have you ever asked your family for money?

bluenose1

I have often lent close family money several times  and always had it repaid. Would hate to think someone close was struggling etc and I wouldn’t help them out.
OP - as oystercatcher suggests maybe not ask directly but explain to your family your situation and see if they offer.
Good luck 

sevenhills

My inlaws have asked their Dad for money, he is 94 and has £60,000 in the bank.

One sibling is poor and the other not, but the eldest male Son has asked for £3,000 for home improvements, which will be matched.

It is unnecessary that he has all this £60,000+ in the bank and lives like a miser, but I would not ask.

pollypenny

We borrow £50 from my father in the 70s to buy a trailer for our camping gear. We made sure we paid it back. 

My own kids haven't been so conscientious. 

GeordieGeorge

hello007007 said:

Hello all,

I'm from a family were everyone is proud and no one asks for financial help. Everyone uses their own money and money is not talked about. Since my first job, I have been financial independent - I'm now in my late 30s.

I need to borrow some money but I don't know how to ask? I feel shy almost embarrassed.

How do people ask for money from their family or friends?

If you need to borrow money then please don’t go to your family, it’s not fair to involve them and it has a real possibility of causing harm in your relationship.

Go to your bank, where you have your current account, and try them first. If, for some reason, banks won’t lend to you it’s generally because they have looked at your situation and see too high a risk of you defaulting. In that case why would you expose your family to it?

74jax

I would rather my daughter asked me than a bank.
She never has asked but we have offered and she's taken us up, and paid us back. 
My parents loaned me, always paid back. 

jackieblack

74jax said:

I would rather my daughter asked me than a bank.
She never has asked but we have offered and she's taken us up, and paid us back. 
My parents loaned me, always paid back. 

Ditto 
Never been a problem 

CookieMonster

Depends on the family, I lend small sums to one sibling (<£1K) who is slow to pay back but always will (up too 2 yrs later) - usually the same sum that was borrowed in one go - and I lend larger sums to another (but <£3K) who is paying back £30 per week at the moment - for stuff that I know they need (car, car engine, laptop for child at uni).

That being said, I never lend anything that I can't afford to lose so I don't chase up debts - I think that may be where resentment or conflict in the situation can arise, no matter how great your relationship with the lender/borrower.

And I'd rather they borrow from me than from a bank purely from the interest savings for them.
Never been a problem.

OP, make it clear that you need a loan, not a handout, for something tangible (unless an education item) and you may be surprised at their willingness to help.

Marvel1

No i wouldn't ask, I even refused gifts when I had my house - to buy a fridge/freezer.

cymruchris

It would depend on the reason and the urgency. There's no blanket answer without more detail. It's generally not recommended to borrow from your family though. If it happened to be a medical emergency that by going private you'd increase your life expectancy - that might be something worth asking for - but if it was to buy a shiny new car - then it'd be a no from me. My sis borrowed over £50k from my parents, and didn't pay it back. (She bought two shiny new vehicles with the money) - and was since written out of my parent's will. Borrowing money from family can cause rifts and disagreements, so only consider it for the right reason, otherwise you need to go to your bank - and if they say no, you'll have to think of a change of plan.

squirrelchops2

Yes but only once. We saw a house we wanted but it was a reposession and needed to buy in cash. I had another house that was in the process of being sold but wasn't quite there yet. We were about £30k short so a family member lent it to us and we paid them back within a very short time once my house had sold. Forever grateful for them to have stepped in and helped. If my house sale had fallen through I would have got a loan out.