Lending Large Amount to Acquaintance

Socajam

Of that he's looking for £35k - £40k, which he can get from a bank, but he has approached me with the idea of borrowing that sum and paying it back in 4 months whilst offering me about 10% interest.

Greed will always get humans because we always look at what the scammer tells us is the end result.
I really hope that you have no gone and give this crook your hard earned money because I can see you back on here asking how to get this money back.
Tell him that you have think things over and you do not think it is a good idea to mix business and friendship.  In future NEVER EVER lend anyone money because it never ends well.

enthusiasticsaver

You would be mad to consider this

-taff

Why don't you buy the house and get him to work on it?

kazwookie

Why is he still working on your flat for 6 months?  seems far to long.

Walk away, DO NOT lend him anything and get him out from working on your flat.

DCFC79

kazwookie said:

Why is he still working on your flat for 6 months?  seems far to long.

Walk away, DO NOT lend him anything and get him out from working on your flat.

I understood the plumber has been asked by the OP to do different jobs or hes been fitting other jobs around the ones hes been asked by the OP to do.

zippygeorgeandben

Have you researched any of his statements?  The 'Fair amount of competition' for one.
Just really don't bother. Unless you have £40k to gamble with?

efunc

kazwookie said:

Why is he still working on your flat for 6 months?  seems far to long.

Walk away, DO NOT lend him anything and get him out from working on your flat.

It's very interesting reading different comments and the alarm with which people have read the situation. These are all understandable questions, which should be being asked. The amount of time taken to do this project is a combination of my own work commitments (shiftwork), his other jobs and the nature of my project. I had him down originally to do a 'first fix' job in September/October, which he billed me for afterwards. I then had other builders complete remaining construction work before I could get him back to do the second and then final fix. In the meantime I researched various things, bought different components and worked with him to extend the brief a little and figure out how to implement the new ideas. All of this has had to happen over various weekends, leave and days off work, which have to also coincide with his work/child care, etc. The unsual reliability issues have come into play, as with all contractors, and appointments have been missed and weeks have gone to waste. However he's done much more than other's would have, lot's of free and additional jobs, or lent me tools or a hand with other jobs that have nothing to do with him and which have been a lifesaver. He's now finally finished the whole job but has not billed me yet. He did ask me as a follow up, casually, if I fancied coming in on the development project with him, but seems in two minds about it himself so may not even go ahead. It was mostly for my opinion and how I read the current economic outlook. I've told him I'll sit this one out and he's absolutely fine with that, no pressure or demands on me. I can see how from the outside it could look more dubious than it is though. He's certainly someone I'll be using again in future and would also recommend him to others as he was recommended to me. A much more happy expereince than I've had with other contractors.

DCFC79

efunc said:

kazwookie said:

Why is he still working on your flat for 6 months?  seems far to long.

Walk away, DO NOT lend him anything and get him out from working on your flat.

It's very interesting reading different comments and the alarm with which people have read the situation. These are all understandable questions, which should be being asked. The amount of time taken to do this project is a combination of my own work commitments (shiftwork), his other jobs and the nature of my project. I had him down originally to do a 'first fix' job in September/October, which he billed me for afterwards. I then had other builders complete remaining construction work before I could get him back to do the second and then final fix. In the meantime I researched various things, bought different components and worked with him to extend the brief a little and figure out how to implement the new ideas. All of this has had to happen over various weekends, leave and days off work, which have to also coincide with his work/child care, etc. The unsual reliability issues have come into play, as with all contractors, and appointments have been missed and weeks have gone to waste. However he's done much more than other's would have, lot's of free and additional jobs, or lent me tools or a hand with other jobs that have nothing to do with him and which have been a lifesaver. He's now finally finished the whole job but has not billed me yet. He did ask me as a follow up, casually, if I fancied coming in on the development project with him, but seems in two minds about it himself so may not even go ahead. It was mostly for my opinion and how I read the current economic outlook. I've told him I'll sit this one out and he's absolutely fine with that, no pressure or demands on me. I can see how from the outside it could look more dubious than it is though. He's certainly someone I'll be using again in future and would also recommend him to others as he was recommended to me. A much more happy experience than I've had with other contractors.

Its good he hasn't played the guilt trip card.

Its also good you have made a decision on it.

efunc

Yes, I was originally 50/50 on the idea, but after posting this thread made a complete u-turn. I also became paranoid that I may have misjudged the relationship and was being 'played' by a seasoned trickster! But, while I think caution is always a good approach, as I originally stated, outright cynicism is not really me. I think that's been affirmed in subsequent dealings and although it might have been a naive venture there was no malice or ulterior motive at work here.