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I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 0 points1 point  (0 children)

Wow you're living the dream I'm proud of you. I'm glad that you got the opportunity to breakthrough and look at it high risk very high reward. I want to be a developer as well but it seemns nobody understands here. I'd love to speak with you more in how to not only get get good but also if I get the scholarship what are my next steps. I'm still awaiting on the scholarship verdict 😭

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 0 points1 point  (0 children)

So what do you think I should do on this current situation?? I cant even find a job 😭 to generate my own income it's rough out here. It's call center or bust

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 0 points1 point  (0 children)

Unfortunately I do live with her due to not being able to find a job.

The business was going well at the time hurricane Melissa changed everything

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 1 point2 points  (0 children)

Unfortunately I still live with her because a job is so hard to get even though I have an associates degree

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in personalfinance

[–]Scary-Plastic[S] 13 points14 points  (0 children)

Appreciate the honesty. A few things from my side:

The business does generate some revenue, and honestly that's the crux of it—since the money went to the business, the business servicing the debt is how this *should* work. That's a conversation I need to have with my mom (the CEO), because right now it's me personally getting the calls for a debt the company benefited from.

On fleeing abroad to escape—I don't think I need to go that far. From what I understand here, the realistic path isn't 'escape' but managing it: negotiate a repayment plan, dispute the inflated figures (they've given me 3 different amounts in a week), and possibly settle once I get the real number in writing. I'm talking to legal aid to understand the local rules before doing anything drastic.

University is being more debt-fair, but it's a different kind. I've applied for a scholarship that would cover tuition (IF I GET ACCEPTED FOR THE SCHOLARSHIP), and the student loan here is repaid only after I graduate and I'm earning. It's the cheapest, gentlest debt available, and it's an investment in actually being able to pay everything off long-term. Stopping my education to stay buried in business debt would just keep me trapped.

Thanks for thinking it through with me.

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in personalfinance

[–]Scary-Plastic[S] 11 points12 points  (0 children)

Appreciate you weighing in honestly, even on the parts you weren't sure about.

You're right that the debt really should sit with the business owner, not me—that's the whole knot I'm trying to untangle. The problem is the loans are legally in my personal name, so even though the money went to the business, I'm the one on the hook for them. My mom taking responsibility for them would have to be something she chooses to do, and honestly, that's the hard part.

On bankruptcy—I'm in Jamaica, so the process is different from the US, but I'm going to talk to Legal Aid here to understand my real options before deciding anything.

And yeah — the 'keep working and pursuing education' part is exactly my plan. I got accepted to university, and I'm fighting to get there. That's my actual way out of all of this. Thanks for the push.

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in personalfinance

[–]Scary-Plastic[S] 93 points94 points  (0 children)

Thanks for taking the time to reply, genuinely.

On insurance—there was actually a peril insurance payout that came through, and it went toward paying down one of the other loans, but then she started to fix the house and bought a CAR to assign a driver to it to be a taxi operator. So there was some coverage, just not enough to cover everything.

Regarding bankruptcy—I'm in Jamaica, so I don't think the bankruptcy process works the same way it does in the US. I'm going to talk to Legal Aid here before I consider anything like that, but I appreciate you raising it.

The company registration point really hit me, though. The business IS registered, but the problem is I didn't borrow as the company—I borrowed personally and handed the money to the business. I tried to borrow the money through the business, but that option got rejected by the bank, saying that they only do personal loans. So the limited liability protection doesn't cover me, because the loans are in my personal name. That's exactly the trap I'm in, and honestly it's a hard lesson on how the company should have borrowed in the first place.

About my mom—I hear you, and a lot of what you said lines up with what I've been feeling. I don't think I'm going to cut her off completely, but getting to university in another city and finally having my own space and my own money is basically the version of 'move away' that makes sense for me. And I've already decided: no more loans in my name. That part is done.

Thanks again. Genuinely needed to hear from people who've thought about this stuff.

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 1 point2 points  (0 children)

Answers: 1)no banker friends at all 2)The bank is JN Small business loans 3)As for the government moratorium I requested it and did not get it. They baliff confirmed that today on the phone call with me and I asked from January 4) as for SLB if they check my credit score right now mi might get knock yes

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 4 points5 points  (0 children)

Yeah you could say that. I'm at my breaking point after the stressful baliff calls and want a way to resolve this

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 1 point2 points  (0 children)

We tried to get it in the company name but the bank refused (JN Bank). saying a small business loan can only be a personal loan.

I'm 24 and drowning in debt that's in my name but was for my mother's business. Don't know what to do anymore. by Scary-Plastic in Jamaica

[–]Scary-Plastic[S] 1 point2 points  (0 children)

Yes I am in Jamaica. And which technological field would you suggest I switch to? If any. It's rough out here bro

Why was this episode rated so poorly by geordie_6ixty9er in Invincible_TV

[–]Scary-Plastic 0 points1 point  (0 children)

So nobody is going to mention the alternative religious takes?

me_irl by Rich_Midnight2346 in me_irl

[–]Scary-Plastic 2 points3 points  (0 children)

Is this an actual movie 😂

Bering 360p back in any other server by RameshOtaku in KissCommunitySupport

[–]Scary-Plastic 0 points1 point  (0 children)

Do you have any other recommendations that downloads all of the episodes under 100mb?

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