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Money lent to son

13

Comments

  • svain
    svain Posts: 516 Forumite
    Eighth Anniversary 500 Posts
    £50k in savings is hardly classed as "well off or loaded" .... "better off" than some maybe but thats about it
  • svain
    svain Posts: 516 Forumite
    Eighth Anniversary 500 Posts
    Comms69 wrote: »
    No they don't. But I assume this is the business the OP is in. a registered money lender....

    What makes you think that?
  • onwards&upwards
    onwards&upwards Posts: 3,423 Forumite
    1,000 Posts Second Anniversary Name Dropper
    svain wrote: »
    £50k in savings is hardly classed as "well off or loaded" .... "better off" than some maybe but thats about it


    If you can lend £50k to a family member and not need it back for years, i’d hazard a guess that’s not all your savings.
  • Marvel1
    Marvel1 Posts: 7,504 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Was interest ever mentioned before loaning the money? That's your answer.

    Since you are asking I'm guessing no it was not and therefore no your entitled to any interest.
  • mollycoddle
    mollycoddle Posts: 40 Forumite
    Just when you think you have heard it all.......( thud ):eek:
  • kimplus8
    kimplus8 Posts: 999 Forumite
    Ninth Anniversary 500 Posts Name Dropper Photogenic
    let me get this right in my head.
    You lent your own SON money and now you want to charge interest on it.
    WOW!talk about a lack of family values.
    Just a single mum, working full time, bit of a nutcase, but mostly sensible, wanting to be Mortgage free by 2035 or less! £196,000/£177560 to go
  • svain
    svain Posts: 516 Forumite
    Eighth Anniversary 500 Posts
    Im assuming these same people so against charging interest (i agree difficult now as should of been agreed at the beginning) would not charge their family rent if you had a second property they were living in??
  • Pollycat
    Pollycat Posts: 36,195 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Savvy Shopper!
    The OP has logged on since his first post but hasn't commented on the replies.
    TBH, it sounds like a MMD - no response, minimal information. :(
  • jackieblack
    jackieblack Posts: 10,654 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    svain wrote: »
    Im assuming these same people so against charging interest (i agree difficult now as should of been agreed at the beginning) would not charge their family rent if you had a second property they were living in??
    Not if it were my child or my parents.
    Other relatives, yes.
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    Quidquid Latine dictum sit altum videtur
  • onwards&upwards
    onwards&upwards Posts: 3,423 Forumite
    1,000 Posts Second Anniversary Name Dropper
    svain wrote: »
    Im assuming these same people so against charging interest (i agree difficult now as should of been agreed at the beginning) would not charge their family rent if you had a second property they were living in??


    Those are completely different situations.

    A more like for like comparison though would be if he agreed family could live in his second house for 30 months, never mentioned rent, then wanted to start charging it partway through the agreement.
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