Borrowed money from sisters and not sure what is fair for all parties?

QrizB

Three pages on and it still comes back to the basics:

- Did you all pinky-promise to the solicitor that the money was a gift? You've not said.

- What was agreed with the sisters when they gave you the money regarding how and when you'd pay them back? I think you agreed to pay one in gold, not the other, and neither set any time limits?

- What problems will you face if you don't pay them back now (or ever)?

R_P_W

This whole situation is simply moronic.  The fact that sold gold in order to either lend or gift you cash is irrelevant.  Were you not asked by your solicitor or mortgage company on the source of your deposit?  Was it a loan or a gift?

No terms of interest or a repay price or timeline was agreed?  If you want to take it to its extreme then you could just tell your sisters to pursue you through the courts for payment.  In real terms if you want to maintain a relationship with your sisters then you should try and agree a repayment plan, this plan has NOTHING to do with the price of gold, it is totally not relevant.  The fact they sold their gold isn't your problem, gold prices have been on the increase, but if the price was down would they be happy to receive less back?

Agree a repayment plan for the money, I'd start with an offer to pay back the £ you borrowed.  They probably won't like that so a pragmatic approach could be to pay back the the money with an interest rate of what they could reasonably achieve in a savings account - so 4% a year.

mjm3346

Cuticuraser said:

mjm3346 said:

If they sold the gold just to lend you the money and would not otherwise have sold and now is the time the market has reached a price point they would sell at then that is the value you should repay (plus interest).

So you want me to pay back market price plus interest? Are you on drugs?

Market price at the very minimum plus interest probably at the rate you would have needed to pay if you had borrowed the sum plus something extra for their inconvenience  - the gold was only sold to get cash for you otherwise they would still have it (or sold it when the market was high).

sheramber

You bought a Prius in December 24.

You bought a CD Porche for £32,000 in May but you didn’t  pay your sisters back for the money they loaned you.

you also hav me a rented property. 

I expect they are a bit pi— ed off .


 Sell the Porche ,  pay them back the  £32,000  leaving the increased amount as a balance.

Make an agreement on paying back the balance and get it writing with everybody signing it. 

Grumpy_chap

Cuticuraser said:

Devongardener said:

Maybe the sisters are demanding their loans back after seeing you in the Porsche you bought last month for £32K, I think I’d do the same, particularly if none of you had the foresight to set up a proper loan agreement!

I’m happy to give it back but I can’t afford to give back at the market price of gold 

Well, if you sell the BTL, you will have the money to repay your sisters:
https://forums.moneysavingexpert.com/discussion/6569027/tenants-have-damaged-kitchen-cupboard-and-admitted-fault-but-not-paying/p1

Or sell the Porsche you only purchased last month:
https://forums.moneysavingexpert.com/discussion/6607305/looking-to-buy-a-996-911-porsche-but-not-sure-which-one#latest

Or sell the Prius you purchased in November:
https://forums.moneysavingexpert.com/discussion/6571156/purchased-a-prius-is-it-worth-it/p1

Maybe it is your extravagant lifestyle that has led to your sisters calling in the loans early, especially if the loans were only made on the back of a "woe is me" tale.

Cuticuraser

So both sisters have made it clear they want market price for the gold. I have decided to take out a personal loan to pay off middle sister and partners parents are giving me a 0% interest loan to pay off the eldest sister

Hoenir

Cuticuraser said:

So both sisters have made it clear they want market price for the gold. I have decided to take out a personal loan to pay off middle sister and partners parents are giving me a 0% interest loan to pay off the eldest sister

Never mix money and family.......... 

MEM62

Cuticuraser said:

So both sisters have made it clear they want market price for the gold. I have decided to take out a personal loan to pay off middle sister and partners parents are giving me a 0% interest loan to pay off the eldest sister

Why are you agreeing to this?  They did not lend you gold they lent you money.  

QrizB

MEM62 said:

Cuticuraser said:

So both sisters have made it clear they want market price for the gold. I have decided to take out a personal loan to pay off middle sister and partners parents are giving me a 0% interest loan to pay off the eldest sister

Why are you agreeing to this?  They did not lend you gold they lent you money.  

OP seems to be in an opressive family relationship. Let's not blame him for this.

th081

OP - I think you had fine the right thing