The danger of being a co-maker in a loan

I did a stupid thing five years ago: I became a co-maker in a co-worker’s loan. It was an act of kindness. Loans were extended to the employees of the company I was working for and since we’re in the Finance department, we were prioritized by the bank. So to race ahead of other employees, we signed loan forms right away. Since there were only four of us in Finance back then, we asked one another to become co-makers of each other. I was just unlucky to become the co-maker of this former staff of mine.

I, along with the other two of my Finance team, already paid the loan within the payment period given to us. Only one is still unpaid to date. My former staff, the one whose loan I was the co-maker of.

I thought she was able to pay off the loan two years ago. Apparently, after the last time I saw her, she stopped paying. Until I got a call yesterday from a lawyer handling her loan. This time around, I was lucky because my former staff is now working for one of my good friends. I was able to track her down easily. Today, she paid a percentage of her loan. I am monitoring her payments this time around. I was stupid not to have done this a long time ago. This time around, I won’t be the stupid one anymore.

I have an unsolicited advise to all of you (one I know most of you already know way back when): don’t be a co-maker to a loan! Because chances are, you will end up the loser in the whole deal. Unless, of course, you know the capacity of the person you are co-making a loan with. Otherwise, save yourself the headache and DON’T!

Last will and testament

With all the talks about Michael Jackson’s will, you are given the chance to realize that a last will and testament is very important. Regardless of how little you have, you need to be able to clearly define to whom it will be given once you are gone. It is better to be prepared for any eventuality so that the ones you will leave behind won’t have a hard time determining which is which and to whom it will be. Or worst, fight for the biggest chunk they can get from your estate.

This talk about a last will reminded me of a neighbor’s large family that he left behind. His children fought like dogs out for a large bone once he was buried. They were fighting for the house. It was determined later on that he left a last will stating that his house will be subdivided between his children and that should they continue to fight for sole possession of the house, it will be turned over to a relative that took care of him while he’s sick. That settled the issue.

Lesson learned: It doesn’t matter when you will die, or how much you will leave behind. Make sure you have a last will and testament that you will leave that clearly defines the division of your estate.

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for June 19, 2009:

The Peso-Dollar Exchange Rate for June 19, 2009 is P48.400 = USD1.00 (Official Government Rate).

Paypal’s Peso Exchange Rate for June 19, 2009 is 1 USD = 47.1547 PHP. Withdrawn some dollars from my Paypal account this morning and luckily, the rate is slightly better than the last time. If you haven’t done any withdrawals yet, do so now. The rate might get lower again by Monday.

Happy weekend!

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for June 5, 2009:

The Peso-Dollar Exchange Rate for June 5, 2009 is P47.240 = USD1.00 (Official Government Rate).

Paypal’s Peso Exchange Rate for June 5, 2009 is 1 USD = 46.0624 PHP. Darn! When I made my withdrawal last Monday, the rate was lower.

Anyway, have you seen the new Account Overview of Paypal? It’s sleek and faster. Check it out if you haven’t seen it yet.

Happy weekend!

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for May 22, 2009:

The Peso-Dollar Exchange Rate for May 22, 2009 is P47.04 = USD1.00 (Official Government Rate).

Paypal’s Peso Exchange Rate for May 22, 2009 is 1 USD = 45.6951 PHP.

Thank goodness bloggers were paid last Monday, when the exchange rate was higher.

Happy weekend!

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for May 8, 2009:

The Peso-Dollar Exchange Rate for May 8, 2009 is P47.250 = USD1.00 (Official Government Rate).

Paypal’s Peso Exchange Rate for May 8, 2009 is 1 USD = 46.0189 PHP.

Happy weekend!

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for April 25, 2009:

The Peso-Dollar Exchange Rate for April 25, 2009 is P48.460 = USD1.00 (Official Government Rate).

Paypal’s Peso Exchange Rate for April 25, 2009 is 1 USD = 47.0410 PHP.

Hooray for the 47+ Paypal peso rate! Just in time for the payout for a program we all love

Happy weekend!

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for April 3, 2009:

The Peso-Dollar Exchange Rate for April 3, 2009 is P47.870 = USD1.00 (Official Government Rate).

Paypal’s Peso Exchange Rate for April 3, 2009 is 1 USD = 46.6580 PHP.

The Paypal exchange rate was the same for two days. Fortunately, I kept checking the rate before I made my withdrawal yesterday. For an hour or two, the rate changed to 1 USD = 46.7458 PHP. That’s when I made my withdrawal. Just a tip to Paypal Philippines users. Check out the trend in exchange rates before you make your withdrawal. There are hours in a day that it changes for a brief period and then goes back to the low rate that they’re giving.

And make your withdrawal now! April 6, 9 and 10 are holidays in the Philippines. Holy Week for those who don’t know. There will be no incoming remittances during those dates. Withdraw now so you can get it either by Tuesday or Wednesday.

Happy weekend!

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for March 13, 2009:

The Peso-Dollar Exchange Rate for March 13, 2009 is P48.565 = USD1.00 (Official Government Rate). Getting better each week… for us bloggers anyway! Hehehe

Paypal’s Peso Exchange Rate for March 13, 2009 is 1 USD = 47.3152 PHP.

Good news to Paypal-Unionbank users!

Update: For those who do not know Unionbank’s web site URL, here it is: https://www.unionbankph.com. You can apply for a Unionbank savings account or EON online.

Yay! Transfer from Paypal account to Unionbank account is faster now than before! Mine took a little less than 2 days to get the USD credited to my account!

I use Paypal for the paid programs I am a member of. When I need to withdraw my USD from my Paypal account, I transfer it to my local bank account. I have a Unionbank savings account. I noticed last week that the email coming from Paypal saying that you withdrew money from your account says that the transfer will be complete in 2-5 days, if there are no glitches. Before, the email says that the withdrawal and transfer will be complete in 5-7 days.

Last Tuesday, March 10, I withdrew my USD from Paypal to my Unionbank account. Normally, it will get credited after 3-4 days. But lo and behold! I checked my Unionbank savings account a few hours ago and the amount is already credited! It took a little less than 2 days for the transaction to complete!

So now, Paypal-Unionbank users, withdrawal to your bank account is much faster than before. I am not sure if it is the same with other local banks. Let me know if you are also using other than Unionbank, if the transfer is as fast as this.

Peso-Dollar Exchange Rate

Here’s the Peso-Dollar Exchange Rate for March 6, 2009:

The Peso-Dollar Exchange Rate for March 6, 2009 is P48.500 = USD1.00 (Official Government Rate). This is good for us earning US dollars!

Paypal’s Peso Exchange Rate for March 6, 2009 is 1 USD = 47.2463.

Peso-Dollar Exchange Rate

So sorry I was not able to post this yesterday. But anyway, here’s the Peso-Dollar Exchange Rate for February 20, 2009:

The Peso-Dollar Exchange Rate for February 20, 2009 is P48.300 = USD1.00 (Official Government Rate). Previous week’s closing rate was P47.120.

Paypal’s Peso Exchange Rate for February 20, 2009 is 1 USD = 46.6134 PHP.