Personal loan to a friend

daytona0

I love how casually you talk about your own death like its no big deal compared to a loan agreement! :rotfl:

I'll give you a tip; once you die you won't be bothered about a loan agreement you had with a friend.

[Deleted User]

The only way someone else can be liable for the debt, is if they are joint signatories to the loan, or they are a guarantor, which is basically the same thing, under a different name.

Robisere

I have replied to similar posts before.

First advice: DON'T. An old saying but a true one: "Lend money and lose a friend."

Second: if you must do it, do as I do with loans to family members. Decide upon a repayment plan, then ask them to set up a Standing Order in the sum of £xx or £xxx per month, to your account. As you are talking about a contract, you could write that into the contract, with the amount of the sum involved. That would entail a future date when it would be paid off and also leave a trail.

Third: DON'T DO IT! I have several friends, one of whom is my oldest, dearest friend, closer than any brother. I would trust him with my own life and the lives of any of my family, as he would trust me, but I would not ever expose that friendship to what can happen after loaning or borrowing money. And neither would he.