Lending money to friends & family

neha1986

Hi,
If you do not have any prove,I think you can't
get money back.

maz1964

harryhound wrote: »

This might be worth knowing about:

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

hiya harryhound

thank you so very much for this article, i cannot believe that this could be possible, ive helped a friend and paid via my credit cards towards their mortgage however, they still have not lost the house and its being paid by the dss as out of work now but maybe it could be my ace card incase it is ever repossessed,

also im thinking of whether i could have a claim against a taxi firm who had repossed the taxi from them, perhaps 2 or 3 years ago now, would i have any possible action that i could take to say id paid again via my credit card to retrieve my money back in any way?

this is sure very interesting line of attack since they have not paid me back any money and of course im now being chased by the credit card companies as im out of work now too

would appreciate your thoughts

cheers maz:T

adonis10

Difficult one. To cut a long story short, I'm owed £2,000 by an ex girlfriend. It ended 2 years ago and she's been paying dribs and drabs since, although the interest is wiping out most of what she pays back. The issue is, do I have any grounds to take it further?

The money I lent goes back 3-5 years (throughout the relationship) and was an accumulation of many things, helping out with bills, lending cash here and there etc (we were students for most of the time). It's all on my credit card and I'd be very hard pressed to be able to account for every transaction (£700 ish is interest), which makes me wonder if I'd have a leg to stand on in court.

I admit it was foolish but it's done now. It's all amicable and I've kept it that way so as not to cause problems which may hinder my ability to get it back. By the same token, I need to be firm enough with her in order to get it back. Above and beyond friendly requests, what can I do?

harryhound

maz1964 wrote: »

hiya harryhound

thank you so very much for this article, i cannot believe that this could be possible, ive helped a friend and paid via my credit cards towards their mortgage however, they still have not lost the house and its being paid by the dss as out of work now but maybe it could be my ace card incase it is ever repossessed,

also im thinking of whether i could have a claim against a taxi firm who had repossed the taxi from them, perhaps 2 or 3 years ago now, would i have any possible action that i could take to say id paid again via my credit card to retrieve my money back in any way?

this is sure very interesting line of attack since they have not paid me back any money and of course im now being chased by the credit card companies as im out of work now too

would appreciate your thoughts

cheers maz:T

Sorry Maz,
I have no practical experience of applying these laws.
(the only time I was foolish enough to lend money to a friend and thought I would never get it back, I eventually did, when his mother died. There are some people who have debts through misfortune BUT there are some people who are addicted to debt - something to do with lack of honour and moral fibre).
You could see if the Citizens Advice have a solicitor who does a "Pro Bono" (publico) free evening - That is Latin meaning "for the good of the people".
Or it might be worth investing a fiver with a firm who offer the first meeting for a fiver and see if they would take your case on a "contingency fee" basis (ie if they win they get to keep xx% of what ever they get back for you.)

Strictly between you and me (and the other readers;)) how much money are we talking about.

Superstarsaver

pennymakespounds wrote: »

not sure if this is right board..

member of our family "lent" couple of £thousand to a "friend" to fund something....
which didn't happen .. and guy has made himself completely uncontactable . Apparantely he's done similar with couple of other people

Whilst probably classed as my own stupid fault for just handing over cash .. last thing we expected was this .. from a supposedly "best friend" .
What legal actions can i take .. or "legal threats" can i make to try and get him to realise i'm seriously wanting my money back.

You have to be very very careful when going ahead with that, as even if you're in the right, the guy can sue you for harassment very easily and make even more money off you in damages!

LYT_2

Interesting post. My grand-parents have agreed to lend my husband and I £25000 to put down as a deposit for a new property; we will carry on living in our home and move the new place in a couple of years when our daughter goes to school. If between now and then we got a couple of friends to live in the place and pay us the money to refund my grand-parents, would that be legal? Would we need to declare it to HMRC or as it is paying the loan back it is not considered as being an income? Also, will my friends be ok living there "free"?
Thanks a lot!

ephemera_2

I borrowed money from a friend to help me move to another apartment after I separated from my then wife. I have set up a regular Standing Order to repay my friend an agreed amount from my salary each month, but there was one period last year where I needed to temporarily freeze the repayments due to being off work with ill health. Luckily, my friend was very understanding and as soon as I was earning again, I continued with the regular payments as before.

Whilst there is no risk of becoming unemployed or the need to take time off work again, it has been expressed that my friend might feel better and more secure if some legal protection were in place, to protect her interests, which I am wholly in favour of, as I have every intention of repaying her the full amount I owe, so this really is no problem to me whatsoever.

I have already consulted a solicitor, who quoted somewhat extortionate figures to draw up a contract in the matter - and certainly a fee significantly beyond what I can afford to pay, let alone justify at this stage, and even my friend agreed this was ridiculous, in that even if I had that sort of disposable amount of money, I'd be better off giving it to my friend to reduce the debt further!

So, what I would like to know is if there is some other procedure in place whereby my friend has some legal protection in case anything happens that means I am unable to honour the repayments. We have drawn up a ledger which is signed and dated with the full amount I owe, and then as each payment is transferred to her bank account, that amount is deducted from the total amount owed, but I equally feel something more codefied is appropriate.

Thank you in advance for your time in this matter!

babyboono1

not sure if this is the right board!!!
my next door neighbour bought a double bed with mattress off me last oct stating she would pay in monthly instalments (£120) bed and mattress cost me £450 only used for 2 nights in the spare room. despite my constant reminders and requests she keeps telling me they can not afford it despite it being 9 months down the line shes bought a horse a second car goes out on nights out etc etc etc.!!
i sent her an email requesting we get together to sort it out and shes got quite arsey about it saying that all she can do is return the bed to me as they can not afford it obviously i dont want the bed back!!! any advice out there please !!???????????????

hazydaisy

I explained my situation in post 13/07/2010. I am based in Northern Ireland(NI) and lent money to relative who is now living in England. While I have received the principal sum she is currently refusing to settle regarding interest as volunteered by her. If I seek a CCJ, can I apply to be heard in NI? It was she who approached me.

mioot

Do you have any written document or eye witness then only you can take the legal action against the person .