Lending money to a friend- drawing up a contract

Takeaway_Addict

hendrysteve wrote: »

My advice is to do a contract between you and your friend.

Did you not read the first post then?

poppasmurf_bewdley

My advice would be to get him to sign a simple agreement saying the car would not become his property until the final instalment is paid, and I would keep a spare key so that if you need to recover the vehicle you can do so easily and legally.

Donki

I have done this exact thing with no hasstle at all so not every agreement between friends will go wrong, I would say a minority of them do. We drew up a simple contract witnessed by a parent of each of us. He set up a standing order into my account and I got the money each month. He still has the car to this day.

Its a question of how well do you know the friend, these days people seem to class a random guy on FB a friend. The thing is, IMO this is what a friendship is all about helping someone out, if all goes well your friendship will be all the better but of course it could go wrong. I would only do this to someone I really trust and have known a long time, this is something you would only know not us random people on here.

Good luck and I hope everything goes well.

Conrad

I've known many freindships come to a sticky end this way, for example they one day tell you times are hard and yet you know they have booked a nice holiday.

Never lend to a freind.

ScottHeron

Don't do it!