Loans

My helper just asked me for a $5000 loan. I gave it to her but my husband is upset that I shouldn't have. Any experience with loaning funds?

If you loan money to your helper. You should sign a note stating the loan amount, repayment terms and date.


I did this recently for my helper who said she woudl lose her home in the PHilippines becuase her inlaws put a loan on the property and then it was being collected.

I loaned her the money, had her family send the property deeds (they now sit in my home safe). She will pay me back over 24 months out of her salary. We have a signed document stating the terms.

When it is cleared she gets the documents. I asked for the property deed, so that her inlaws would not try to sell them or borrow against them again and I woudln't be put in the same situation.

scuba chick, what will happen if your helper resigns in the middle of the contract, or if you want to terminate ?

We lent money to a previous helper, who left us at the beginning of February, because debt collectors (i'm sure you know what type) came to our door looking for her.


We knew she had a loan with a proper finance company, but after the above event, we then found out she had borrowed money from other finance companies and other maids. This was all ontop of the loan we gave her. We had worked a repayment scheduled based on her renewing her contract with us.


Needless to say, the money is lost and we were still receiving threatening phone calls for months afterwards and two weeks ago, another abusive letter.


Our rule for the new maid: no loans whatsoever either from us and if we receive any debt collection notices or calls, then it's bye bye.


I understand that a lot of local chinese families have this rule and to avoid any potential problems.