Lending money to friends & family

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Comments

  • deemy2004
    deemy2004 Posts: 6,201 Forumite
    Yeh

    Never a lender nor a borrower be.

    If they need money then they should go to the financial institutions and borrow it from them ! And if they can't borrow the money, then that says a lot about their ability to repay any monies that they are wanting to borrow from you !

    I loaned some money a decade ago to an uncle... never saw it again !
  • ceegee
    ceegee Posts: 856 Forumite
    HeMan wrote:
    My brother has now threatened him with legal action so the friends father has got involved and offered my brother £35,000 to settle the matter or his son will fill for bankruptcy (he has no valuable assets).

    The thing is, the friend is a stock broker in the City and does not really want this.


    "Tough" on the friend :rolleyes: ....I don't suppose your poor brother is feeling too thrilled about being done out of £62,000 either.

    IMHO, this "friend" is now trying to add blackmail to his list of "qualities". The little toerag deserves his comeuppance as far as I can see.

    Sorry this is not constructive help, but I cannot abide deceitful and dishonest behaviour such as this. :mad:
    :snow_grin"Let it snow, let it snow, let it snow........":snow_grin
  • dag_2
    dag_2 Posts: 793 Forumite
    I understand you need to know where someone lives before you can take civil action against them, so it's no good if someone's moved and you've lost touch with them.

    What I wonder is - what if you see someone who owes you money in the street? Could you follow them home to find out where they live? Is there any risk of being found guilty of stalking?

    What if you hang around in places where they are likely to pass through - such as railway stations, or if you know they go to a certain pub, gym or church? Or if you know that they work in a certain area but are not sure exactly where?

    Or what if you recognise their car in a car park, and wait for them to turn up? Is it ever worth doing any of these things?
    :p
  • CTT_2
    CTT_2 Posts: 403 Forumite
    Never, never, never lend money to ones friends. If the commercial lenders will not give them a loan there is usally a very good reason.
  • Luke
    Luke Posts: 112 Forumite
    I have a friend who was borrowing from me to fund his lifestyle. It started at £50, then to £100 this month he owes me £860. But generally I haven't had any problems with getting the money back. I charge him interest, obviously that benefits me but it makes him think twise before asking for money.
  • Do you pat income tax on the interest.
    Do you comply with the consumer credit act.
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  • Luke
    Luke Posts: 112 Forumite
    No its hardly profitable anyway, when dealing in such small amounts.
    No contracts or anything. It all comes down to trust. He knows he can rely on me for cash if he ever needs it but equally he knows I expect the money back at the end of the month.
  • Luke
    Luke Posts: 112 Forumite
    deemy2004 wrote:
    Yeh

    Never a lender nor a borrower be.

    If they need money then they should go to the financial institutions and borrow it from them ! And if they can't borrow the money, then that says a lot about their ability to repay any monies that they are wanting to borrow from you !

    I loaned some money a decade ago to an uncle... never saw it again !

    We all borrow at some point I remember about 7 years ago when I was 17 I borrowed £90 off one of my best friends. I borrowed it Monday and gave it back friday. I will always remember that and I would always be ready to help him financially should he need it.
  • skintchick
    skintchick Posts: 15,114
    Debt-free and Proud!
    Forumite
    dag wrote:
    I understand you need to know where someone lives before you can take civil action against them, so it's no good if someone's moved and you've lost touch with them.

    What I wonder is - what if you see someone who owes you money in the street? Could you follow them home to find out where they live? Is there any risk of being found guilty of stalking?

    What if you hang around in places where they are likely to pass through - such as railway stations, or if you know they go to a certain pub, gym or church? Or if you know that they work in a certain area but are not sure exactly where?

    Or what if you recognise their car in a car park, and wait for them to turn up? Is it ever worth doing any of these things?


    I can't say if it's worth doing them, but if you only did them a few times it wouldn't count as stalking.

    As a journalist, I have in the past sat on people's doorsteps (well, in my car actually) for days on end and all the police can do is ask you to move a bit futher along the road if you are reported, as it's not actually illegal to sit outside someone's house as long as don't intimidate or harrass them.

    So you certainly CAN do them - but would it achieve what you wanted?

    Another thing to consider - I was stalked by text and it took some serious foot-stamping to get the police to give a toss, so it's unlikely you'd get done even if you were threatening to kill the person, which was what my stalker was doing. Thank goodness he didn't have the intelligence to find out where I live.

    Just some food for thought.
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  • Luke wrote:
    No its hardly profitable anyway, when dealing in such small amounts.
    No contracts or anything. It all comes down to trust. He knows he can rely on me for cash if he ever needs it but equally he knows I expect the money back at the end of the month.


    and if he doesn't pay, do the big guys and their bats come out :rotfl:

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