NOW OPEN: the MSE Forum 'Ask An Expert' event. This time we'd like your questions on TRAVEL & HOLIDAY DEALS. Post by Wed and deals expert MSE Oli will answer as many as he can.
Real-life MMD: Should I act as guarantor for oldest friend's son?
edited 3 December 2013 at 5:35PM in MoneySaving polls
74 replies 14.8K views
This discussion has been closed.
Latest MSE News and Guides
Energy Price Cap change
Martin Lewis on what it means for youMSE News
Best £1 you've ever spent?
Share your most impressive bargainsMSE Forum
New MSE Forum avatars available
Try 'em out nowMSE Forum
The only business acumen your friend's son has demonstrated, is the ability to get into financial trouble.
Share the risk with other taxpayers, don't try to carry it alone!
Your friend may well appreciate that good advice now may be worth more than 5K & a trashed friendship, or not.
I live by the old adage
"Neither a lender or a borrower be"
perhaps you could take it up as your answer to your friend who should never have asked such a question and put you in this position in the first place.
Don't do it.
Otherwise, say 'NO,' kindly but firmly. (There's a lot of super advice on how to soften the blow in several posts here.) That way, you have a sporting chance of keeping the friendship (and the money).
I recently took out a loan for a close relative. It made me feel depressed and it seriously damaged our relationship, even though he was paying it back. It is really not worth it.
Think about it - would you take out a loan for £5000 for yourself if you had a business idea you were really not sure about?
Plus is it even really worth the worry and stress you will go through?