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Dear Friends and Family,
This fundraising effort is our response to a recently discovered situation in which our parents, Renat and Gouzel Usmanov, found themselves in this year. About 6 years ago our Dad took a feasible $2,000 bank line of credit (LOC) in order to cover some expenses. As the years progressed, he was paying it off diligently and it was almost paid off. A couple of years later, by the grace of God, we (Emiliya and Indira) moved to America in order to study for the Masters of Biblical Counseling degree from The Master’s College. Our parents, knowing that we barely had the opportunity to earn money in America, borrowed from the LOC in order to cover tuition, housing and food. They borrowed against the LOC, with the intent and ability to pay off the debt.
However, last year the thriving company where Dad worked for over 30 years went bankrupt due to corruption. Praise God, almost immediately God provided another job and our father was still diligent in paying down the debt and refinancing the LOC in order to secure favorable financing terms. However, in spite of all of this, the debt didn't even seem to decrease. Due to inflation and the recent Russian financial crisis and geo-political turmoil, the size of the debt more than doubled due to the devaluation of the Ruble and the interest rate ballooned to 23% (an average credit rate in Russia, unfortunately). Now, our parents find themselves in the uncomfortable position of having a sizable debt of about $7700* and no ability to repay it since interest payments alone account for 40% of our dad's salary, a salary which pays only about $350 monthly.
In addition, our mother is already at a retirement age and despite serious health issues, is still actively serving the church and family. Dad will reach retirement age in about 2 years but his pension will definitely not cover it either. It is hard to see how they are trying to put it all together, depriving themselves of important medication, unable to provide for their present needs.
Filled with despair, this is the situation that our parents recently told us about, with the intention of asking for prayers, not money. We feel obligated, as a sign of thankfulness for all that our parents have sacrificed, to do something about this. However, we find ourselves helpless, unable to do anything about it. After discussing the situation together and talking to our parents, we received a permission from them to try to find money to help them. The debt exists because they gave their last to help their daughters with education and it grew due to a really bad financial crisis in Russia.
This is why we are making this situation known to you, our Christian community.
We realize that it is primarily a family matter, but because we cannot meet this obligation ourselves we are appealing to you to consider helping us with this financial need. We are very concerned for our parents, but unfortunately we don't have the means to pay the $7700 in a timely manner, considering the high interest rate. We have considered just taking this responsibility upon ourselves, but even paying a $100 a month would not even meet the monthly interest payment of the debt (which is $144 monthly).
Also, in the past 2 weeks, our grandfather’s health took a turn for the worst when he fell and broke his hip. After the surgery, our parents had to hire a mandatory caretaker in order to help taking care of our grandpa. This was not an option, but was mandated by the hospital. This has added a huge financial toll on them.
Therefore, we are asking you to consider joining us to help pay down our parent’s line of credit. We would really appreciate if you either spread the word or even be able to help us to raise this amount donating any amount to help our parents to pay it off their debt. Any amount donated would be very very much appreciated!
Also, if you remember them in your prayers we would be thankful!
Thank you so much!
Emiliya, Indira, and Robert
*(We are asking for approximately $8,200 in order to be able to pay the service fees from this website)
This fundraising effort is our response to a recently discovered situation in which our parents, Renat and Gouzel Usmanov, found themselves in this year. About 6 years ago our Dad took a feasible $2,000 bank line of credit (LOC) in order to cover some expenses. As the years progressed, he was paying it off diligently and it was almost paid off. A couple of years later, by the grace of God, we (Emiliya and Indira) moved to America in order to study for the Masters of Biblical Counseling degree from The Master’s College. Our parents, knowing that we barely had the opportunity to earn money in America, borrowed from the LOC in order to cover tuition, housing and food. They borrowed against the LOC, with the intent and ability to pay off the debt.
However, last year the thriving company where Dad worked for over 30 years went bankrupt due to corruption. Praise God, almost immediately God provided another job and our father was still diligent in paying down the debt and refinancing the LOC in order to secure favorable financing terms. However, in spite of all of this, the debt didn't even seem to decrease. Due to inflation and the recent Russian financial crisis and geo-political turmoil, the size of the debt more than doubled due to the devaluation of the Ruble and the interest rate ballooned to 23% (an average credit rate in Russia, unfortunately). Now, our parents find themselves in the uncomfortable position of having a sizable debt of about $7700* and no ability to repay it since interest payments alone account for 40% of our dad's salary, a salary which pays only about $350 monthly.
In addition, our mother is already at a retirement age and despite serious health issues, is still actively serving the church and family. Dad will reach retirement age in about 2 years but his pension will definitely not cover it either. It is hard to see how they are trying to put it all together, depriving themselves of important medication, unable to provide for their present needs.
Filled with despair, this is the situation that our parents recently told us about, with the intention of asking for prayers, not money. We feel obligated, as a sign of thankfulness for all that our parents have sacrificed, to do something about this. However, we find ourselves helpless, unable to do anything about it. After discussing the situation together and talking to our parents, we received a permission from them to try to find money to help them. The debt exists because they gave their last to help their daughters with education and it grew due to a really bad financial crisis in Russia.
This is why we are making this situation known to you, our Christian community.
We realize that it is primarily a family matter, but because we cannot meet this obligation ourselves we are appealing to you to consider helping us with this financial need. We are very concerned for our parents, but unfortunately we don't have the means to pay the $7700 in a timely manner, considering the high interest rate. We have considered just taking this responsibility upon ourselves, but even paying a $100 a month would not even meet the monthly interest payment of the debt (which is $144 monthly).
Also, in the past 2 weeks, our grandfather’s health took a turn for the worst when he fell and broke his hip. After the surgery, our parents had to hire a mandatory caretaker in order to help taking care of our grandpa. This was not an option, but was mandated by the hospital. This has added a huge financial toll on them.
Therefore, we are asking you to consider joining us to help pay down our parent’s line of credit. We would really appreciate if you either spread the word or even be able to help us to raise this amount donating any amount to help our parents to pay it off their debt. Any amount donated would be very very much appreciated!
Also, if you remember them in your prayers we would be thankful!
Thank you so much!
Emiliya, Indira, and Robert
*(We are asking for approximately $8,200 in order to be able to pay the service fees from this website)