loan with friend

midnitegremlin

I think I've phrased this badly.

I don't want to use real names, so here are my friends- James and Steve. Both good friends of mine.

Steve and I were needing to buy something, so were a little short of cash.So I asked my good friend James to lend us a bt; he gave us 300. He said fine, no worries, etc. Now James is wanting paying back, and Steve is still a bit short. No exact timescale, I'd just like to get this wrapped up, so I'm thinking of saying to James I'll give him maybe 20 a week, and to get out of it with Steve, I'll just ask for a sum. Maybe like 70 or 80? thats no skin off my back.

You all sound very mercenary ha ha!

redpete

midnitegremlin wrote: »

Now James is wanting paying back, ... I'm thinking of saying to James I'll give him maybe 20 a week,

How does James think about wanting £300 back and being offered £20 a week?

Sounds like he's the one who should be complaining.

(BTW - why do you say the loan is 'in your name only' - there's no legal agreement in anyone's name, just two people who owe the third some money, some time.)

midnitegremlin

He'd be fine with 20 a week. And yeah, it's hard to explain, it's sort of a semi-informal deal, it could be a cultural thing? I know it's not uncommon for friends to lend money between each other. I don't want to say which culture ha ha as I'm sure other people will pipe in with "I'm from that background too, and we never do that."

But yeah, it's essentially a loan between friends that I'm responsible for. Nothing legal, as such, you are right.

sourcrates

midnitegremlin wrote: »

He'd be fine with 20 a week. And yeah, it's hard to explain, it's sort of a semi-informal deal, it could be a cultural thing? I know it's not uncommon for friends to lend money between each other. I don't want to say which culture ha ha as I'm sure other people will pipe in with "I'm from that background too, and we never do that."

But yeah, it's essentially a loan between friends that I'm responsible for. Nothing legal, as such, you are right.

On a drunken night out a few years ago, it was late, or was it early, anyway, we were in a cocktail bar, ran out of money, as you do, my freind said, don't worry, I'll bank roll you, OK said I, we had a few more rounds, a good night was had by all.

A few weeks later he asked for his money back, he had been buying rounds for us all, so who had exactly what, or who owed what, no one knew.

Very confusing as we were all drunk, didn't realise at the time he wanted paying back, very awkward situation for a while until he admitted he was a little too lose with his money at times, mainly when drunk, and that he should be more careful in future.

I suspect your mate may feel the same before long !!!

Money_maker

Nothing mercenary about us lot.

You're very lucky that you have found out what your friends are like before you were foolish enough to take out a large loan in your name for them.

Learn the easy way, from this and never borrow/lend again. If you dont have the money then you cant afford it.

midnitegremlin

A nice spectrum of replies here- although I'd add is a semi-formal thing within our community/friendship group. My friend with whom I've shared the debt is actually fine to pay, just much further down the line. I'm trying to get the best of both worlds and get it sorted. :P

sourcrates

midnitegremlin wrote: »

A nice spectrum of replies here- although I'd add is a semi-formal thing within our community/friendship group. My friend with whom I've shared the debt is actually fine to pay, just much further down the line. I'm trying to get the best of both worlds and get it sorted. :P

Is the guy you borrowed off a big lad ?

Cause if he is, I'd pay him back pronto my freind !!!!

Know what I mean !!!

midnitegremlin

nah!! Anyway, I've struck a deal with my friend, He's gonna just give me 70 . Thats enough I think, although on retrospect I think could probably have persuaded him to give me a whole Pound!

Zinggggggggggggggggggggggggggggggggggggggg!

JimmyTheWig

Has this thread been about £3?

getmore4less

midnitegremlin wrote: »

He'd be fine with 20 a week. And yeah, it's hard to explain, it's sort of a semi-informal deal, it could be a cultural thing? I know it's not uncommon for friends to lend money between each other. I don't want to say which culture ha ha as I'm sure other people will pipe in with "I'm from that background too, and we never do that."

But yeah, it's essentially a loan between friends that I'm responsible for. Nothing legal, as such, you are right.

I think it is fairly common in all cultures that when you borrow money/goods off a mate/family whatever the decent thing is to be paying/giving them back BEFORE they have to ask even if it is just tokens to achnowlege the debt or to say I need X for another week.