We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Loan to Friend-what shall I do?

1…45679

Comments

  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    robatwork wrote: »
    Thanks for updating the thread, not many bother.

    Hopefully a lesson for others who read this in future.

    As a matter of interest, are the wife and friend still friends?

    I'm guessing not. 'Friend', and I use that term extremely loosely, has probably crawled under a rock in shame.....
    💙💛 💔
  • zippygeorgeandben
    zippygeorgeandben Posts: 1,277 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    Many thanks for taking the time to let us know the conclusion of your problem.
    Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS
  • BLOW_FLY
    BLOW_FLY Posts: 115 Forumite
    I lent £2k to a family member of my wife to buy a car.

    Car broke down irreparably - therefore they didn't owe the money anymore, apparently because they no longer had use of the car.....

    Then they filed for BR with over £20k outstanding to creditors.

    You live and learn I guess....

    BF
  • DCFC79
    DCFC79 Posts: 40,642 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    rattle wrote: »
    Read post *71 op used their own money in the end.

    Missed that thanks.
  • enthusiasticsaver
    enthusiasticsaver Posts: 16,139 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yep, lending money to "friends" rarely ends well.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

    Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php

    The 365 Day 1p Challenge 2025 #1 £667.95/£500
    Save £12k in 2025 #1 £12000/£12450
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    CKhalvashi wrote: »
    I'm guessing not. 'Friend', and I use that term extremely loosely, has probably crawled under a rock in shame.....

    Most likely she has no sense of shame or wouldn't even have asked in the first place. If she's incommunicado at the moment more likely it's because she's away on holiday somewhere :D
  • Thandersen
    Thandersen Posts: 10 Forumite
    Mr_bob wrote: »
    My wife has offered a £3k loan to her friend to help towards buying a house. Only after the friend had asked for the loan, I was told. I am dead against it as i feel you mustn't mix money and friends. We have the money and can afford it (and to lose it). The friend has offered to get a solicitor to create an agreement for the loan but Im still totally against it. Am I being mean and stubborn or is my wife being a very good friend and this is the right thing to do ? To say no now may jeopardise the buying of the property- thats my dilemma?

    I welcome some advice please..

    to quote Shakespeare ....
    Polonius (a Lord) to his son Laertes:
    "Neither a borrower nor a lender be,
    For loan oft loses both itself and friend."

    I wouldn't do it. I have the same conviction as you, regarding not mixing friendship and money.
  • Niv
    Niv Posts: 2,568 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thandersen wrote: »
    I wouldn't do it. I have the same conviction as you, regarding not mixing friendship and money.



    Your a little late (by about a year :)), but rest assured most agreed with your sentiment.
    YNWA

    Target: Mortgage free by 58.
  • Thandersen
    Thandersen Posts: 10 Forumite
    Niv wrote: »
    Your a little late (by about a year :)), but rest assured most agreed with your sentiment.

    Oh .... sorry about that I didn't realize / check the date before replying :rotfl:
  • Heather2603
    Heather2603 Posts: 72 Forumite
    How is your wife feeling about it all now? I actually couldn't live with myself if I'd done this to a supposed friend. We've borrowed £5k off my FIL to help with our house move and renovations(takes us to a 84% LTV and lower interest rate) but we've already made the first payment to him and we've not even got the keys yet. With the right people a loan like this can work but it needs a lot of trust and I feel sorry for your wife and you. People really can be right a*holes.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.3K Banking & Borrowing
  • 253.7K Reduce Debt & Boost Income
  • 454.4K Spending & Discounts
  • 245.4K Work, Benefits & Business
  • 601.2K Mortgages, Homes & Bills
  • 177.6K Life & Family
  • 259.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture