Lending money to family member

Guest101

spend_or_save wrote: »

...........................................

Think we'll agree to disagree?


It's only over a minor point anyway.
Certainly I dot think lending to close friends or family is a bad thing.


I've been stung before, but equally I've had friends help me out before (and they were not stung by me)

VfM4meplse

Guest101 wrote: »

Nothing to do with fall out, you are not qualified to write a complex contract. You will get it wrong. And if you require such a contract, it's likely you will need to go to court to get your money back.

There is now an apparently legally binding 3rd way....

spend_or_save

Guest101 wrote: »

Think we'll agree to disagree?


It's only over a minor point anyway.
Certainly I dot think lending to close friends or family is a bad thing.


I've been stung before, but equally I've had friends help me out before (and they were not stung by me)

:rotfl:yeah think its best we do, could be here all year otherwise!!

as with most things like this, there isnt a right or wrong answer on whether you should or shouldnt lend, my personal opinion is just that to say never do it is not always the best approach, and that if you do decide to do it just make sure everyone knows exactly what they are agreeing to!!

Guest101

VfM4meplse wrote: »

There is now an apparently legally binding 3rd way....

Its ADR but publically advertised, so it's free.


Nothing 'new' really.

pphillips

Your looking for a template that reflects what you have agreed with the family member but this doesn't exist. Your need to agree with the family member how much the loan is for and when it has to be paid back, is it going to paid back all at once at the end of the term or in regular instalments, what amount are the instalments and how often will they be paid, will interest be charged, if interest is charged then what will be the rate of interest. One all this agreed you need to write up the loan agreement yourself or by a solicitor and both sign it.

sderrick

Hi,

Sorry to jump on this thread, but have a quick question regarding loaning money to family

If I "gift" 3 grand to my sister and sign the letter that states ;

"Ican confirm that I do not wish for the gift to be repaid back to us, nor do Iseek to hold any form of interest or second charge on the property."

Would it be ok for another family member to pay me back the 3 grand? I know your thinking why can't they just gift it to her but due to time restraints it has to be done this way. Technically I'm not lying as my sister will never pay me back.

JasX

Why on earth are you digging up an old and long thread asking a totally unreleated question?

Please pay attention to basic forum ettiquite. (if nothing else you'll just initiate a flood of replies to the original question and your post will not get noticed).

Mojisola

sderrick wrote: »

If I "gift" 3 grand to my sister and sign the letter that states ;

Would it be ok for another family member to pay me back the 3 grand?

You will get more answers if you start a new thread but it looks as if you are giving £3k to your sister and someone else is giving you £3k.

The two things are unrelated.

Why doesn't the other family member just give their £3k to your sister?

sderrick

JasX wrote: »

Why on earth are you digging up an old and long thread asking a totally unreleated question?

Please pay attention to basic forum ettiquite. (if nothing else you'll just initiate a flood of replies to the original question and your post will not get noticed).

I'm sorry for bringing up this archaic thread..I will post a new thread. (And then get told to use the search function I'm sure)

Petra_70

sderrick wrote: »

Hi,

Sorry to jump on this thread, but have a quick question regarding loaning money to family

If I "gift" 3 grand to my sister and sign the letter that states ;

"Ican confirm that I do not wish for the gift to be repaid back to us, nor do Iseek to hold any form of interest or second charge on the property."

Would it be ok for another family member to pay me back the 3 grand? I know your thinking why can't they just gift it to her but due to time restraints it has to be done this way. Technically I'm not lying as my sister will never pay me back.

JasX wrote: »

Why on earth are you digging up an old and long thread asking a totally unrelated question?

Please pay attention to basic forum etiquette. (if nothing else you'll just initiate a flood of replies to the original question and your post will not get noticed).

This response is a bit rude frankly.

People get told to look up old threads for information, and then when they do, they get jumped on by the forum police. The poster in question is quite entitled to post on this thread without getting barked at and criticized. The thread IS about lending money to family after all.

That said, I don't understand why the family member in question can't lend the person the money. I know the OP said time is an issue or something, but it would be much simpler.

sderrick wrote: »

I'm sorry for bringing up this archaic thread..I will post a new thread. (And then get told to use the search function I'm sure)

No need to say sorry. No-one has any right to order you about or tell you what to do, except the MSE moderators/forum team. Unless you get a message from them, post what you want, when you want.