Can we lend our son money?

Techno

They may not be able to afford to gift it, son or not. It could be part of future pension plan and they will need the money themselves in years to come.

Arleen

Techno wrote: »

They may not be able to afford to gift it, son or not. It could be part of future pension plan and they will need the money themselves in years to come.

If you cannot afford to give, you cannot afford to lend. It's that simple.

robatwork

Arleen wrote: »

If you cannot afford to give, you cannot afford to lend. It's that simple.

Northern Rock and the whole of Iceland didn't agree with you.

Arleen

robatwork wrote: »

Northern Rock and the whole of Iceland didn't agree with you.

That's probably why unlike iceland I am yet to go bankrupt

robatwork

Arleen wrote: »

That's probably why unlike iceland I am yet to go bankrupt

Exactly...!

Robisere

Getting back to Kaspah's question, and remembering that this is a Newbie:

I have made no-interest loans at various times to family members, including my son. In each case, they made a monthly Standing Order into my account, of a sum agreed between both parties. I impress upon them that this MUST be repaid and I give them a forecasted table that shows when this will be finally paid up. That is really as much as can be done, IMO, and in our case. You don't say how old your son is: mine is in his 40's and pays me back religiously. I know how much I can trust him and I believe in him.

It all comes down to trust really. If you have any doubts at all, even a vague feeling, don't do it. There is one member of my family to whom I would not lend a penny, knowing the history of this person.

Having said that, there is good advice about the legalities already given here: please read and heed!