My mum has 30k PAJAK GADAI debt. Ideas on how to solve it

[charley18]

@eschat you have a point. thanks!

 

[ewaldron1988]

@charley18 Honestly there is only 2 route for u now.

1- u gv up the gold and defualt on it. Yes there is sentimental value but 30k gold not taking intrest into equation adds up to alot. U would basicly be taking on debt to buy out the gold from ur mother If u do so.

2- u try to get a personal loan (around 40k) and settle it in 1 shot with the pajak gadai, honestly I wouldn't recommend this as u would basicly max out ur credit untill u pay it off. If the intrest is high u would basicly kill ur future financial health.

Maybe just take ur 7k and buy back the most important piece (sentimental value) for ur mother and leave the rest for defualt. There is no point in slowly getting back all of it with 1k a month u would never even dent the intrest on the total debt.

 

[charley18]

@ewaldron1988 i will have a talk with my mum and decide which gold matters the most and take it back. thanks!

 

[ewaldron1988]

@charley18 Good luck OP glad u choose the best way out of this mess.

 

[charley18]

@ewaldron1988 Thanks man for your ideas

 

[animux]

@charley18 You've already decided you want the gold, so with the remaining money you have with your siblings just try and tebus as much as you can, then, the remaining ones that you don't have the funds to tebus go for option 2. Settle.

 

[charley18]

@animux i think this is the best course to take. some of those golds are from 1980s and have sentimental values

 

[ttruth]

@charley18 Sorry that you are in this predicament , have your mother admitted and accepted that she made a mistake and would not be scammed again?
In my opinion , I would first settle the smaller value ones or the ones with interest due .
I believe when you start getting back the smaller ones , you and your sister will feel encouraged to settle the more valuable ones.
Now is the time your family to be fully focussed and tighten your monthly budget . Yes both of you holding the gold items instead or your mother is the correct way.
Do you have other close family members who might help out? or any close and kind friends or superiors who can lend you money without charging interest?
Don't apply for personal loans or cc yet , try to settle for a few months first . Never ever go to loansharks , this will cripple you for many more years.
Stay strong and take care.