Lending money to a friend

Belmontdays

An old friend has asked to borrow £3,000. This friend already owes me £2,000 for over 2 years. Now facing house repossession needs this loan to pay some of the arrears on the mortgage to stave off and try and sell the house. I have refused but he has now said that he is due a payment from his pension of around £3,000 on June this year and will arrange for this to be paid directly into my bank account, but needs the cash now. I don't know if this is possible from a legal point and also should I even consider lending this amount, when obviously not getting repaid what is already owed? Can anyone advise on this.

MentalMinnie

Don't do it. If he's made no effort to repay the money you have already lent him, then i doubt he'll bother this time.

DCFC79

Yes i can advise you, dont do it just dont. Yes he says he will repay you in june when his pension money comes through but can you be 110% sure he will keep his promise ? based on the fact he hasnt repaid the £2k he already owes you.
Its up to you really, either write off the £2k or lend him the £3k maing it 5k he owes you, imagine what you could do with that kind of money or buy with it. Hes not a very good friend if he hasn't repaid what you lent him.

Have you seen any proof the house is to be repossessed oris it just his word ?

Errata

Why would he pay you back when he's already discovered he doesn't have to? TBH I can't understand why you're having to think about it, let along ask the opinion of others - it's a no brainer.

charlie3090

please,please dont do this,what a cheek to ask when they havent even attempted to start paying you even token payments,
i have bailed out(and lost) several friends by this method,please be careful, even if you think they are trustworthy,you needs will come last.

LovelyLeeds

Belmontdays wrote: »

...he is due a payment from his pension of around £3,000 on June this year.

:T Fantastic, now he can pay you back your £2000 in June, and have £1000 to spare. :T

XXSCOTSLASSXX

I would advise nooooooooo dont do it as the other posters have said.... if this £3000 is to pay SOME of the arrears how is he gonna then manage mortgage payments up until the house gets sold if he hasnt managed to make any lately the house may take months and months to sell... get your £2000 back in June and be done with it x

BJV

Be careful I have seen real true friendships destroyed by things like this.

gardner1

i think the fact that you have waited 2 years and still no £2000 should be enough info

Rupert_Bear

Belmontdays wrote: »

An old friend has asked to borrow £3,000. This friend already owes me £2,000 for over 2 years. Now facing house repossession needs this loan to pay some of the arrears on the mortgage to stave off and try and sell the house. I have refused but he has now said that he is due a payment from his pension of around £3,000 on June this year and will arrange for this to be paid directly into my bank account, but needs the cash now. I don't know if this is possible from a legal point and also should I even consider lending this amount, when obviously not getting repaid what is already owed? Can anyone advise on this.

Only loan it knowing you will never get the money back. I have done the same thing in the past and from experience Friends and loaning money do not mix.


The best thing for the friend to do is put it to the mortgage company that he will have this amount of money in June 2012 and they may be prepared to help.

Sometimes you need to be cruel to be kind and if the friend gives you the cold shoulder they were never a true friend in the first place.

tell_it_how_it_is

Personally I think no-one deserves a second chance when it comes to lending money if they've been blase about it first time round.

So to me it seems it depends on how many times you want to get stung. This person has clearly failed to get their house in order following your first assistance, so why would it be any different now?