Money lent to son

mark131730

I lent my son £50,000. 30 months ago, he’s planing on repaying me in one lump sum, he has paid me a little back with the balance now at £43,000. How much interest would be fair for him to pay me, I am a pensioner and not loaded, thanks for any suggestions. Peter😎

74jax

Unless interest was mentioned at the start, I'm guessing it might not be a popular answer on here, but I wouldn't ask for any.

If it was mentioned then fair enough, what was suggested at the time?

*max*

No interest. You are not a profit-making business, you are his father! Honestly...:cool:

Sea_Shell

If you didn't agree a rate up front, don't charge any interest.

Just be extremely grateful that he's stuck to his word and is repaying you. We hear of many loans to family or friends where they never see a bean back!!!

marlot

Surely the time to agree interest expectations was when you lent the money?

elsien

What does your son think?

HampshireH

Another in the none camp.

Unless the expectation for interest was set out at the beginning and agreed when you lent the money it is unfair of you to suggest it now.

Clearly you can afford to lend £50k so is interest really a problem based on affordability?

Comms69

mark131730 wrote: »

I lent my son £50,000. 30 months ago, he’s planing on repaying me in one lump sum, he has paid me a little back with the balance now at £43,000. How much interest would be fair for him to pay me, I am a pensioner and not loaded, thanks for any suggestions. Peter😎

I assume you're a registered money lender? If you intend on charging interest?

theoretica

I think you can expect him to take you out to dinner, a bottle of your favourite tipple - that sort of family interest.

svain

Comms69 wrote: »

I assume you're a registered money lender? If you intend on charging interest?

They don't need to be

Sea_Shell

theoretica wrote: »

I think you can expect him to take you out to dinner, a bottle of your favourite tipple - that sort of family interest.

Exactly. If no interest had been agreed, then that ship has sailed, but what I would like to happen in that situation would be something to at least make me feel appreciated for having offered this loan in the first place. A meal out, a bottle of wine, even a thankyou card!!!!

Personally, If they do none of the above (without having to be prompted) i'd think what an ungrateful so-and-so, and wouldn't want to be helping them again any time soon!!!!

Although some families, i'm sure, are really good at being appreciative, others (mine) are not, as they assume it's just something you should just do (lend/help whatever) without any thanks for it!!!