This is not a tax or legal advice. Talk to your tax adviser and a legal counsel about the details and additional options.
You're crazy to cash out your Roth or take on 401k loan, as that is addressing a short-term problem without doing anything about the longer-term issue. Just don't do it. Through no fault of her own, your mom is insolvent. It happens to people all of the time, and the solution is chapter 7 bankruptcy.  The only thing that I would do with my money in this situation is help her with bankruptcy attorney fees if needed, and maybe bid on it at auction, if the house in in good shape.
You've already counted the cost. It will cost your family ~$10,000 per month until your father dies, or until there's no money left, to enable him to pretend that he is a successful business owner. I'd ask him when he thinks business is going to pick up again.  He may be honest with himself. Or, ask him to consider what will happen if he outlives the money that's going out the door.  Ask him if he would like to be bankrupt on top of needing to close his business. (I don't view asking those questions as being unloving, by the way.)
"Step one: keep this information from friends and family, or ar least state a lower number when asked how much you inherited. It can be amazing how many old friends and family members come crawling out of the woodwork.  I'm also a college student, so I dont have much experience under my belt to give you a ""good"" advice. All I can say is put it into liquid assets (if you decide to invest). I've had major car repairs and medical emergencies I never had to sweat because I could just pull a relarively large lump sum out.  Or say ""fuck it"" and blow it on hookers and cocaine in Cancun. You're your own person. Good luck!"
The first thing you should do, and should have been doing all this time if you weren't, is to take the money you would've paid in the payment plan and set it aside in a separate savings account.  If your plan was 2 years, $65 a month, then set that aside, now. That will allow you to be in a better negotiating position when this is finally resolved.  It's also possible this takes two years to be resolved - in which case you'll be in position to pay the debt off in full at that point!  It's also possible at some point in the future you'll be offered to settle for half or something like that, at which point if you've saved several months of payments that might be more practical to do. As far as what to do about the charges being removed, unless you have a specific reason for believing they're invalid, that's probably impossible.  You could go to the Public Service Commission (outlined in this article about making complaints about overcharges from ConEd); it seems like it's probably too late for that, honestly, but who knows.  If you'd made more of an effort at the time, it's possible you could've disputed them back then with PSC.   And, as far as what to do with requiring written payment plans: absolutely, 100%.  I would try to find out why you're not getting the plans.  Do they have the wrong address, perhaps?  Or is your mail sometimes poorly delivered?  Ask them to send it via certified mail (you may be charged a few dollars for this), or ask them to e-mail you a copy while you're on the phone with them (my preferred option). Bill collectors like getting their money, so they ought to help you out with this.
As far as I know (I am not a tax professional or IFA!) there would be no tax implications or other burden on the recipient of the loan under UK law, even if it ended up being treated as a gift rather than a loan. There are no clauses about money being in the account for 90 days in UK housing transactions, however under money laundering rules your brother's solicitor might need sight of loan agreements to verify where the funds came from (I think it would depend on whether you paid the money to your brother direct, in which case there would be no problem, or if you paid it direct to the solicitor for the purchase). What Canadian law might say about capital gains / inheritance tax (if the Canadian IRS did decide the loan counted as a gift) I have no idea.
"I would accept the offer provided that it is a BONA FIDE offer. Some issues to consider: 1) Make sure the debt is actually yours. 2) Make sure that there is a meaningful period of time left on the statute of limitations (10 years). Because if this ""settlement"" doesn't work, the clock goes back to time zero for the debt, minus the amount you paid. In other words, don't pay off a debt ""by the end of the month"" that will expire on the fifteenth. 3) I'm not a lawyer, and therefore, in your shoes, I would consider consulting a lawyer. 4) If using a lawyer isn't cost effective, then I would set up an escrow account, deposit the settlement amount, and then release it upon receipt of a letter that says that the amount in escrow fully satisfies the debt. Such a letter will help your record with credit agencies. It will also establish a record that you've paid, and paid in full. Based on what you've said about the original letter, the debt collector would be willing to do this. If he reneges, he's ""playing games."""
"My guess would be that they sell your debt to a collection agency and don't really bother with pressing charges for 500 dollars.  A collection agency can do multiple things to hold you accountable for your debt. I hate to bring it to you but it only makes sense that you should try to resolve this debt given that ""not being careful enough"" is not facebook's responsibility. I also assume they won't let you run any further ads on the same credit card. Edit: What you could possibly do is call facebook and be honest with them, tell them it was an accident and that you can't pay the current amount. Maybe they'll waive the debt or give you a settlement offer."
I would say you can ignore calls but not a summons.  You can send a drop dead letter at anytime too if they keep calling. Here is an example one.  http://www.fdcpaclaims.com/gathering-evidence-to-win-my-fdcpa-claim/what-constitutes-abuse-of-the-fdcpa/sample-drop-dead-letter/ John Oliver, on a show not too long ago, illustrated very plainly that this can be passed around from 3rd party to 3rd party with no evidence that you even owe money.  And every time a new third party gets word that you might owe money a whole new round of calling could begin. So off topic but... If they decide to take it to court and you do not show, the court rules against you and you will owe the money even if you didn't.  It's absolutely crazy. Never ignore a court summons.
