MONEY MORAL DILEMMA: Would you lend to a friend in need?

Chrysalis

how would you have helped him if the insterest free credit card wasnt available and no sickness repayments on another card?

srg123

i would have looked at what was not needed which i have done already, i may have written to the bank to see if they would freeze the interest, if that failed i would have found advice say from the cab and pulled on thier knowledge base and support. it would be a lot harder but do'able . only by tightening the already tight belt.
THE EASIEST THING IN THE WORLD IS TO FALL INTO DEBT. THE HARDEST THING IN THE WORLD IS TO GET OUT OF IT!

SidneySilverstone

If I knew the friend well enough, yes.

0rsen

My daughter found herself in a situation where she was in great danger of not being able to sustain her mortgage repayments, as her husband, who was self-employed, hit a bad patch with no work coming in. We lent them the cash they needed and wrote it off. In other words, if they could not repay, then we would accept the situation. We did not want to put more pressure on them by constantly reminding them about it. Two years later, they are doing quite well and they recently sent us a cheque for the full amount with a lovely 'thank you' card.
I don't think I would have done it for a friend who was unable to control finances. Many years ago, I received some sound advice from a member of a wealthy land-owning family. "When you lend some-one money, it is your money. When it has to be paid back, it's theirs". Very true.

kamoha

If its close family its entirely different, although a child and partner is a tricky one.

seven-day-weekend

Under the circumstances quoted in the OP I would not lend the 10 grand. If I could afford to lose it I probably would, but would accept that I would probably never get it back.

Instead, I would try to help my friend organise her finances so that she didn't lose her home, or at least was able to sell it rather than have it repossessed.

I've not read the thread so forgive me if I've repeated anything.

Syman

in my opinion -

no to lending the money

if it all goes belly up - you lose 10K AND the friend

KPD1

Never lend money if your going to worry about getting it back.

meher

MSE_Natasha wrote:

Jane's best friend since childhood has always been terrible with cash; and now she's got into serious debt and is in danger of losing her home. She's asked Jane for a loan of £10,000; money she can afford to lend without a problem, but can't afford to lose. They've always been through thick and thin together and supported each other in everything. Should Jane lend the cash?

Depends on whether £10000 is a lot of money or not would be my view on this. If it's lot of money for both, there's nothing wrong in refusing. But if Jane is filthy rich then by all means lend the money. My objection would be to someone who'd lend money and then brag about it or hassle a friend about it by accounting for it should they be in a position where they cannot return - such people should do their friend a favor by not lending at all. My policy is to lend if I could afford and then just forget about it - if it's returned fine - if not, that would be the last time I'd lend to that person.

kate1976

If I couldn't afford to lose the money then no, I wouldn't lend!! I'd offer my help and support in other non-financial ways though.