Lending money to friends & family

jennamax

I am sorry to hear that. Anyway, I lend as well a money for a colleague who will be giving birth and didn't pay me at all. Well, as long as you don't have anything in writing or receipts we cannot get back the loan. That was based on my experience. Well I hopefully want you can get your money back in contrary to what happened to me.

grteryyy2

Thanks for the post! I can really relate to the situation!

harryhound

A_Phoenix_of_Tangerine wrote: »

I feel like I should add another idiom on to this list for fun, but I think i'll save the space for someone more insightful than I

An old debt is a bad debt.

Expectation is a much more powerful emotion than gratitude.

Apples2

harryhound wrote: »

Two wrongs don't make a right.

Three Lefts do..

fozmcfc

I'm quite embarrassed to say, I was always a real soft touch in the past and have lent mates money several times and not got it back, even took out two loans and after just a few months, the payments to me stopped.

Now myself I couldn't do that to anyone, let alone a friend, but some people just have no scruples when it comes to this sort of thing. Maybe I'm a fool but they are still mates though, as I kind of blamed myself as I knew in my heart of hearts it was a bad idea.

Now I'm a lot stronger and will not lend any more, if it is mates who are a bit short at the end of the month etc, I would rather buy them some food, than give them money.

Most of the people who I lent to in the past, know now not to bother asking me, cause I always say no you didn't pay me back the last time etc and basically embarrass them.

Never had to borrow to family, but if my family were desperate and I could afford it, I would again give rather than lend to them, if I knew they would struggle to pay it back.

john1001000

Hi,my wife and I bought a new house 'jointly' and both of our parents provided us with assistance for the downpayment / deposit. My wife was going to remortgage her house in order to pay back both sets of parents. Unfortunately, when property values were crashing she decided not to re-mortgage, which meant 'we' had no way of paying back both sets of parents. No loan agreements were prepared or signed, and to make matters worse we couldn't keep the house going because the mortgage interest rates increased and the property decreased to half of its original value so we couldn't sell it either. The house was overseas, and to make things even worse my wife decided to separate from me, and now her parents are requesting the money they put in for my wife, back from me - saying it was a short term loan. If ever I were liable, then I have no way of paying it back, and I'm getting divorced and also in a child custody battle. They are piling on the pressure and I have received a solicitors letter requesting the money back. Any advice please?

laurel7172

Which house is abroad?

Which house is here?

Who is living where? Where are the children?

What are the values of and mortgages outstanding on both properties?

How much did each set of parents put in?

john1001000

My wife, myself and child have returned to the UK and the overseas property is left overseas. The alleged loan that is being requested from me (15k), relates to a deposit requested and arranged by my wife from her family, but was sent to me ultimately for the purchase of the overseas property. After the overseas property transaction was signed and sealed, wife then decided not to remortgage her UK property, leaving no way of paying back the money she borrowed from her parents.

hazydaisy

After reading this, you'll probably consider me luckier than most and have little to complain about. Anyway.....
Four and a half years ago, I lent money to a relative who verbally and in writing assured me that she would repay me with generous interest when she sold a luxury holiday home (former residence) in the summer (6 months later). Well, she finally sold the house after 4yrs 2mths! Two months later, she still hadn't repaid me, so I billed her seeking principal sum + 8% p.a. I had to pursue her for another month. I then got the principal sum but no interest!! despite her past assurances. Seems she had hoped to make half a million on the sale but only made £250,000!!!! plus money for renting it out for 4yrs. (If she had have sold it that first summer, she would have made more money, but she was greedy). Almost a month later, she rewarded me with further payment equiv to less than 2% p.a. I'm pursuing her for the remainder and wouldn't mind advice as to how best to bring further pressure to bear on her. All I want is a reasonable return on my loan. Whenever she first approached me, she had already borrowed what she could from banks, building socs., and cards. She was paying 6% p.a. monthly on her mortgage so after checking rates available then, I consider 8% p.a. very reasonable. Bottom line is she's got the wherewithal but not the will to honour her word. The remaining interest owed to me is more than what small claims court deals with. I do know I'm luckier than most but the deception hurts, and I don't believe her bad faith should be rewarded. She's admitted I saved her *ss and will be forever thankful!!!

harryhound

This might be worth knowing about:

http://www.checkmyfile.com/articles/281/dealing-with-debt/helped-a-struggling-friend-or-relative-in-debt.htm