Lending money to friends ?

Scrapaholic

Don't know if this is the right forum . We're due to get money from a sale of property soon and a friend has asked for us to lend £10,000 . Interest would be paid on this . We think the friend is waiting for his inheritance from parents who are 80+ and will pay us back from that ! Friend said for us to think about it but we needn't do it if we didn't want to . There is obviously no date that can be put on the return of the money . What happens if we write something to say money is owed to us , sign it and each have a copy . Would that even be legally binding ? If we say no, then we feel the friendship will become strained and if we say yes , in reality , we may never see the money back .We have been friends for 25 years but sometimes circumstances change don't they .Should we not even be worried , should we just go on trust ? We feel we've been put into an awkward position. Any thoughts or anyone been in a similar situation ?

katieclampet

I would say no. I have read many posts of this type, and generally the best advice is never to lend money to friends or family!

If they are real friends they will understand, and if they are only bothered about the money then you are probably better off without them. If you wanted to be tactful you could say that the money has been earmarked for something.

I think there is something a little distasteful about waiting for someone to die to get an inheritance.


katie

Dinosaur_Train

My instinctive answer is "No way"!

I think your friend is being extremely cheeky

Dinosaur_Train

And to add, if they end the friendship because you say no, then they weren't a proper friend in the first place and are a user!

hm71_2

i to be honest would say no- my dear friend lent someone elses husband quite a large some of money and then the lendee disapeared- making it very uncomfortable for everyone, neither a borrower or a lender be are wise words.

Abbafan1972

I agree with the other posters and would definitely say no!

It's better to lose them as a friend, than lose them as a friend owing you £10,000.

Jojo_the_Tightfisted

JUST SAY NO



How are you to know whether they've actually been disinherited and all their parents' money is going to the Cats' Home? You don't.


It's far better to fall out with them by refusing to lend a whole year's salary on the offchance you get it back, than to fall out with them because they've spunked the dosh and have no intention of ever giving you a penny back.

BitterAndTwisted

TEN GRAND!

Before you decide, have a little read of that "Lending Money To Friends & Family" thread over on the Loans part of the forum.

If it was a hundred quid and I could afford to kiss it "goodbye" I might consider it, but ten grand? Nope, not in a million years.

aileth

Definitely not! As above, if they fall out with you or the friendship becomes strained because you won't lend them 10k, they're not a friend worth lending 10k to!

chelseablue

My first thought was also "No way"

I think the saying goes Never a lender or borrow be

I once paid for my brother to get his car out of the pound after it got towed away.
Cost me £350 and hes payed back about £100 of it. This was about 4 or 5 years ago :eek:

Gave up asking after a while! Had actually almost forgotten about it until your post reminded me

Short answer: Dont do it

BitterAndTwisted

Scrapaholic wrote: »

What happens if we write something to say money is owed to us, sign it and each have a copy. Would that even be legally binding?

What happens if it is all legally-binding and you really need the money back at some point and the olds haven't kicked the bucket? Or they've been disinherited and spunked it all away on coke and hookers?

TEN GRAND!