no good deed goes unpunished

T

thefisherman

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hi,just to give some bachground to my story.while my brother was abroad for 7 years he gave me power of attorney to handle his affairs in ireland,he bought a old house near the city center which i knocked and rebuilt,doing most the work myself to keep costs low as he only borrowed75000 to rebuild,it took almost two years to finish and as he was running low on money itook out a personal loan of 20000 in my own name to finish it and also loaned him 10000 of my own money afterward. when this house was up and rented out he then bought another house and which is now also rented out.he then came home to live in ireland and paid off my loans,and said he would give 20000 for all my help. which is not alot for two years work,he has one new 4-bed house worth350000(cost of old house-100000,cost of rebuild-100000) renting out for1400 a month plus his second house,also rented out.they will give me the 20000 when they are able according to his wife,so what are my options???
 
they will give me the 20000 when they are able according to his wife,so what are my options???
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What does your (biological) brother say?? Seems odd to me that you can't phone your brother and talk to him.
 
Frankly you dont have any options as you had no agreement on the matter it seems.
Is what you are really saying is that you contributed 30% of the finances to do the renovation as well as doing the work, and that you might have expected maybe 30% of the asset appreciation. If so, I would sympatise with that view, as being fair. However, fair is what you pay on the bus, in real life!
 
Did he authorise you to take out these loans and do all this work? Was there no discussion at that point over what this would entitle you to?

If you paid for the materials, he should pay for that now. If he's repaid the balance on the loans -- he also owes you whatever you'd paid on the loans to date. Plus the interest those repayment installments would have earned you if you'd saved them somewhere. Then he owes you for your time.
 
In fairness, if your brother didn't see it at the time, I don't think he's going t see it now that he "owes" you. Clearly the money that you contributed, should be paid back. Although that's an obvious statement, it seems you're brother (or sis in law) deem this to be as they see fit. I think you need to sit down with your brother & rationalise it like you have done here. If he is fair, he will see that he is in the wrong.

As my great grand uncle used to say, "when you go borrowing, you go sorrowing" !!
 
Jane said:
As my great grand uncle used to say, "when you go borrowing, you go sorrowing" !!
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Although any rich people I've come across as borrowed to the hilt, speculate to accumulate and all that.

Personally am a bit risk averse, have to be at this point in time, so accepting I'm probably foregoing returns by not borrowing
 
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