Lending money to friends & family

techmax76

Lately, I have experienced a not so good situation about my finances and unfortunately, the people whom I lend money refuse to pay their debts. Even the friend that I have had helped. So I learned the most important lesson to never trust a friend or relative when it comes to money matters. I don't want to be bitter and selfish but they had taught me things which I don't want to be.

daveypoos

The approach that impressed me the most was a guy I heard who said he had put asside a certain amount to lend to friends or family, and if it had been lent and not repaid the no one else could borrow until it was repaid.

enuffsenuff_2

hey peeps wondering if any one can help.


my mam dad and 2 brothers were involved in a car accident in may-ish 2007. the other driver admitted liability (after a few days) and my family proceded to claim for compo. during this time i borrowed my mam roughly £2500 during this time to present date to help her on the basis that she pays me back with her compensation, which she said she would have by july 2008. my 2 brothers claims have been sorted and are now in trust funds that cant be touched till their 18. however my mam and dad are still waiting, apparently. she keeps telling me the company they went through doesnt answer their phone or reply to her messages. she has also said it can take up to 4 years to sort out. does any one have any ideas on this as it has now been 2.5 years since i lent her the money and i cant realy wait any longer. i guess what im asking is does anyone know how long a claim should take to be resolved and does it sound a bit suspect too you all?

TRO19721

I was in a new relationshipfrom late last year to now.

The lady was a working single parent.

Her previous relationship fell apart and she needed when I was on the scene, a car and a bed, as previous hubby took those.

As we were quite serious, i thought nothing of it and helped.

In total £3000 was spent on the two items and we often spoke of amalgamating our two households and remarrying.

We have had further joint holidays, to the same amount, but I enjoyed those sso Im not too bothered over that.

Now, she has decided to end the relationship, is there anything I can do to get this expenditure back ? I.e, small claims court etc.....

I am fully aware that a fool and his money are easily parted.....now.

Seraphina_2

In my experience never lend money to family. Friends maybe, but family, they seem to take the mick don't they!

Lube

Only lend money if you can afford to loose it and loose friendship/family because the best will in the world many cases you get let down or have to chase money up and made to feel you are pestering or some excuses one after the other, Oh cant pay this week I pay next blah blah blah

I_know_my_ABC_and_my_CMYK

TRO19721 wrote: »

I was in a new relationshipfrom late last year to now.

The lady was a working single parent.

Her previous relationship fell apart and she needed when I was on the scene, a car and a bed, as previous hubby took those.

As we were quite serious, i thought nothing of it and helped.

In total £3000 was spent on the two items and we often spoke of amalgamating our two households and remarrying.

We have had further joint holidays, to the same amount, but I enjoyed those sso Im not too bothered over that.

Now, she has decided to end the relationship, is there anything I can do to get this expenditure back ? I.e, small claims court etc.....

I am fully aware that a fool and his money are easily parted.....now.

Unless you have a signed agreement that the money was a loan then I'm afraid it will be classed as a gift.

Unfortunately a hard lesson to learn but you were in the relationship at one point obviously for long term. Rack it up to experience and maybe next time make sure it 50/50 all the way.

rayz_nine

I_know_my_ABC_and_my_CMYK wrote: »

Unless you have a signed agreement that the money was a loan then I'm afraid it will be classed as a gift.

Unfortunately a hard lesson to learn but you were in the relationship at one point obviously for long term. Rack it up to experience and maybe next time make sure it 50/50 all the way.

yes..I think so..

techmax76

Taking or asking back the money I have lend from my friends and relatives takes a lot courage to do so. I don't know why my conscience is bothering me every time I ask them about paying me back. That's why I don't let them borrow again. If I have spare in my budget and savings I just buy the things they need instead of giving myself a headache on how to get my money back. Thanks.

shepster81

never mix family and business - best way because i have learnt the hard way !