Cash loan to a friend,

BrassicWoman

They cn still sell it now to someone who will change paint and windows.

badmemory

Buy the house from him yourself? (After proper valuation). Then he can go bankrupt owing lots of other people - just not you. He & your money will be long gone within a week if you do loan it to him.

BrassicWoman

badmemory wrote: »

Buy the house from him yourself? (After proper valuation). Then he can go bankrupt owing lots of other people - just not you. He & your money will be long gone within a week if you do loan it to him.

genius idea!!

-taff

MrBluesky wrote: »

My friend is retired and is unable to get funds from the usual outlets

MrBluesky wrote: »

and has maxed out their credit cards.

MrBluesky wrote: »

I also believe there are several charges (apart from a mortgage provider) on their property,

MrBluesky wrote: »

they are moving abroad and have a property abroad

Hello four massive warning flags....

enthusiasticsaver

I very much doubt you will see a penny of this back, never mind the "cash incentive" of the £6k. Your friend is obviously overextended financially and if commercial lenders see him or her as a bad risk why do you think you will be reimbursed? If this so called friend has property abroad and are so broke they cannot afford to drop the price of their property to its true value then they will not be paying you back. A contract drawn up by a solicitor will not give you any protection as the first, second and whatever other charges are on this property will be settled before you.

Geoff1963

I borrowed £100 off a friend, for about a week, until payday ; and repaid them £110.
I did this about 4 x in a row.

That's about the limit. If ( pounds x days ) is over 1000, it's very risky.

Sea_Shell

From op's replies, he doesnt seem to be listening. Just trying to justify the loan to himself!!

you can lead a horse to water. ......

zippygeorgeandben

The next thread we will be seeing will be on the DFW boards!

From both parties!

Missus_Hyde

MrBluesky wrote: »

Thank you for the interesting replies,

Had a chance to chat with my friend and they have explained they were recently contacted by their council and were told their windows and house colour had no planning permission (its a listed building in a conservation area) .
They purchased the property 11 years ago with the said windows and house colour,.it looks like the legal eagles have dropped a clanger,friend tells me they were doing ok with their renovations and on course to finish next month.
They think selling the property with no planning or conservation consent will be a problem to many buyers and put many off unless they drop the price,an estate agent has suggested they reduce the asking price by £50k.
So they need the extra cash to comply with planning permission and conservation rules.I have had a walk around their house and its in excellent condition and currently estimated on zoopla at £750k neighbouring house sold for £825k last month.
Were going to visit a solicitor on Monday re the loan,so should have more info then.

Thank you,again.

So despite the fact that the OP has been told in many different ways not to proceed with this "loan" to a friend, he seems to be hell bent on going ahead anyway!?:huh:

Generous undoubtedly, but also close to insanity! :eek:

MrBluesky_2

We met my usual solicitor this morning (this solicitor has been doing all my work for the last 14 years)
some interesting facts emerged which need looking into,so waiting for solicitor to consult others before moving forward,expecting an update later today.