Borrowing money from colleagues

JReacher1

sangie595 wrote: »

Yes. But how would you have felt if he hasn't paid you back? That's the problem - you trust your friends until you don't. Suppose, unknown to you, he had gambling debts that were out of hand. Or had maxed out every other loan and card and was about to be dragged into court?

But I think you are forgetting something here. YOU posted the issue! You were concerned that it wouldn't be repaid and the consequences that might have. And these people are just colleagues, not best mates.

A few years ago my best mates needed a very large amount of money quickly because she'd got another job and had to relocate but couldn't get her house sold that quickly - and as it happens it took nearly two years to sell! I loaned her that money, but it was her insistence that it be properly drawn up as a loan. I didn't argue - she was right. We are still best mates. But if you have never seen people fall out over loans of money, you are really lucky.

But you asked for opinions, you've had plenty of them, but I think it's a bit rich now insulting the people that you asked for opinions. I'm out.

I got some great advice early on but as always with this forum the thread shifted focus and it moved onto you should never lend money to anyone.

What you did with your friend and her house was generous and I would have done the same as you. I just find some peoples policy of never lending anything to their friends in any circumstances odd.

Teacher2

About 25 years ago I broke my habit of following the dictum of 'Neither a lender nor a borrower be,' and took pity on a younger colleague who had her purse stolen to lend her £20. This was a lot in those days as I had two children to feed and look after.

She never gave it back.

The quotation follows on with, 'For loan oft loses both itself and friend...' How true. I didn't fall out with her but I never trusted her again.

And the next part of the line, 'And borrowing dulls the edge of husbandry...' was true for her for she continued to be !!!!less and unreliable about money. She had about £25,000 worth of credit card debt at the time and she lived the life of Riley.