This is TS problem ....

Borrowing from anyone or banks are out of his equation. He needs to find ways to earn extra income. His problem is not able to repay his current PL on time hence penalty interest and worried the bank will proceed with legal action.

His initial intention to borrow from mil is to avoid paying interest and to repay her as and when he has extra money....flexible repayment, no pressure and HOPING mil will write-off the loan. After reading the many comments, his senses strike him that it wasnt a good idea.

TS has to find extra work to compliment his PL repayment, no 2 way about it.

No. I have no issue servicing this loan even with the interest. I just need to somehow get back the money I lost, within 3 months.

This post has been edited by gangeun: Oct 23 2020, 09:36 AM

Stop chasing after 'bad investment'. Is not your level.

If no debt, why need to borrow from MIL? Got Ah Long come to chop you?

You lose money in shares, stop loss lah.

How old are you?

lowyat have topic on this, u can read and ask questions there: https://forum.lowyat.net/topic/3918057

most ppl use this as alternative for cash zero interest.

He is chasing bad money with good money ... hoping for luck is the word.

This post has been edited by mini orchard: Oct 23 2020, 10:34 AM

So part of the loss is your wife's money and you are trying to hide it from her.

Don't get yourself into more serious problems trying to cover up your 'not-so-serious' problem. Just be honest and tell her about it. Promise to earn back the money and repay her.

What's the worst which can happen? She is not going to leave you because of some lost money is she? Some men don't understand their wives and just assume the worst which is way too imaginative.

I prefer to tell her when I'm at least in the process of raising the fund back, even if not fully. If just apology and promise, I don't think she can accept.

I wont know the whole story but all what i know is money can destroy relationship

TS should know his wife better than all of us.

Not sure what you want to get from this post but you know the best from your relationship with your MIL whether borrowing money from her is something she can accept or not.

As to doing it behind the wife, not sure what is the reason but you have to hide it for 3 years or more until the loan is repaid. For example whenever have financial issues maybe the wife will bring up say where you spent your money etc? You have to find excuses to lie to her, which doing it for long term will bocor. Plus your MIL might spilled the word accidentally or when some unfavourable incident affected your relationship with your MIL and she might be tempted to reveal this.