Lending money to friends ?

lizziebabe

Hi, I lent money to 2 'friends' and had a devil of a job trying to get it back. Finally did, but will never do it again unless I wasn't prepared to get it back. I am not well off enough to not get it back so IMO don't lend.

What if your friend isn't going to be left the money in the will. Have you seen it? It is too much money. What does he want it for anyway? Advise him to go to CAB and ask about where the best place is to get a loan.

Elsewhere

My MIL is 94 and still going strong - folks are living longer in general - so don't hold your breath waiting for your friend's parents to die if that's how the money is to be repaid!

Does your friend own a house? My father lent someone a large amount of money once, securing it by arranging a private mortgage between them. However, this would involve paying a solicitor to draw up the agreement.

On the whole I reckon it's a bad idea between friends - if things go wrong you can't take the necessary steps to recoup your money without major bad feeling on all sides.

Kayalana99

All I can say is a friend of mine lent alot of money(talking 6 figures here) of his Dad to fund a project with his mate....him and his mate fall out for the first time in 12 years and its all going balls up because of them not being able to work together

I know its a difficult situation but I think its hell lot more likey that you will fall out with this money in the middle of you then just saying no.

Georgiegirl256

I would say no, don't do it, money changes people, could put a strain on your friendship. Can you imagine if they default in paying you it back, and so then you have to keep on reminding them, and then they get funny with you etc etc etc, can you imagine the unpleasantness it could cause?

If you do say no, and then they get funny with you then, well, as others have said, they weren't really a true friend to start of with, and I would tell them as much to their face too.

valk_scot

Just refuse politely but firmly. What if you need it back urgently and he hasn't got his inheritance yet? I don't see why the friendship has to be strained unless he's rude enough to persist. If so he's not as good a friends as you might have thought.

janex_2

Say no! I think it is terrible to borrow on the strength of his inheritance as well!

Georgiegirl256

Do you know what he wants the money for anyhow?

Joons

And why can't they borrow the money in the normal way, ie a bank? You have to say no, the parents could live to be 100. Even signing anything won't help if the `friend` refusing to pay up or worse, disappears. A real friend would never ask in the first place, that's a serious amount of dosh.

pesky85

What does he want it for, out of interest?

I would definitely say no, if he's happy to pay interest he can go to a bank for a loan x

Debt-Free-Wannabee

Oh Scrapaholic I would seriously say no.
I lent a family member, who I completely trusted, a loan of £4,000.
I looked on here and the majority of posters said a definite no....but I went ahead and loaned her the money because I was certain she would pay me back......she didn't.
It caused such a strain on our friendship and in the end I had to count my losses and put it down to experience.
I was a gullable fool,please don't be the same.Listen to the advice on here Scrapaholic.x