Lending money to friends ?

RupertTheCat

My other half leant a very good friend £10,000 several years ago (without telling me!). My other half drew up a loan note etc. A year later, after paying none of it back, friend did a bunk overseas never to be heard from again. £10k down the drain.

I never liked the guy but my partner trusted him - he was very upset which was awful to see as he had really trusted the guy.

So no - don't do it.

LisaLou1982

Glad to hear youve said NO OP!

I was in a similar situation a few years with a friend asking if they could borrow a large sum of money off me for the deposit for a house they wanted to buy. The idea being that they would do it up, remortgage and give me the money back plus interest.

I said no. I couldnt afford to lose 10k!

Good job really - the house is in negative equity so id never have got it back

helptoyou

Jojo_the_Tightfisted wrote: »

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.


Spot On ! I would ask them two questions

1) How would they raise the funds if you were not selling your house
2) Why cant they approach there own parents for loan.

Before politely declining .

LittleMax

helptoyou wrote: »

Spot On ! I would ask them two questions

1) How would they raise the funds if you were not selling your house
2) Why cant they approach there own parents for loan.

Before politely declining .

I would be pretty certain the answer to the second question will be that their parents are asset rich and cash poor.

bagpussbear

Very glad that you've made the decision to say no OP! it's the right decision, no potential future heartbreak.

I think we'll be interested to know what your friends reaction is when you decline. It is very unfair to ask and put you in that situation in the first place.

Georgiegirl256

Scrapaholic wrote: »

We're definately not going to lend the money . We do feel it was wrong to put us in that position . Not something we'd ever do to any friend . If the subject is brought up DH will say that we've made plans to invest it and then change the subject . Thanks all .

:T Wise move!

Better_Off_1983

This friend of yours sounds lovely, waiting for his relatives to pop their clogs because reaping the benefits!

Dont lend any money unless you can afford never to see it again.

ognum

I also say never lend what you can't afford to lose completely. To some people £10k is not a lot of money to others it's more than they will ever have in their bank account ever!

Only you can decided who you would lend 10k too, I would lend it to my nearest and dearest, I trust them and would give them time to pay it back.

I think you have made the right choice especially if it was dominating your thoughts and giving you sleepless nights.