Loan to close family member who is up the proverbial creek

dealer_wins

Treat it as lending money to a Lemming, very few get home and most jump over a cliff!!!

fimonkey

paddyrg wrote: »

Your money, your choices, go right ahead! But please do be aware that loans drive wedges between people, and it was on these grounds that I suggested you reconsider. If as you mentioned with the revised information the £20k is irrelevent and you are treating this as a £2400 high risk low return investment in family (you couuld have said this earlier and saved a load of grief for everyone who considerately posted trying to help you), then yeah, go for it, whatever! But please don't be upset that people cannot read your mind.

Thanks for replying, to be honest I have considered replies on here and that's what made me change my way of thinking towards the situation you describe (£2400 high risk low return investment in family). I posted for advice, I got it (some of it a bit harsh IMO as I still maintain family come first) and I changed my position to the above. I'm sure I haven;t caused "grief" to anyone on this board - you're all hard-nuts! And if just one person could read my mind it'd save me a whole lotta work in this world - but that's a wish for another world.

I'll come back to this thread in a few months time and let y'all know the outcome. As it stands now I am seeing this family member this weekend and going through a full statement of account with them. I've made it clear I will only cover a limited number of mortgage payments but if the SOA shows they cannot afford the house then they put it up for sale and downsize/rent. .... Time will tell onthis one. ... Oh and she already has an interview lined up for next week so fingers/arms and legs all crossed for her!!!

...... and I hope for some good karma coming my way for giving up my weekend to deal with this, but then knowing life as it is I'll get diddly squat from the world of karma for my efforts. Ho hum indeed.

paddyrg

Hope it goes well hon! We all just care, y'know :kisses3:

Peelerfart

Reported SpamShark

Apples2

LoanShark wrote: »

Why is that? You don't think one should keep track of his/her loans?

I've reported your :spam: too ya fud!!

How does your tiny mind work if you think we all need your crap links?

Peelerfart

LoanShark wrote: »

Then how do you keep track of all your loans with your family & friends? Have you ever forgot to pay back or vice versa?

where would we be without you SpamShark? - reported again.

iolanthe07

Have you ever forgot to pay back or vice versa?

No, never. Now go away.

pmduk

Well I for one, think that the OP has made a sensible decision. I Hope it all goes well.

Fiddlestick

Unless you can absolutely afford to write off the money for ever without any regrets, take the equity in the house that you are being offered.

fimonkey

Fiddlestick wrote: »

Unless you can absolutely afford to write off the money for ever without any regrets, take the equity in the house that you are being offered.

Not sure its worth going down that route, easier emotionally to just write off the money.