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I'm inheriting some money in 8-12 months. I'm broke now and my I need money to get my driver license back close to $1500
The Attorney in charge of my inhertience is offering to get my license back by paying off some debt which is holding my license, represent me(free) in a court case I have and give me some pocket money$1500 Total amount is $3000 loan
In return the attorney wants double (200%) his money back when my inhertience get released in 12 months
I have no money no job(due to the fact my license is supended), once I get my license I can get a job and get to makin some money, also he will represent me for a criminal case I have as well and give me pocket money
Wise choice???
He said he wants double because the loan will be for 12 months and the risk, because anything can happen with my inheritence such as some technical errors or something change and he woldnt be able to recover his money he loaned me
Let me add: That the laywer manging my inhetience is not the one loaning me the money, it is a lawyer friend of his who will represent me on a court case I have
Last edited by key2success; 02-12-2015 at 08:55 PM..
It sounds strange that the attorney managing the estate would try to 'loan shark' you by charging you 100% interest, PARTICULARLY since he is managing the estate and would be in charge of 'technical errors' -- Plus, what could change ... unless the estate owner is not deceased yet(?). Otherwise, the attorney may simply be telling you that he doesn't want to be in the loan business(?)
When you say, you are inheriting some money in 8-12 months, what does that mean? (It sounds like you are 'waiting' for a relative to die?) Do you have a clear picture of how much your 'inheritance' amounts to? If the estate owner is deceased, is this attorney continuing to collect a monthly fee for managing the estate for 8-12 months? (Is this attorney the Executor?).
You say that he is representing you for "free" in a court case. Why would he do that, if he wants 100% interest for loaning you money? (Do you really mean that he isn't asking you for money, but, will charge the estate and take his fees out of your inheritance) in order to represent you for "free".
How certain are you that you are going to get the inheritance?
Should be 99% but you know how things go Nothing is for certain in this world
Quote:
Originally Posted by jghorton
It sounds strange that the attorney managing the estate would try to 'loan shark' you by charging you 100% interest, PARTICULARLY since he is managing the estate and would be in charge of 'technical errors' -- Plus, what could change ... unless the estate owner is not deceased yet(?). Otherwise, the attorney may simply be telling you that he doesn't want to be in the loan business(?)
When you say, you are inheriting some money in 8-12 months, what does that mean? (It sounds like you are 'waiting' for a relative to die?) Do you have a clear picture of how much your 'inheritance' amounts to? If the estate owner is deceased, is this attorney continuing to collect a monthly fee for managing the estate for 8-12 months? (Is this attorney the Executor?).
You say that he is representing you for "free" in a court case. Why would he do that, if he wants 100% interest for loaning you money? (Do you really mean that he isn't asking you for money, but, will charge the estate and take his fees out of your inheritance) in order to represent you for "free".
Sorry actually I meant to say his other lawyer he referred me who is representing me on a court case is willing to loan me the money to help me out and loan the money and pay off my debt license with his credit card. Now, the lawyer offered this to me, I never asked at all. So they must want to be in the loaning business
It was left to me in a WILL. $40k, and a house. I cannot get it until a certain age
Should be 99% but you know how things go Nothing is for certain in this world
Sorry actually I meant to say his other lawyer he referred me who is representing me on a court case is willing to loan me the money to help me out and loan the money and pay off my debt license with his credit card. Now, the lawyer offered this to me, I never asked at all. So they must want to be in the loaning business
It was left to me in a WILL. $40k, and a house. I cannot get it until a certain age
Your situation implies you are young and dumb. I would think therefore the loaning attorney expects that over the next year he can tap a high percentage of the estate as you continue to borrow money from him to eat and cover your screw ups.
I suggest you find a capable adult...preferably a relative...to help you through this. On your own resources I would expect you to crash multiple times and end up owing the loaning attorney the $40K and the house in a year.
YOu are the lamb walking into the slaughter house. You will not like the results.
Hey when your lawyer smiles does it look like the shark in Finding Nemo? On the other hand you sound fairly high risk so I can't say that I blame him. Make sure you read everything you sign when your inheritance and house get transferred to you. If you don't understand it have it explained to you. Don't feel bad about getting a second opinion from a different lawyer that's not a " buddy". I have a feeling you will be borrowing a lot more over that 12 months time
Good luck. I have a feeling you're gonna need it
Your situation implies you are young and dumb. I would think therefore the loaning attorney expects that over the next year he can tap a high percentage of the estate as you continue to borrow money from him to eat and cover your screw ups.
I suggest you find a capable adult...preferably a relative...to help you through this. On your own resources I would expect you to crash multiple times and end up owing the loaning attorney the $40K and the house in a year.
YOu are the lamb walking into the slaughter house. You will not like the results.
We are doing a contract, the contract will say he loaned me X amount and I will have to pay back X amount back during the time the inhertience is released
I do see how I will end up owing him more based upon the simple contract
Hey when your lawyer smiles does it look like the shark in Finding Nemo? On the other hand you sound fairly high risk so I can't say that I blame him. Make sure you read everything you sign when your inheritance and house get transferred to you. If you don't understand it have it explained to you. Don't feel bad about getting a second opinion from a different lawyer that's not a " buddy". I have a feeling you will be borrowing a lot more over that 12 months time
Good luck. I have a feeling you're gonna need it
Im not borrowing anything else after this,nothing at all. Once I get this paid I will be able to drive and work a good job and have money. The key is i need money to get my driver license back and I dont have anyone or anywhere to get the money from except them at this time.
If I get caught driving that means i will spending more money on a lawyer plus fines and my license may be taken for a longer period of time
I'm inheriting some money in 8-12 months. I'm broke now and my I need money to get my driver license back close to $1500
The Attorney in charge of my inhertience is offering to get my license back by paying off some debt which is holding my license, represent me(free) in a court case I have and give me some pocket money$1500 Total amount is $3000 loan
In return the attorney wants double (200%) his money back when my inhertience get released in 12 months
I have no money no job(due to the fact my license is supended), once I get my license I can get a job and get to makin some money, also he will represent me for a criminal case I have as well and give me pocket money
Wise choice???
He said he wants double because the loan will be for 12 months and the risk, because anything can happen with my inheritence such as some technical errors or something change and he woldnt be able to recover his money he loaned me
Let me add: That the laywer manging my inhetience is not the one loaning me the money, it is a lawyer friend of his who will represent me on a court case I have
If this were me, I absolutely wouldn't do it. Nope...something here is not right. It does however, sound like you've already made up your mind. If that is the case, I wish you good luck. But for me?...not feeling good about it at all.
RVcook
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