Bailing out friends, colleagues and siblings

[Mjasusi]

@Shamsudin

A friend of mine reached out for some cash. The saga behind this is that he took out a loan using his car as a collateral. The loan guys have been on his case and he says he cannot raise these funds and he’s at the verge of losing it. The loan amount is ~ KES 100 K. He is requesting me to help him clear the loan and change the car logbook to bear my name. I am not confident about this and I am also not ready to consider such am amount of cash as a sunk cost. So, I am reaching out to yours truly to share their two cents on this.

If he is unable to pay the loan sharks( who are the most effective debt collectors out there), do you truly think you will ever get your money back. If you want to bail him out, do it without any expectation of getting your money back.

[Mjasusi]

@Ice_Cube

Yeah he cannot successfully transfer on TIMS if you do not also go online and okay the transfer. It will be under both parties 50/50.

same with land transactions nowadays

[1776]

@Phylgee

I always tell people , if you are having second thoughts don’t do it… Your intuitions are always right.

@Ka-Buda

After seeing your legs, I don’t have any second thoughts.
Shall we do it?

i have to appreciate this come back before i continue reading.

alright, back to the thread…

[1776]

kama @pamba and @Mjasusi have said. there’s no other real advice out here.