xcuse me, Gavin, can we talk?” My domestic worker, Margaret, was standing in the doorway, eyes f i xed on the of t he outstanding loan. Of course, Margaret had to pay an extra monthly amount for this additional benefit.
The total repayment seemed exorbitant. It meant that by the time Margaret had paid off the loan, she would have forked out nearly double the original cost of the hi-f i. I asked her if she realised this was the case, and she looked at me blankly.
I was not happy. So I immediately settled the loan with the retailer, and entered into a zero-interest zero-fee loan agreement with Margaret to pay off the balance. I would deduct a f ixed monthly amount from her salary until the loan was paid off. If we kept the same term as the original loan, then her monthly repayments would be half of what she was paying before. Yes, half.
Margaret was overjoyed. Then I said to her: “Calm down. It’s all very well paying half of what you were paying before. The question still remains – can you afford it?” Again, she looked at me blankly.
I tried again. “If you pay this new amount unt to me every month, h, will you have enough h money to live?”
She shook her r head. “What do you u mean?”
“I mean, i f you u had to write down n ever ything you spend your money on during the month, and then add it all up, will you have enough to cover it f rom your salar y after you’ve paid me the loan repayment?”
“I don’t know,” she he said, scratching