My father deceased in 1994 when he was in service(Railway) - Left dependents - Mother, Elder Brother(16Yrs), Younger Sister(9 Years) and Myself(13 Years).
Based on Compassionate grounds elder brother has got a job(1996) and was posted in various locations(other than Hyderabad). Post Father Death on his service settlement was 2 lacs were invested in Fixed Deposit.
Year 2000 - We were receiving Pension (Mother-3500) and Elder Brother salary(4000).
Sister got married on 2000 - all father savings and other accumulated savings were spent - Later sister maternity expenses and other formalities were taken care from mother pension and Brothers salary.
In 2004 brother started a trading business with his close friend - by pooling up funds from by Mortgaging residing House (2.5 Lacs), Brother in law(1.5 Lacs) and Other friends (4-5 Lacs). Business returned at 10% rate/month where some were given a option of reinvested the return also. Nov-2004 Friend vanished by taking away capital which was cumulated to 12 Lacs.
Net loss of 12 lacs. Filed FIR and Sued and later settled the case and got a return 1 lacs (Post expenses)
Nov-2004 till July 2006 was tough time they managed with mother pension and Brother Salary – By absconding/ Not responding to the Borrowers
Engineering was free education and later I was perusing my MBA (2004-06)- where hardly any expenses were gave to me and Mess bills were due for more than 7-8 months – Later I have Borrowed Education loan and cleared all the dues. Finished my MBA with campus placement in July-2006.
Money borrowed from Brother in law has not returned and Younger sister relationship ruined and filed up for divorce. She was Staying along with us as she was undergraduate and doing odd Jobs.
In 2005 Brother got married was joint family at Hyderabad.
Borrowed money is still unpaid – House mortgaged, Friends and Brother in law.
In July 2006 I have joined banking services where in first few months I have availed 5 lacs staff loan and released Mortgage by clearing 4.5 loans and other hand loans. Was paying EMI for 5 lacs Staff loan.
Mean time 2005-06 has sold one of the property in the name of My mother and cleared of some of the debts.
Later End of 2008, have got better opportunity and shifted another bank for betterment. Existing Staff loan has to be cleared before exit. I have shifted to mortgage Loan by availing 6.9 Lacs Mortgage on residing House property – by clearing staff loan 5.4 lacs (Discount has to pay back).
Ancestral property was settled and mother has gifter and open land on two brother (Me and Elder Brother)
