Borrowing money from colleagues

Undervalued

Before borrowing money from a friend, decide which you need the most!

JReacher1

Undervalued wrote: »

Before borrowing money from a friend, decide which you need the most!

This implies you personally are a terrible person and if you borrowed money off a friend you probably wouldn't pay them back!

sangie595

JReacher1 wrote: »

This implies you personally are a terrible person and if you borrowed money off a friend you probably wouldn't pay them back!

No, it's a statement of fact. One of the biggest causes of arguments, whether it be in relationships or friendships, is money. There are lots of ways of borrowing money - of course if you do you will pay interest. But the loan relationship is a clear business transaction. If you can't or won't get a loan in that way, then one had to wonder why someone would think they would be able to repay it. There's another good saying about the road to hell... The intention to repay isn't the same thing as doing it.

My personal rule is that if someone asks for a loan (and that doesn't happen often, but it has happened) then I will only give it if I could afford to give the money away. That doesn't mean that that I don't expect it back - it reflects the fact that I consider its return a bonus! So far the money has always been returned, but if there comes a day when it isn't, then I am not disappointed.

JReacher1

sangie595 wrote: »

No, it's a statement of fact. One of the biggest causes of arguments, whether it be in relationships or friendships, is money. There are lots of ways of borrowing money - of course if you do you will pay interest. But the loan relationship is a clear business transaction. If you can't or won't get a loan in that way, then one had to wonder why someone would think they would be able to repay it. There's another good saying about the road to hell... The intention to repay isn't the same thing as doing it.

My personal rule is that if someone asks for a loan (and that doesn't happen often, but it has happened) then I will only give it if I could afford to give the money away. That doesn't mean that that I don't expect it back - it reflects the fact that I consider its return a bonus! So far the money has always been returned, but if there comes a day when it isn't, then I am not disappointed.

You're approaching this from the other side that if a friend asks to borrow money then you would only lend it if you could afford not to get the money back. That is a noble gesture and I agree.

Their post was saying if they borrowed money from one of their friends they will decide what is more important borrowing money or their friendship. This implies to me at the point of borrowing the money they are not confident they can pay it back so put the money above their friendship.

sangie595

I don't agree. I think the point is that money interferes with friendship, and there is a very good chance that asking for a loan from a friend can ruin the friendship.

andygb

sangie595 wrote: »

Believe that if you wish. But it isn't true. Lots of "private matters" end up as company business. And don't need policy to make them so.

And until such a time as it does end up as company business, it is no business of the company.
If it ends up as a dispute, and affects work then the company should get involved.

Undervalued

andygb wrote: »

And until such a time as it does end up as company business, it is no business of the company.
If it ends up as a dispute, and affects work then the company should get involved.

OK, that is your personal view. However it is perfectly lawful for a company's terms of employment to prohibit money lending between staff and many other things outside of the workplace which you may consider are none of their concern. Basically, if you don't like the terms (unless they happen to be unlawful) then work somewhere else!

sangie595

Undervalued wrote: »

OK, that is your personal view. However it is perfectly lawful for a company's terms of employment to prohibit money lending between staff and many other things outside of the workplace which you may consider are none of their concern. Basically, if you don't like the terms (unless they happen to be unlawful) then work somewhere else!

I agree. And it doesn't need to be a term of employment either. It became the companies business the minute an employee told a manager. They have no other relationship. Whether the manager chooses to act on the information is up to them.

Malthusian

JReacher1 wrote: »

This implies you personally are a terrible person and if you borrowed money off a friend you probably wouldn't pay them back!

Look at it the other way. If they stop being my friend because I declined to lend them money, that makes them a pretty lousy person, and I am well rid of them.

Undervalued is 100% right. You can be someone's creditor or their friend but not both.

If a friend asks to borrow money, whether a tenner or £10,000, and you want them to have it, give it to them. If they later give it back, you'll have the happiness of an unexpected present. If you can't afford to give it to them, don't.

System

Undervalued wrote: »

OK, that is your personal view. However it is perfectly lawful for a company's terms of employment to prohibit money lending between staff and many other things outside of the workplace which you may consider are none of their concern. Basically, if you don't like the terms (unless they happen to be unlawful) then work somewhere else!

i agree if its a company policy then you have no choice but to either accept it or not work for that company.

In my previous job my supervisor would sometimes overstep their mark when it came to sickness or holiday requests and they had to put in their place a couple of times.

Example

Putting in a holiday request and following company policy on making sure no one else was off and giving a weeks notice. Supervisor asks what is holiday for and they had to be corrected that it was none of their business as that is personal and I have already followed procedure, they did not ask again.