A secure personal loan?

zazou

A friend of mine wants to lend his girlfriend some money to pay her overdraft but he doesn't want being caught at the short end of the stick if the romance goes sour.

He trusts her financially and she is responsible . It just pains him to know that money is being wasted on interests.

Is there a way to secure a personal loan in that way that he gets his money back if things don't work out?

masterlumps

yes the best way to secure his money is not to lend it to her

dealer_wins

zazou wrote: »

Is there a way to secure a personal loan in that way that he gets his money back if things don't work out?

Oh yes there is indeed a way, that's exactly what his girlfriend is doing

zazou

Well, when comedy hour is over I hope that some real answers will come :-D

dealer_wins

Come off it. Of course there isnt a way to secure a loan to someone, unless they have an asset which you legally take ownership of, or obtain a legal charge over.

somethingcorporate

Not really, you could if you went to see a solicitor to draw up a contract but kind of defeats the object as it wouldn't be cheap.

Send him the link for the lending money to friends and family - hopefully that will warn him off!

TonyMMM

He can get her to sign a piece of paper, stating how much he is lending to her, how she is to repay him and when, and any interest to be charged.

Then when they split and she doesn't pay, he can take her to the small calims court ..... but if she has spent the money, and has no other assets he will be wasting his time. Being able to prove a loan was made, and getting the money paid back are two very diffferent things.

Best thing he can do is give her as much support as he can (non financially) whlist she sorts out the debt herself.

opinions4u

He trusts her financially and she is responsible

Why is she overdrawn then?

At the end of the day, companies that provide credit have all sorts of legislation behind them. Terms and conditions reflect this and the Consumer Credit Act says the customer is meant to pay back.

If the customer fails to pay, they can be taken to court. They can have judgement made against them. They can still fail to pay and often do.

There is nothing, other than sending the boys round with hammers that are attracted to kneecaps (which, if you hadn't sussed, is illegal), that lenders can do to force payment.

Tell him to tell her he won't lend her the money. It will probably help him work out if the relationahip has a future or not.

Well, when comedy hour is over I hope that some real answers will come

They were pretty reasonable answers.

27col

As an old cynic I've always thought that loans between couples were a sort of prepayment for sex. With the added bonus that, if the loan is not made, you soon find out whether there is any real love involved.

[Deleted User]

27col wrote: »

As an old cynic I've always thought that loans between couples were a sort of prepayment for sex.

Interesting. Is there a prepaid card you can get? And is it accepted worldwide?

DCFC79

zazou wrote: »

Well, when comedy hour is over I hope that some real answers will come :-D

The replies given were helpful but not what you were expecting. Would you lend her the money ? Why can she not get the loan herself or is her score trashed ?