Giving money to Friend, In return for Part of Trust

JDESIGN

I'll be honest, this is the first involvement I have had of a trust, and don't fully understand. I am currently reading up, and it would seem i need to look at the trust document for myself...

BoGoF

If you are actually going to consider this then go and get legal advice first.

John-K_3

So you want to lend money to someone so bad at paying what they owe that it!!!8217;s got to the stage of bailiffs visiting, and dishonest enough that he is facing a fraud conviction?

Do you not realise how foolish that would be?

JDESIGN

Well, his dad dies, his mother then got alzheimer's
he got parkinson's after that, then great cancer, now that has cleared, he is in for testing with cancer to the back of the eye...

Amongst all this, he is a idiot with money, and he did bury his head in the sand, ignoring warnings (unopened mail), his medication played some part but not all.

Other mates have f'ed off, and my feeling is to help if and where I can.

xylophone

Other mates have f'ed off, and my feeling is to help if and where I can.

This is kind but bankrupting yourself won't help your friend.

Get hm to seek advice.

https://www.nationaldebtline.org/

theoretica

If it were legitimate to borrow money using the trust as security then he should be able to do this with a loan from a bank or financial organisation. If no commercial lender will touch it this confirms it is not safe for you either.

JDESIGN

Very good points...
I'll raise all this to solicitor and to him...

Thank you guys for reading and giving input. I do appreciate your time and suggesions...

k12479

theoretica wrote: »

If it were legitimate to borrow money using the trust as security then he should be able to do this with a loan...

I believe I have a bit of money in a P2P loan against a property held in trust with undertakings from the trustees that the loan will be repaid through the sale of the property. Can't be cheap, but possible depending on the circumstances.