Updated: Apr 26
Reading a lawyer’s letter in his hospital bed, I could see tears rolled down his cheek.
It is a demand letter from the lawyer representing the bank, it is a one million dollars demand letter. Two years ago uncle was the guarantor for his business associate to purchase a two and a half million dollars house in Seletar Hill.
The property market crashed, at the same time his associate did not do well in his business and default the payment. Hence, the property was repossessed and sold on the market, but the selling price was still unable to cover the loan.
Uncle manages to pay the bank to avoid bankruptcy, but his finance is ruined. Till today he is still unable to recover to his prime. A harsh lesson for a proud old man who was comfortable until illness and this uncalled for incident entirely destroyed him.
The last thing you must do in the year 2019 is to be a guarantor for anyone. As a matter of fact, never be a guarantor.
Quote of the day:
Life is fragile. We're not guaranteed a tomorrow so give it everything you've got.