Loan money to a friend

Kidder81

My advice would be to not do it. The only people I would give that sort of money too are my daughter's (when they're grown up).

I wouldn't expect the money back either. No friendship in the world would make me part with that sort of money, especially under the circumstance described.

No friend would put you in the position that she has. Tell her to speak to an authorised lender whose business is lending people money.

MEM62

gazgits wrote: »

A family friend has asked me to loan her some money to help her with a house move.

gazgits wrote: »

Can anyone please give me the best advice on safeguarding my money

Yes, don't do it.

C_Mababejive

if you really feel you want to help (and i suggest you dont) then suggest as post #9. If your friend doesnt want/like that then dont do it. Otherwise you will have NO security and your money could disappear forever.

enthusiasticsaver

I cannot imagine any circumstance that a friend would ask to borrow £50k from me. How on earth does your friend even know you could put your hands on that sort of money?

If she is in a good position to sell than a bank bridging loan may be an option but unless she is on a good income very few banks will offer an open ended loan so if they do not think it is a good risk why would you?

Others have said that friendships have been lost through loans never repaid. Supposing she disappears off with your money and you never see her again. There is no legal document to enforce repayment unless you get one drawn up by a solicitor which will cost and you would have to go to court to force repayment and even then she may find a way to avoid repaying it. If she wants to buy this flat so much tell her to drop the price of her house to sell it quickly. That is what most of us do.