Friday 15 September 2017

Loaning money

I had loaned money to a friend and he has not been paying me. It is just a mistake and should not lend anyone. Paying 10% of my net worth is stupidest mistake I have made. Helping is fine but risking 10% is not the right thing to do in my current situation. 

12/7/2017: I have opened a SIP in FT Dynamic PE FOF for the amount he is going to deposit, it ends on May 2020.

3/6/2018: Still chasing for payments and yet to get pending payment. 9 installments paid so far; 27 pending. I will never loan anyone money and will not participate in peer to peer lending as well.

4/6/2018: Still chasing for payments and yet to get pending payment. 10 installments paid so far; 26 pending. Its just hard to remind friend that they should pay you.

5/7/2018: Still chasing for payments and yet to get pending payment. 11 installments paid so far; 25 pending. I did remind yesterday and today with a message and phone call. I received it today.

6/7/2018: Still chasing for payments and yet to get pending payment in full. 12 installments paid so far; 24 pending. I did remind yesterday with a message and received it today.

7/8/2018: Still chasing for payments and yet to get pending payment in full. 13 installments paid so far; 23 pending. I did remind yesterday with a message and received it today.

8/7/2018: 14 paid so far 22 pending. Still 1961 pending from 4th installment.

9/7/2018: 15 paid so far 21 pending. Still 961 pending from 4th installment.

Below is the plan.

10/9/2018: 17 paid so far 19 pending. Pending payments are received and hope I get to recover the remaining payments in peace.

11/8/2018: 18 paid so far 18 pending. Halfway there hope I get to recover the remaining payments in peace.

12/11/2018: 19 paid so far 17 pending. Late but paid it really is sad to ask your friend for payment, I should never do it.

12/11/2018: 20 paid so far 16 pending. Late but paid it.

02/10/2019: 21 paid so far 15 pending.

24/03/2019: He has not paid in March and giving me excuses :(, on the other hand I have given 1 lakh to friend of mine who sits in my cubicle for one month he should return it on April 15th. I made a bad choice of giving him the debit card but I should not do it anymore.I should get 101500 on April 15th. I have only lent 2 % of my net-worth. 

04/01/2019: Paid March Emi 25 days late but sent a message on salary day and received money. 22 paid so far 14 pending. I do not know if he will pay April EMI or not.

05/03/2019: Paid April EMI a month late. 23 paid so far 13 pending. I do not know when will he pay May EMI

06/05/2019: Paid May EMI a month late. 24 paid so far 12 pending. I do not know how long he will pay. I should not lend to anyone and should not more than 1% if to a relative.

08/07/2019: Paid July EMI a month late. 26 paid so far 10 pending. I don't know if I can recover money, should not lend money ever. If to family only 1% should only be extended.


09/20/2019: Paid August EMI in the month of September on 18th. 9 EMIs are still pending. I don't know if I can recover money, should not lend money ever.If to family only 1% should only be extended.

10/08/2019: Paid September EMI in the month of October on 7th. 8 EMIs are still pending. I don't know if I can recover money, should not lend money ever.If to family only 1% should only be extended.

12/02/2019: Suresh paid 50k this month and has not mentioned any thing on the remaining money and how he is going to pay. In total I received 356908, I lost money on this with low rate of return.




Annual Interest Rate:
12.00%
Length of Loan (in Years):
3
Number of Payments Per Year:
12
Total Number of Periods:
36

Month
Payment no
Monthly Payment
Principal
Interest
Balance Loan Outstanding
Jun-17
1 (Paid)
10,960.72
7,660.72
3,300.00
322,339.28
Jul-17
2 (Paid)
10,960.72
7,737.33
3,223.39
314,601.95
Aug-17
3(Missed Payment) Paid (Later)
10,960.72
7,814.70
3,146.02
306,787.25
Sep-17
4 (Missed Payment)
Mar(Paid 5k)
May(Paid 1k)
Jun(Paid 1k)
Jul(Paid 1k)
Aug(Paid 1k)
Sep(Paid 1k)
Oct(Paid 1k)
Paid(Later)
10,960.72
7,892.85
3,067.87
298,894.40
Oct-17
5 (Paid)
10,960.72
7,971.78
2,988.94
290,922.62
Nov-17
6 (Paid)
10,960.72
8,051.50
2,909.23
282,871.12
Dec-17
7 (Paid)
10,960.72
8,132.01
2,828.71
274,739.11
Jan-18
(Paid)
10,960.72
8,213.33
2,747.39
266,525.78
Feb-18
(Paid)
10,960.72
8,295.46
2,665.26
258,230.31
Mar-18
10 (Paid)
10,960.72
8,378.42
2,582.30
249,851.90
Apr-18
11(Paid)
10,960.72
8,462.20
2,498.52
241,389.69
May-18
12(Paid)
10,960.72
8,546.83
2,413.90
232,842.87
Jun-18
13(Paid)
10,960.72
8,632.29
2,328.43
224,210.57
Jul-18
14(Paid)
10,960.72
8,718.62
2,242.11
215,491.96
Aug-18
15(Paid)
10,960.72
8,805.80
2,154.92
206,686.15
Sep-18
16(Paid)
10,960.72
8,893.86
2,066.86
197,792.29
Oct-18
17(Paid)
10,960.72
8,982.80
1,977.92
188,809.49
Nov-18
18(Paid)
10,960.72
9,072.63
1,888.09
179,736.87
Dec-18
19(Paid)
10,960.72
9,163.35
1,797.37
170,573.51
Jan-19
20(Paid)
10,960.72
9,254.99
1,705.74
161,318.53
Feb-19
21(Paid)
10,960.72
9,347.54
1,613.19
151,970.99
Mar-19
22(Paid on 29thMar)
10,960.72
9,441.01
1,519.71
142,529.98
Apr-19
23(Paid on 3rd May)
10,960.72
9,535.42
1,425.30
132,994.55
May-19
24(Paid on 5th June)
10,960.72
9,630.78
1,329.95
123,363.78
Jun-19
25(Paid on 8th July)
10,960.72
9,727.08
1,233.64
113,636.69
Jul-19
26(Paid on 7th Aug)
10,960.72
9,824.36
1,136.37
103,812.34
Aug-19
27(Paid on 18th Sep)
10,960.72
9,922.60
1,038.12
93,889.74
Sep-19
28 (Paid on 7th Oct)
10,960.72
10,021.82
938.90
83,867.91
Oct-19
29
10,960.72
10,122.04
838.68
73,745.87
Nov-19
30(Paid 50k)
10,960.72
10,223.26
737.46
63,522.61
Dec-19
31
10,960.72
10,325.50
635.23
53,197.11
Jan-20
32
10,960.72
10,428.75
531.97
42,768.36
Feb-20
33
10,960.72
10,533.04
427.68
32,235.32
Mar-20
34
10,960.72
10,638.37
322.35
21,596.95
Apr-20
35
10,960.72
10,744.75
215.97
10,852.20
May-20
36
10,960.72
10,852.20
108.52
0.00


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