Personal Loan Between Friends/Employer

jonesMUFCforever

Bedsit_Bob wrote: »

He could join one today, online.

Unions that I have been members of would not represent me on the day that I joined.
You have to be a member for a reasonable time before they will act for you.

PeacefulWaters

bris wrote: »

Because although the APR is not shown on the loan it's around an eye watering 25%.
HMRC need to be informed if an employer charges more than their average official rate which is just 3% for 2015-2016.

Surely that only applies if they charge less than the official rate an create a benefit in kind.

Arleen

PeacefulWaters wrote: »

Surely that only applies if they charge less than the official rate an create a benefit in kind.

Correct, as the only reason HMRC gives a damn is when you may be evading taxes owed, by for example lending out money for 10 years on 0.1% rather than paying the highly taxed salary.

But alas this isn't company/employee loan at all.

marcarm

What happened today at work?

pvt

Just a quick observation, as I think nobody else has pointed this out: If he does feel browbeaten into repaying the loan, that joke of a contract is silent about the lender's right to do so, nor does it offer any detail of what would be repayable.

So my take is that your son is only liable for the principal advance and none of the finance cost.

To be honest, given the outrageous rate of interest being charged, he would be better off repaying him anyway.

My guess is the lender has spoken to someone (accountant/wife/friend) who has advised the loan is a bad idea and get the money back.

And he probably needs to face the reality that he needs to find a new job.

Peanutter1972

Hello All,
So, the guy didn't turn up and didn't contact. My son however was at his wits end. I rang and spoke to the guy and resolved things. I very politely pointed out all the points raised in this forum by you fine folks, and also guaranteed this guy that he would get his money back (via the agreement terms only). I also pointed out that the car is not a thing to do with him.
I also felt obliged to educate him on the old "You live you learn". If he wishes to make these agreements, either do it via a professional or be a lot more in the know.

Things ended well. He had no choice but to agree after I told him that I had taken the "Agreement" to my companies solicitor for advice and they backed up everything I/We already knew.

My son has a CV in circulation, and is a lot more relaxed.

A huge thank you to all of you in this thread!! What a fantastic welcome to the MSE Forums

jonesMUFCforever

johan_peter wrote: »

Hello people.
Okay, question here.... Is anyone familiar with online loaning markets?
i stumbled across xxxxxxxxanker.com and i think their ratings may be too high? I don't know? Is online loaning market a wise solution or should you consult a professional....

Please let me know what you guys think?

Thanks

Are you in any way associated with this company?