Term life insurance makes sense if you will have a need for money if someone dies.  If you (and your brothers) do not have enough money currently for a proper burial for your father, then you might consider term insurance to cover this.  If you already have the money to cover this (or can save for it in a short amount of time), then you are better off financially to not purchase the insurance. Estimate what you think it will cost for a burial, then determine if you have this money available to you.  If you already do, then don't purchase the insurance. If you do not have this money available to you, then you can look into a term life insurance policy on your father.  You definitely do not want a whole life insurance policy.  This will cost many more times what a term policy costs.  A term policy is a policy with an expiration date. For example, let's say that you determine that you will need $10,000 when your father dies for the funeral and burial.  You could get a 10-year policy on your father for $10,000.  Over the next 10 years, besides paying your premiums, save up $10,000 ($1,000 each year) in some type of savings/investing account.  Hopefully, your father will still be around 10 years from now, and you won't need the insurance policy anymore, because you will have saved enough to cover the costs when the time comes.  Doing this will almost always cost you less than getting a whole life policy, which never expires, but has much higher premiums. There are also 20-year term policies, which will cost more, but will give you more time to save up your fund.  The costs for these policies depend on your father's age, so get a quote for both and decide what will work for you.
"Tell them you will not loan them any more money until their existing debts are paid off. This is closer to how the real world works and it won't come across as vengeful or like your changing your initial ""contract"". If they protest, lovingly tell them that your money is not their money, and that an interest free loan from their father is a privilege, not a right. As far as charging interest on your loans, go for it! Charge them 5% or something small. Just don't do it on the existing loans or that will come across as changing your initial ""contract"" again, and perhaps once they've proven themselves to be reliable borrowers they can once again earn the privilege to have an interest free loan. The book ""The Millionaire Next Door"" has really good thoughts on this in its section on Economic Outpatient Care."
Due to the fact that months have gone by since the item was shipped to you it will be hard to resolve by sending it back.  The collection agency is now only interested in getting as much of the money as they can from you. They may have sent a percentage of the debt to the original company when they bought the debt. They may also be working on a commission. Therefore they are not interested in having everybody happy with the result. They need to follow the law, but they don't care if you are a happy customer.  The longer you wait to resolve it, the longer it will remain on the credit report. The fact that it went to collections has already hurt your score.  Yes, make sure that they update your credit file to reflect that you have paid the debt. Get it in writing. Also check with your health insurance company to see if this is at least partially covered by insurance. They generally won't cover the $12 in fees from the collections company, but they might cover part of the original bill. Depending on the item, it might also be an allowable expense for your FSA (Flexible spending account) or your HSA (Health Spending account).
In the end you, your dad, and your brother should come to an agreement so there's no surprises or unfulfilled expectations, but here's my opinion: If you can afford to make the additions now: I would offer to pay fully for the addition, with the understanding that the additional value that it generates is yours.  That keeps everything in your name, and should be fair since you pay for the expense and someday reap the benefit. If you can't afford to make the additions now: I see two options: have your brother buy your father's house, giving you half of the proceeds, and use those proceeds to make the addition as above, or split the cost of the addition and have some sort of contract drawn up promising to reimburse him (with the amount of the reimbursement very clear, like XXX dollars plus accrued interest at Y% annually) as a condition to selling the house.   One other part you didn't mention is any compensation you get for keeping your father at your house.  What compensation (if any) you get is not as important as making sure that the three of you all agree on what is fair.   In any case, clear, honest communication and full agreement is key. There is a very real risk that when your father's estate is settled that there will be disputes over what the agreement was and who it entitled to what.  Having everything in writing may sound cold, but it keeps everyone on the same page.
During this waiting period, you are in debt, and if you can't service your debt (i.e. make payments acceptable to your creditors) your things could get repossessed. Oh, don't forget that you'll also pay a brokerage fee to sell the asset after you exercise your option. Further, if you have exhausted your savings and nobody will give you a loan to exercise your stock (or futures) options, then in the end you would be even further in debt because you already paid for the call, but you are unable to capitalize it and you'll lose what you already paid. If you can get a loan to exercise your option, but you're a bad credit risk, chances are good that the lender will draft a contract requiring you to immediately pay back the loan proceeds plus a fee out of the proceeds of re-selling the stock or other asset. In fact the lender might even draft a contract assigning ownership of your options to them, and stipulating that they'll pay you what's left after they subtract their fee. Even if you can get a traditional loan, you will pay interest over time. The end result is that your debt has still cost you very real money beyond the face value of the debt. Finally, if the asset for which you have a call has decreased in value lower than the current market value, you would be better off buying it directly in the market instead of exercising your option. But you'll pay transaction fees to do that, and the entire action would be pure speculation (or ""investment""), but not an immediate means to pay off your debt. Unless you have reliable insider trading information. But then you risk running afoul of the law. Frankly it might be better to get a loan to pay off your debt than to buy an ""investment"" hoping the value will increase, unless you could guarantee that the return on your investment would be bigger than the cumulative interest and late fees on your debt (or the risk of repossession of your belongings). Remember that nothing you owe a debt on is actually yours, not your house, not your car, not your bicycle, not your smartphone.
@littleadv has said most of what I'd say if they had not gotten here first. I'd add this much, it's important to understand what debt collectors can and cannot do, because a lot of them will use intimidation and any other technique you can think of to get away with as much as you will let them. I'd start with this PDF file from the FTC and then start googling for info on your state's regulations. Also it would be a very very good idea to review the documents you signed (or get a copy) when you took out the loan to see what sort of additional penalties etc you may have already agreed to in the event you default.  The fee's the collector is adding in could be of their own creation (making them highly negotiable), or it might be something you already agreed to in advance(leaving you little recourse but to pay them). Do keep in mind that in many cases debt collectors are ausually llowed at the very least to charge you simple interest of around 10%.  On a debt of your size, paid off over several years, that might amount to more than the $4K they are adding.  OTOH you can pretty much expect them to try both, tacking on 'fees' and then trying to add interest if the fees are not paid.   Another source of assistance may be the Department of Education Ombudsman: If you need help with a defaulted student loan, contact the Department of Education's Ombudsman at 877-557-2575 or visit its website at www.fsahelp.ed.gov. But first you must take steps to resolve your loan problem on your own (there is a checklist of required steps on the website), or the Ombudsman will not assist you.