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I want to buy my enemy friend's company. In which he does work. But the problem is that I'm in loans

My girlfriend did get married to my enemy friend. Because at that moment, I hadn't money. I mean I wasn't rich. Hence she did get married to my enemy friend. Because he had a job. But now I'm a businessman. Hence I want to buy my enemy friend's company. In which he does work. So that I could show both of my friend and girlfriend. Who I'm. But the problem is that I'm in loans.

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    No Name

    From my idea, you can help your investors in this case.

    2019.08.01 18:0
  • user image

    No Name

    From my idea, you can help your investors in this case.

    2019.08.01 18:0

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Like in most financial institutions your bad credit record would definitely affect your eligibility to obtain a housing loan because it would be harder for those financial institutions to trust your capacity to pay off your debt. You need to at least have a clean credit record for at least 6 months before you get approval from financial institutions.

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Yes, a loan shark can be sued because there is a loan shark prevention act. You can only sue a loan shark if you have paid for more than 15% interest on any loan. All the overcharge will be refunded and it also includes all the interest and charges it had given. And adding that he is harrassing the victim, he can be reported to local trading standards office and to the police immediately.

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We tend to loan to banks or other agencies that offers a lot loan. But we can not excape the fact that sometimes the bank or agency that we loaned might got bankruptcy. We think that our loan have been already cancelled but it's not. Because your debt is typically up for sale when a lender closes. ... In some cases, your loan can fall under the control of the Federal Debt Insurance Corporation (FDIC). Either way, your loan terms will likely carry over to a new company — with the same APR and repayment terms.

Would it be legal to get a loan and then use it as a lending money thing?

It was technically legal because you will be the one to handle the money that you have loaned which means that you can do whatever you want to do with the money that is loaned. Just make sure that no law will be violated, specifically the loan shark law which is asking for an interest that is greater than 15% of the other loans. If this law has been violated, all the charges will be refunded and it will just bring hassle.

If I were to borrow money from the bank how will this work out?

Well whenever you borrow or loan from the bank there will be given a limit to that loan and when you should pay for that specific loan, ranging from months to even a year, but the inability of you being able to pay at the due date will result in a higher amount of interest the following month compared to your payment dues during the deadline. Everytime you will decide to borrow from the bank there will always be an interest in general and you will have to pay for it with an added amount next time around. Hope I helped goodluck in affording that new car!

Can I get a house loan if I recently got discharged from bankruptcy?

Most financial institutions would usually do a background check but there is no need to fear. If you just go discharged this year then it might be hard but it doesn't mean that you'll never be able to get a housing loan. Financial institutions will consider approving your housing loan but you wil need to be discharged from bankruptcy for at least a year or two.

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