27M
Hey guys, need your guidance on how to handle this
2016- My brother started a powder coating business which become flop by 2020 because of poor planning and spending the loan cash for his personal expenses which made us fall into a debt of INR 35 lakhs.
So we sold a land near our home and cleared all the debts
had some decent amount left along with it I took a home loan to renovate my home and we completed marriage for my brother also.
Everything completed, My brother started to work in a Automation company and he earns INR 20k/m which is a decent salary in cbe
2024- He is again into debt of INR 5L (Online app loans, home credit, loan from friend, cc) because of his poor management,,Currently his salary is 25k.
Thinking of his wife and kid, I sold some shares which was worth 1L and closed all the online loans, Even though that is done he still pays 14k EMI, balance which is not sufficient to run the family.
Now he’s asking me to help close other loans. I’m already paying home loan and if I take his debt to that will be huge burden for me.
I have some saving of 4L which I saved it for my marriage because no land left to sell and spend for my marriage.
Should I need to give him so he can close all the debts or how should I deal this?
Thanks for reading, I appreciate if you can guide me how to deal this
I understand how difficult this must be for you. It's clear you care deeply about your brother and his family. Before diving into a decision, maybe sit down with him and have a heart-to-heart about his financial choices. Let him know your concerns and see if you both can come up with a loan repayment plan together using his salary and savings.
It's important to support him, but it's also crucial to safeguard your own financial future, especially with your marriage plans ahead. Find alternative ways to assist him, like helping him find resources for financial advice or exploring ways to increase his income.
Ultimately, prioritize your own financial stability and future goals while finding ways to support your brother in becoming more financially responsible. Balancing care for your brother and your own well-being is key here.
PS. You're such an incredibly supportive brother, genuinely looking out for your family's well-being. It's admirable how you've been there for your brother through thick and thin, from helping clear past debts to considering taking on more responsibility now. Keep being the amazing brother that you are, navigating these tough situations with heart as well as "balance".
You might need to take a more active role in managing his money. That would help much more than paying off loans. Building discipline in spending is necessary.
Stop him from profligate spending. Talk to your parents and ask them to talk to his wife. It is ok to help for genuine requirements. Why is he taking app loans that carry exorbitant interest? If he is not able to project if he can pay back the loans with his salary, he shouldn't be taking it. He should trim down his spending. See if you can help to get him to a higher salary bracket. You can settle partially one last time. Ask him to get some from his wife's side. After all, he spent for his family. Explain your situation as well.
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