Lending money to family member

Stevie_Palimo

Well if this is for you child and you want to help why not buy the car outright your end put it in your name and release it to them upon final payment being made to you, Some pitfalls though here are going to be any driving penalties incurred could come back to you, Insurance costs and no claims should an accident happen.


If it was my child then I would look to assist without the legal side of things you are aiming for as it is what parents do for there kids, Then when you are old the roles reverse and they look after you.


Ps: your partners daughter or not you are with her mother and if you see this lasting a long period of time why not just offer to help ?

countrybelle

I'd just like her to understand it is a serious matter and that she has to budget and understand how to manage her finances. It will help her in the future to be responsible now.

countrybelle

Petra, I did the search myself. In our village there was a fire that wiped out all records some 400 years ago, this property got missed having been owned by the same family for long time. It was recently sold and so far it has two names, both of which are not on the royal mail system as it used to be attached to an Inn. It's quite a pickle we are all trying to unravel.

Petra_70

reneobscene wrote: »

She's not my daughter, she's my partners daughter, you judge too quickly!

2 questions.

1) Who is judging you?

2) Why is your partner not lending his daughter the money?

VfM4meplse

reneobscene wrote: »

She's not my daughter, she's my partners daughter, you judge too quickly!

If you have the funds, decide whether your relationship warrants gifting the money, or not. I can't help but think if you lend her the money you will remind her of this act of "generosity" on every possible occasion.

Petra_70

VfM4meplse wrote: »

If you have the funds, decide whether your relationship warrants gifting the money, or not. I can't help but think if you lend her the money you will remind her of this act of "generosity" on every possible occasion.

Exactly. If you have the funds, then give the person the money. Don't lend it, as there is a fair possibility they will not give it back. As someone said earlier, if they cannot get the funds elsewhere, you have to question why.

I am still interested to know why the OP's partner cannot lend his daughter the money.

worried_jim

Buy a car, keep it in your name and remain the legal owner. Keep a set of keys, she pays you every month, if not you repo the car. Simples.

Petra_70

Hmmmm, it seems the OP is struggling to come up with a reason why their partner is not lending the money to his daughter. I have asked twice now, the first time 25 minutes ago, and I know the OP is still here, and is still viewing the thread; yet they've not answered this question. :huh:

Some VERY loud alarms bells ringing here.

Don't do it. Just don't.

JasX

Buying the car yourself *in your own name* seems the obvious way to go here

Then options around 'renting' her the car and possibly giving her an option to buy it of you at future date X for future price X. Future date Y for future price Y or Future date Z for future price Z after which she loses all claim on the car might be one possible route

If she wants to but it then she can hand over the balance of payments in a lump sum and you transfer ownership of the car to her.

If she doesn;t take the offer up you simply sell the car on the open market

Insurance will be mildly tricky/expensive -make sure you get something appropriate (check in advance and read the small print yourself -don't rely on a broker saying 'it'll be ok' where you have nothing in writing)

but if that's the only option then her paying over the odds for insurance will probably need to be swallowed

JasX

eg you buy a car now for £10,000

she will pay you £250 per month to 'rent' the car

in exactly one year's time she may buy the car from you for £7000 provided you recieve that sum during the month of November 2016 and all rental payments are up to date.

in exactly two years time she may buy the car off you for £4000 provided you receive that sum during the month of November 2017 and all payments are up to date

in exactly three years time she may buy the car off you for £1000 provided you receive that sum during the month of November 2018 and all payments are up to date.

In March 2019 she may buy the car from you for £1 provided all payments have been made and are up to date before 31st March 2019. If this does not happen the car will remain your property and she will have no claim on the vehicle whatsoever.