trying to be upbeat

[yhang 20]

I doubt it's an actual 'bank'. In order to get a loan from a bank, they should have properties or a stable job (could present bank statements and pay checks). Obviously, they can't offer their fishing boat as a collateral since a bank won't accept it. The banker is probably what we (Filipinos) all know as 'BUMBAY' or people who are giving '5-6'.

It's nonsense too for the OP to talk about the possibility of gretchen's travel to be delayed because of it. They can't do that. Even big banks in the Philippines can't do that (unless of course they go to court which is a long process).

I don't think the OP have any idea of it. Makes me wonder.. I thought he knows everything especially about Pinays. After all, you have the money in the world, why worry?

[Dan and Judy 614]

I doubt it's an actual 'bank'. In order to get a loan from a bank, they should have properties or a stable job (could present bank statements and pay checks). Obviously, they can't offer their fishing boat as a collateral since a bank won't accept it. The banker is probably what we (Filipinos) all know as 'BUMBAY' or people who are giving '5-6'.

please explain the expression giving '5-6'

[rlogan 2,036]

I doubt it's an actual 'bank'.

'BUMBAY' or people who are giving '5-6'.

Of course. Street lending at street interest rates. At 6:5 (Borrow five, pay back six) that's 20% nominal. But if it is a one-month loan with a dollar every month, that's an annual percentage rate of about 240%. I'm not an expert or anything, but that seems slightly high.

The term is used loosely and who knows what the actual lending agreement is. A local Sari-Sari store owner or whomever nearby has the cash to lend on Americano collateral. My understanding is the term Bumbay was because they tended to smell like onions.

Nobody's perfect. Mine tried this on me. Secret borrowing. She pressed for the money. I said it wasn't my problem.

[af_phils 0]

please explain the expression giving '5-6'

example: borrow p5000 - pay back p6000

"bumbay" refers to the ethnic Indians who finance most of these loans.

Edited September 11, 2011 by af_phils

[Dan and Judy 614]

thanks guys,

[Robert&Karen 264]

and one post removed for a personal insult. last warning as the next time there will be thread banned or worse.

I think many of us wish Darren could see how he appears from our points of view. He is young and bound to make mistakes. We learn from getting good advice (the easy way) or from falling on our own face (the hard way). Looks like a bit of both here. I've started several replies and deleted them for concern about how they'd look to a moderator. I don't believe anyone here has evil intent in negative posts. We are searching for what to say and how to word it so that Darren understands the message. Not easy.

[MuDelphi 159]

dude is 45

[Robert&Karen 264]

dude is 45

Well, we all mature at different speeds.

[sunandmoon 450]

the thread has become quiet. no updates yet from the village...

[kenshaq 3]

LOL... Gretchen got a great laugh out of it too. Gretchen says thank you to everyone who has wished us well. Gretchen knows I am trying to help her family, but also trying to be careful of what is said and what goes on.

The great news is the CFO is done as well. We took time off Wednesday just to relax and watch the rain.

today we went to the CFO. I sat outside and just enjoyed the wind. B_J is right. the place is not easy to find. Look for a Green gate at the top of the bridge saying Good Shepard Convent. (next to a 10 story building) You will not see the SMEF-COW sign form the road until at the top of the bridge across from the convent. the benches outside are true catholic. Painful to sit on. 4 pipes welded together to make benches. (ouch) the bathrooms are around the corner, just follow the CFO sign. (to the right as you are facing the building). there is also a canteen there as well. Cokes as of this time are 12 php. (about 8 oz bottles) you can do all of the CFO at SMEF-COW including the sticker. It took Gretchen 4.5 hours. Talk about a long day. They spent a long time going over experiences in Canada and USA. Bad and good observations made by the girls gone on before. Things to be careful of. things to be sure of. they spent a lot of time talking to Gretchen. then to her and her parents. then finally to me. Yes, I got called into the session after everyone else had left. WE were the last ones for hte day. the parents were there to give their consent becacuse of Gretchen's age. Tey had to sign a letter. I had to promise to take care of Gretchen to SMEF_COW, to her parents and to Gretchen. I also provided a land-line to be reached at. they wanted a land-line and not a mobile line. It took me a while to figure out who to give, Almost everyone I know has a mobile number only. I do not even have land line anymore. I only know of three land line numbers. Then proceeded to be informed of the law in the philippines and age of marriage. the requirements. and the needs I need to take care of as well as jealousy. I was not expecting a counseling session as well. But just took it in stride. After all this has been one weird week. Besides I know I will be going through counseling in the catholic church soon with Gretchen. But everything is now complete.

Things left are: get the visa, at NAIA airport: get the CFO sticker, and pay the travel tax.

So far things are on track. What a wild and crazy time since coming back from the trip in May. My life has been crazy. We got everything done with no problems, but I would not recommend what I am doing for the faint of heart. However, I will say one thing. Many girls have told Gretchen they are jealous of her because I have been with her every step of the way in Manila. For me, I could not let her go it alone in Manila. I just could not take it knowing she was in manila going through the process alone. I know some people cannot afford it, or things happen to where they cannot go. I just know for me, it was not a matter of choice. I had to be there with her. things have worked out so far. But we still do not have the visa yet.

it's nice to meet your fiance at the seminar. i seated beside her and be friendly with her. i just recognized her but i never got jealous of you were with her...lol..but we had a good but boring seminar..goodluck

[Dan and Judy 614]

the thread has become quiet. no updates yet from the village...

It's time to take up a collection, so we can pay off the family debt and get Darren out of there

[yhang 20]

It's time to take up a collection, so we can pay off the family debt and get Darren out of there

hahaha!

I guess he realized that there are people in this thread that are way smarter than him - it's about time.

I doubt though that there is someone richer than him

[Crashed~N2~Me 970]

It's time to take up a collection, so we can pay off the family debt and get Darren out of there

[rlogan 2,036]

"bumbay" refers to the ethnic Indians who finance most of these loans.

Well, yes - but the term literally translated is "onion" in Bisayan. So it does refer to them, as you say, but in the way they were purported to smell. That is my understanding of it on Mindanao at least.

[gretchen_darren 67]

well, learning a lot nd just watching a lot right now. Not going into things as I know how people tend to jump all over things when I use the wring phrases. Let's just say I am having very very long talks over things I see in private with Gretchen to understand before reacting. Plus knowing "America" is still not understood. I am bothered over things but I will be careful on the situation right now. I am just happy to be heading home on Sunday. (about 3 or 4 days.) I miss my kids and torn between here and home. Both places are home to me now. They are actually letting me walk around the village on my own now. (of course I do have lots of kids following me everywhere.)

And yes, there are people richer then me. I KNOW there are people much much much richer then me.

We have her visa. Thursday afternoon through saturday morning will be at the village. Party Party Friday in the village. Looking forward to going home Sunday. Bills to pay, and teaching US money versus Philippine Peso. So far, it is still not understood. All I cn say is, I will be patiently educating money and budget. I see many issues. I am just going to have to work through them a little at a time.