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Money lent to son

24

Comments

  • Pollycat
    Pollycat Posts: 36,195 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Savvy Shopper!
    marlot wrote: »
    Surely the time to agree interest expectations was when you lent the money?

    Exactly this ^^^^
  • chesky
    chesky Posts: 1,341 Forumite
    Eighth Anniversary 1,000 Posts
    You're very specific about when you lent him the money - 30 months - was there a discussion at the time about when it would be repaid?
  • Doodles
    Doodles Posts: 414 Forumite
    Part of the Furniture 100 Posts Photogenic
    Interest shouldn't be charged. He is your son. You should not expect to make a profit from him!

    The fact you are a pensioner is irrelevant.
  • Kynthia
    Kynthia Posts: 5,692 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Interest on a loan is taxable income. So if you do charge any you may need to tell the HMRC.
    Don't listen to me, I'm no expert!
  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    svain wrote: »
    They don't need to be



    No they don't. But I assume this is the business the OP is in. a registered money lender....
  • rach_k
    rach_k Posts: 2,270 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    You shouldn't charge him interest, but he should offer to pay you the interest you missed out on because he had your money. That's what I'd do as a borrower, anyway. If he doesn't offer and you didn't agree any interest when you lent him the money, you'll have to be happy with none.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Makes me laugh when someone says ' I'm a pensioner and not loaded' but still manages to find a not needed £50k
  • Blackpool_Saver
    Blackpool_Saver Posts: 6,599 Forumite
    Has to be a wind up, who can afford to lend 50 thousand and say they are not well off?
    Blackpool_Saver is female, and does not live in Blackpool

  • Sea_Shell
    Sea_Shell Posts: 10,282 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yep you're probably right. Join, make one post and don't come back with any further comments or thanks.

    Oh well, my comments still stand if any one else IS in a similar situation.
    How's it going, AKA, Nutwatch? - 12 month spends to date = 3.24% of current retirement "pot" (as at end December 2025)
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Not loaded...????!!!
    Believe me, compared to some pensioners who are living in a 'heat or eat' existence, you betcha life youre loaded.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
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