Lending some money to an acquitance

New_World_Man

It would be helpful to know the amount, what the loan is for, what ( and perhaps where) the new employment will be and why he cannot source the cash from a traditional route.

This has sob story written all over it, unless there was an excellent explanation - and even then it is still a risk,

As for security, what if he sells the car or jewels before he defaults?

PeacefulWaters

pjcox2005 wrote: »

It is a mine field lending to others, and regularly causes issues, but I still see benefit in helping others where you can. Amazing what can happen if people have opportunities/support.

It's amazing how people can screw you over if they don't have their own stake in something.

DCFC79

pjcox2005 wrote: »

I'm just asking a question so don't know the answer, but would the loan be more readily enforceable if secured against a specific asset in writing.


Say a note in the document setting out the loan, that a default would mean the car reg xxx would be available for sale to recover the loan or valuable jewellery that they wouldn't want to lose?


It is a mine field lending to others, and regularly causes issues, but I still see benefit in helping others where you can. Amazing what can happen if people have opportunities/support.

Can I ask you a question ?

Would you lend a friend some money say £2000 ?

What would stop the friend from stopping paying you and just disappear ?

[Deleted User]

OP I'm sure you get the drift by now, there have been numerous threads on here about people who have lent money to friends, family even; let alone "aquatainces" and have never been repaid, if you can afford to throw away however much it is then go ahead and gift it, but ask yourself why he/she can't borrow the money elsewhere.
DON'T DO IT.

glennstar

OP,
Everyone has been so negative....

What I suggest is that you lend your good friend the money and say no more about it... to anyone... wait for the ying, or possibly yang to kick in and sow the benefit of random acts of kindness that abound on all aspects of our lives....

Yours, the father of the Marshalsea

Gambler101

glennstar wrote: »

OP,
Everyone has been so negative....

What I suggest is that you lend your good friend the money and say no more about it... to anyone... wait for the ying, or possibly yang to kick in and sow the benefit of random acts of kindness that abound on all aspects of our lives....

Yours, the father of the Marshalsea

No ying or yang in this world mate, just the highly likely chance of losing the friendship and the money. I would say about 80% of that happening if not higher.

motorguy

Gambler101 wrote: »

No ying or yang in this world mate, just the highly likely chance of losing the friendship and the money. I would say about 80% of that happening if not higher.

As low as that??

To the O/P - As has been well summarised, this acquaintance will at some point have emotive and seemingly valid reasons why they cant repay, and once they leave the company you will have no touchpoint with them other than as debt collector. They will then resent you for pressuring them, and you will resent them for not paying back what they promised when they promised it, and then the rot really sets in.

glosoli

I loaned a "friend" £160 last year with all the promises under the sun that it would be repaid within a week, and here we are 5 months later! First and last time for me I am afraid...

27cool

OP .If you think that you might need some legal backup to get your money back. Then that in itself should be a red warning to you.
If you are sure you will get it back then there would be no need for any documentation, legal or otherwise.

bris

Never lend what you cant afford to lose.