loan with friend

midnitegremlin

I don't know how to phrase this, but a friend and I agreed to get a loan together , but now he isn't paying me his part (the loan is in my name.) I don'r mind covering the loan out of personal friendship, but I'd like something. I'm thinking of asking him just for a token cash ammount then I'll just personally pay off the loan monthly.

The loan is for 300, but what should I ask for 40? 60? 80?

Sanctioned_Parts_List

A loan for £300 - I assume that this is a payday loan at arm-leg-and-firstborn rates of interest?

From my position (morning coffee in smog-central), I'd demand every copper penny including interest out of the "friend". And then find a better friend. Real friends don't stiff their mates. However, this is your friend and you know better than me their situation, trustworthiness and likelihood of making amends.

Good luck!

MEM62

You need to be more fussy about who you consider to be a friend.

Candyapple

midnitegremlin wrote: »

I don't know how to phrase this, but a friend and I agreed to get a loan together , but now he isn't paying me his part (the loan is in my name.) I don'r mind covering the loan out of personal friendship, but I'd like something. I'm thinking of asking him just for a token cash ammount then I'll just personally pay off the loan monthly.

The loan is for 300, but what should I ask for 40? 60? 80?

I didn't even know you could get joint payday loans LOL!

How long ago did you take the loan out?

Has your friend paid anything to date?

Has something happened as to why they are refusing to pay? You two fallen out, they've lost their job etc.?

What did you spend the money on (was it split £150 cash each or did you buy something together)?

Are you seriously going to be repaying a £300 loan back monthly? The interest charges alone will probably be alarming. Can you not take out an overdraft with your bank?

poppasmurf_bewdley

midnitegremlin wrote: »

I don't know how to phrase this, but a friend and I agreed to get a loan together , but now he isn't paying me his part (the loan is in my name.) I don'r mind covering the loan out of personal friendship, but I'd like something. I'm thinking of asking him just for a token cash ammount then I'll just personally pay off the loan monthly.

The loan is for 300, but what should I ask for 40? 60? 80?

You must have gotten something out of it already. What did you spend the £300 on?

Candyapple wrote: »

I didn't even know you could get joint payday loans LOL!

He didn't. The Op took out the loan in his name, leaving his 'friend' free and clear of any responsibility for the loan.

ReadingTim

midnitegremlin wrote: »

The loan is for 300, but what should I ask for 40? 60? 80?

You can ask for whatever you like, but you've got absolutely no way to force him to give you a penny. Not one.

Sadly you're going to have to think of this as a £300 lesson on how to choose your friends.

midnitegremlin

It wasn't a payday loan, so no worries there. It was actually with another friend, we just needed the cash there and then to pay for something.

My other friend, the lender, who is good friends with me wants his cash back (not unreasonable) but my friend who I split the loan with doesn't want to pay it off just yet.

I'm reckoning say sod it, and just pay it personally. Its water under the bridge etc.

Candyapple

midnitegremlin wrote: »

It wasn't a payday loan, so no worries there. It was actually with another friend, we just needed the cash there and then to pay for something.

My other friend, the lender, who is good friends with me wants his cash back (not unreasonable) but my friend who I split the loan with doesn't want to pay it off just yet.

I'm reckoning say sod it, and just pay it personally. Its water under the bridge etc.

Pay off the £300 and chase your other friend who owes you half privately.

Why does your friend who owes you not want to pay it off 'just yet'? Has he got some other big purchases coming up or something?

Did you both come to an agreement as to when/what date he would pay his half of the loan back?

getmore4less

What were the repayment terms of the agreement.

Why did you do it as a joint loan? should have been 1/2 each

or maybe lending friend and non paying friend have done a deal, don't worry mug friend will pay it all back if you say you can't/won't.

why not just say here's my 1/2 get the other 1/2 off X.

JimmyTheWig

midnitegremlin wrote: »

the loan is in my name

midnitegremlin wrote: »

It wasn't a payday loan, so no worries there. It was actually with another friend
...
the lender, who is good friends with me wants his cash back

Ok, so you borrowed £300 from a good friend.
You then lent £150 to another friend.

You say that the loan is in your name. This suggests to me that the lender didn't know about the plan to split the loan with your other friend, or if they did then the agreement with the lender was that you'd pay them back regardless of the other friend.

So I don't think that you've got any choice but to repay the £300.


You're then in a situation where a friend owes you £150. Up to you how, if at all, you try to get this money back from them.

Playing_with_Fire_2

Is this 'good friend' a loan shark? I'm struggling to see how you take out a loan 'in my name' with a 'good friend'. Was paperwork signed? Is the friend licenced to provide credit services? Registered with the FCA?

My sympathies for this situation, the only advice I have is to pay up and run far and fast from these types of friends.

Do you have whatever the loan bought? If an item you could try asking friend 1 for that?