Ouch – A Forgotten Loan Appears

Back when we purchased our home, we took a loan from my in-laws. I completely forgot about it, and my mother-in-law recently mentioned the loan after 2 and a half years.

If she just mentioned it now out of the blue, so it must mean that they need it. It is a chunk of change ($1,775). I did have the money set to go to the credit cards, but I think I’d rather just pay the loan in full. Sure, it’s interest-free but it’s family.

Ouch, another big bump in the road and just a few days after announcing the goal date. I think I will leave the goal date intact for the time being because time is limited to run all the scenarios again.

And really, I already set it – let’s see what can happen. The worst that could happen is we don’t make it, but I bet a heck of a lot of progress will be made trying to make it – more so than if no goal was set

Tags: bank, loan

Posted by Tricia on April 30, 2006 at 8:45 PM in Loans | 4 Comments »
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Blogging Away Debt » Blog Archive » Credit Card Debt as of 4/30/06: $34,070 responded:
Posted: July 20th, 2006 at 10:03 pm
[...] Things were made even better yesterday when my husband’s mom called. She just got the $1,775 check in the mail for the loan they gave us when we purchased our home. I guess she really didn’t need the money and she said she wrote all over the check voiding it and will be sending it back. I guess her bringing up the loan didn’t mean they needed it. We were also told it was officially a gift. [...]
Blogging Away Debt » Blog Archive » Net Worth as of 4/30/06: $-52,015 responded:
Posted: July 20th, 2006 at 10:11 pm
[...] NOTE: Since originally publishing this post, I had to update my net worth. Something I thought was a loan (and I paid) ended up being a gift. For the new net worth as of 4/30/06, please see my post here. Thanks [...]
John responded:
Posted: April 29th, 2008 at 3:06 pm
Oh I thought of you today Tricia! An elderly family member who is close to me had given me some money about 3 years ago… saying they may need it back but maybe not (maybe not if they passed away). Well they’ve been healthy, and have asked for it back! $5k that I had forgotten wasn’t really mine! Ouch it hurt… demoralized me in my debt reduction plan.
Tricia responded:
Posted: April 29th, 2008 at 3:14 pm
John – I have no doubt in my mind you’ll make it through it