Lending money to friends & family

James100

Once bitten,twice shy! I just do not do the money lending thing anymore, it ruins relationships, you end up falling out with people, u name it folks, it can all happens because of money!

Whenever someone approaches me for money, I simply say "wish I could, help you but cannot as bla, bla, bla, bla. I have a £10, if you want it..."

carlm1984

Hey All,
I having just seen this thread for the 1st time have been bitten by my willingness to help out a friend who is now not so willing to pay back.
About 18 months ago my friend was in a really bad way with debt so i leant her £1500 to pay off the debt and also took out a mobile phone contract in my name for her so she could get hold of people. Ever since she hasnt payed me back any money although she is going to start repaying me from the 1st march at £50 a week so basically got 8 months of money coming in.
I have soon learnt that although im always willing to help friends i will not be doing this when it comes to money anymore as james says it ruins relationships and u just end up falling out and its not worth the hassle

MissGolightly

i'd just like to say it is not always bad!

i had built up quite a bit of debt on a credit card, as my partner was put on short hours at work, it wasn't for extravagances, just basic living costs. thankfully my partner's company picked up again, and he's back on full-time hours again, even has some overtime now and again! just before christmas my mum realised how much interest i was paying (34.9%) and almost had a fit! she immediately wrote a cheque for the full balance, on the understanding i would pay her back £200 a month, a lot more than what i had been paying off cc, but since it is interest free, i'll have the debt clear in six months, rather than the 2 years and 9 months it would have taken at the rate i was paying... so i set up a standing order, and everyone feels a lot better

maz1964

itselliebell wrote: »

i'd just like to say it is not always bad!

i had built up quite a bit of debt on a credit card, as my partner was put on short hours at work, it wasn't for extravagances, just basic living costs. thankfully my partner's company picked up again, and he's back on full-time hours again, even has some overtime now and again! just before christmas my mum realised how much interest i was paying (34.9%) and almost had a fit! she immediately wrote a cheque for the full balance, on the understanding i would pay her back £200 a month, a lot more than what i had been paying off cc, but since it is interest free, i'll have the debt clear in six months, rather than the 2 years and 9 months it would have taken at the rate i was paying... so i set up a standing order, and everyone feels a lot better

hiya that is wonderful to hear and of course as a mum that is something i would do for my daughter too,
so now just down to you to get your budget sorted to ensure you do pay your mum back and my little mere humble opinion some nice flowers with the last payment:T

well that is what i actually expected from my friend to pay me back as agreed to pay the money id lent her, coming up to 3 yrs now and well like ive said before we shall see if by june this year its paid off or not.....

have a fun day maz

shane42

its nice to give, i have a lot of money so if any one wants to borrow some just ask i will only be glad to help , i trust you whoever you are:rotfl:

maz1964

shane42 wrote: »

its nice to give, i have a lot of money so if any one wants to borrow some just ask i will only be glad to help , i trust you whoever you are:rotfl:

Hiya shane, i like your humour and i do hope it was intended to bring a bit of light relief to this thread but unless you have been where we are and i really do hope you can at least understand the reasons for really trying to help someone out,

have a fun day maz

Neilhmtn

Itsey wrote: »

You are sure that you will get your money back according to the agreement.
Please, share your ideas;)
thanx

It has to be said, a signed piece of paper won't guarantee you repayment.

harryhound

But you can sue on a cheque.

"Are you prepared to give me an undated/post dated cheque?"

ouuser

We lent 3k to a leisure company that we worked for to help them through a tight patch a year ago. £300 has been paid back. We are no longer members of the company having moved away this year. We have had no payments since we left and there is a rumour the company may be about to go into liquidation. What can we do about reclaiming the money owed?

vintage_007

Okay, this is the first time I've used a site like this so I hope I'm in the right place!

Basically, a very close family member has poor credit rating and a lot of debts, with personal loans, credit cards, catalogues, etc. The total amount is between £10-20k.

As a student, it seems nearly impossible for me to take out a loan to help (and I'm also not sure this is a brilliant idea) but debt consolidation loans seem unwilling to help either.

Does anyone have any ideas? Or any thoughts on lending this amount of money to a very close relative?

Thank you!