Loaned a friend money *face plant*

MoneyMission2015

Good thing is he is currently still paying back Amigo. I agree with what the others have said, I would leave things as they are for now because you don't want him to stop paying them & then you get chased for it, being guarantor.

When you know that is finished then sky him to start repaying your £1600.

If you ask him to start repaying it now chances are he can't afford to repay both at once & will default on the Amigo loan, which should be your biggest worry.

Whatever you do, DON'T take out another loan for him!

WG0608

We are in a similar situation having loaned a friend a considerable amount of money to start a new business.

dave88uk

Cheers for the advice guys (and sorry for the late reply - I've been away with work).

In hindsight I think you're all right, allow him to concentrate on the Amigo loan. It's easy to allow personal feelings to cloud judgment in these situations.

A little while back someone asked about the contract I had - it was drawn up with a solicitor (free of charge as part of my TU membership).

Whilst I would never, ever recommend anyone lending money to friends (and completely agree with the "money and friends never mix" theory someone mentioned earlier) - do get a contract if you feel obliged, it's a godsend for me.

I'm going to give some thought to how he repays the Amigo loan, I've already told him that I want it re-financing, with a seperate guarantor. Shifting the problem onto someone else might be morally questionable, but we've simply had enough.

jonesMUFCforever

dave88uk wrote: »

Cheers for the advice guys (and sorry for the late reply - I've been away with work).

In hindsight I think you're all right, allow him to concentrate on the Amigo loan. It's easy to allow personal feelings to cloud judgment in these situations.

A little while back someone asked about the contract I had - it was drawn up with a solicitor (free of charge as part of my TU membership).

Whilst I would never, ever recommend anyone lending money to friends (and completely agree with the "money and friends never mix" theory someone mentioned earlier) - do get a contract if you feel obliged, it's a godsend for me.

I'm going to give some thought to how he repays the Amigo loan, I've already told him that I want it re-financing, with a seperate guarantor. Shifting the problem onto someone else might be morally questionable, but we've simply had enough.

Who do you think will give him finance>> Amigo is last chance saloon with a guarantor - the loan will not be going anywhere soon.

dave88uk

jonesMUFCforever wrote: »

Who do you think will give him finance>> Amigo is last chance saloon with a guarantor - the loan will not be going anywhere soon.

Funny you should say that! I went round today and a brand new Barclaycard appeared! They're up to their eyeballs in debt, bailiffs coming from all angles, how the hell they've got that I do not know...

Peter333

Dr._Shoe wrote: »

I never loan money out to people. For family and close friends i would give it (if I had it) but never loan, it leads to too many arguments and ill feeling.

Over the years I have given my brother many thousands of pounds but he's done the same for me. My Mum has also "loaned" money to both of us but we have helped her out too. We don't keep track of who's had what, we just do it on nod and a wink.

Same. I would never ever lend to anyone. I would give and not expect it back - if I could afford to at that particular time, but lend money? Never.

jimmy*c

Peter333 wrote: »

Same. I would never ever lend to anyone. I would give and not expect it back - if I could afford to at that particular time, but lend money? Never.

Lesson learned about your colleague presumably? :rotfl:

jonesMUFCforever

dave88uk wrote: »

Funny you should say that! I went round today and a brand new Barclaycard appeared! They're up to their eyeballs in debt, bailiffs coming from all angles, how the hell they've got that I do not know...

Could it have been a renewal card?