Promissory notes??

confused_123_2

Hi, sorry if this is posted in the wrong forum - please forgive me if it is....

A Friend of mine has a problem with spending too much money - he wants to give his girlfriend some money so that she can keep it safe for him in her bank account..... I've told him to get it all written down etc (just for his own assurance that she will give the money back to him when he requests it)


Is this seen as a 'loan' as she is 'borrowing'/keeping his money in her accounts???

Will a 'prommissory note' be enough?? eg (free-legal-document.com)-sorry i can't post links as a newbie!

(any other good free examples online?)


Thanks for any help.

Stuart_W

Even if the paperwork was legally enforceable, the cost and success of pursuing enforcement if said girlfriend runs off with money would likely to be prohibitive and make the exercise pretty pointless.

For such a system to work, it would need to be based entirely on trust between the two parties.

How about some kind of account where he can put money in but not easily take it out? Money remains his, so no one can run off with it, but he can't easily spend it on a whim either.

My local credit union, for example, allows cash deposits via paypoint - very useful to avoid change just going in the pocket and then being easily spent - I can clear out my pockets and pay in any odd change (any amount from £2 upwards can be paypointed) and it is deposited into my credit union account. I can only withdraw my money by posting a withdrawal application, which I receive back by cheque. This could be used as a good way to prevent impluse purchases and small change saved up over a year soon adds up.

This is one example that could work - your friend just needs a way to save money that isn't easy to impulsively get at, but can ultimately be accessed if necessary.

confused_123_2

any good sites that offer free documents?......especially regarding borrowing money from family/friends etc??