Lending money to friends & family

angelsmomma

I made a classic mistake by letting a friend use my credit card to make a big purchase of £5300. I was told that it would be paid back within 6 months.

2 years later it is down to £4000 as the repayments have now gone to £200 a month of which £50 is the interest. I have reminded them of the original offer and also told them I need to use this card myself for a big purchase so need it paid off asap.

I really don't feel I can put any pressure on in case the payments go down even further or worse just stop:eek:. I just have to suck it up and wait years for it to be paid off.

Fortunately I don't need to use this card and have no debt but am annoyed at myself for doing this and will never do it again. To add insult to injury this person thinks they are doing me a favour because it will increase my credit record .

CHR15

*Louise* wrote: »

Fast forward to 2010, hubby has decent job again thanfully but brother still hasn't paid anything back - then I find out he has spend £700 taking his girlfriend for a weekend in London to propose...and now he can't pay anything back cos he has a wedding to pay for:mad:

I went to a wedding recently with my other half. When I asked her where their Wedding Present is she replied,

"We haven't got them one, she still owes me £100" :T:T

Top stuff, but muggins here felt guilty so still gave them something.:mad:

*Louise*

CHR15 wrote: »

I went to a wedding recently with my other half. When I asked her where their Wedding Present is she replied,

"We haven't got them one, she still owes me £100" :T:T

Top stuff, but muggins here felt guilty so still gave them something.:mad:

Good on her - someone with sense:rotfl::rotfl::rotfl:

I'm not so tough :oWe are paying for DD's flower girls dress and accessories but I still made them a framed wedding sampler as a gift

Becky_83

Hi, my cousin works for himself and fits carpets. About 3 years ago before the financial climate hit a low, he was all about buying houses and doing them up. At this time I had some money in my bank and was looking at various ISA's and saving accounts. He said that if I invested the £10k with him he would give me back the money when he sold the house and with interest better than what the banks were offering.

3 years later, he has not sold the house and when I ask about the £10k he says he will "try to get some money together" but he never does. The original agreement was that he would sell the house within a year and I would get a years interest. However, it has now been 3 years and he still owns the house.

I have a letter from him stating that for business purposes he has accepted a loan from me for the £10k and that this will be returned to me when the house is sold, however no where does it state he would pay interest as verbally agreed. And at this rate I don't think he ever intends to sell the house.

What can I do? It makes me angry because he says he has no money, yet he drives a Porsche and rents a house as well as the one he owns. I haven't spoken to family because I don't know what this can do to help? I have email correspondence from January 2009 stating he would "pay me back either £1000 every 3 months or £100 a month if he could afford it" this never happened.

He makes me so angry, he has a house with my money in it, swans around in his posh car and rents a house as well, but he won't give me my money back. To make things worse, he has a girlfriend who I have been told "has money" and I worry for her as well as I think he will just bleed her dry then move on.

Please help!

chalkie99

Are you absolutely sure he owns what he says he owns or might he have just blown your cash to fund his lifestyle?

I would be doing some checks.

Hollie_Rose_2

Hopefully this person will do the decent thing. However if it isn't in writing then I'm not quite sure how this will go.

Good luck, but if you don't get your money back, live and learn and never ever ever lend money again! I've seen this happen too many times.

wine_night

Could you take him to court for the debt, and once judgement is obtained take out a charging order on the property?

Becky_83 wrote: »

Hi, my cousin works for himself and fits carpets. About 3 years ago before the financial climate hit a low, he was all about buying houses and doing them up. At this time I had some money in my bank and was looking at various ISA's and saving accounts. He said that if I invested the £10k with him he would give me back the money when he sold the house and with interest better than what the banks were offering.

3 years later, he has not sold the house and when I ask about the £10k he says he will "try to get some money together" but he never does. The original agreement was that he would sell the house within a year and I would get a years interest. However, it has now been 3 years and he still owns the house.

I have a letter from him stating that for business purposes he has accepted a loan from me for the £10k and that this will be returned to me when the house is sold, however no where does it state he would pay interest as verbally agreed. And at this rate I don't think he ever intends to sell the house.

What can I do? It makes me angry because he says he has no money, yet he drives a Porsche and rents a house as well as the one he owns. I haven't spoken to family because I don't know what this can do to help? I have email correspondence from January 2009 stating he would "pay me back either £1000 every 3 months or £100 a month if he could afford it" this never happened.

He makes me so angry, he has a house with my money in it, swans around in his posh car and rents a house as well, but he won't give me my money back. To make things worse, he has a girlfriend who I have been told "has money" and I worry for her as well as I think he will just bleed her dry then move on.

Please help!

TSTiling

Hi,

wonder if you can help me? Slightly complicated one so excuse the length of the query!!

3 years ago I was given a car by my father as a birthday present, he kept the log book but it was my car to have. About 2 weeks after getting the car my father in law phones to say that his car has broken down and could he borrow ours for a couple of weeks. We agreed to this. 10 months later I received a phone call from my father to say that he has received a letter from the police, the car is in holding and due to be crushed after being confiscated for no Tax (letters for taxing were sent to my father in law), no MOT (again father in law reminded when this was due), no insurance and four bald tyres.

My father in law did not even have the gaol to phone us and tell me that the car had been taken by the police himself. I have since paid my dad back for the car as after a large argument he said that he bought the car for me and my family (me, partner and 2 x small children) and that if I didnt care that much he would have the money back. We have paid him in installments a total of £2,700. This has been explained to my father in law and he has been asked to reimburse us which he is refusing to do. Can I take any legal action as although he is family this is getting beyond a joke now. :mad::mad::mad:

Many thanks for any help you may be able to give me!

Kelly

*Louise*

TSTiling wrote: »

Hi,

wonder if you can help me? Slightly complicated one so excuse the length of the query!!

3 years ago I was given a car by my father as a birthday present, he kept the log book but it was my car to have. About 2 weeks after getting the car my father in law phones to say that his car has broken down and could he borrow ours for a couple of weeks. We agreed to this. 10 months later I received a phone call from my father to say that he has received a letter from the police, the car is in holding and due to be crushed after being confiscated for no Tax (letters for taxing were sent to my father in law), no MOT (again father in law reminded when this was due), no insurance and four bald tyres.


Many thanks for any help you may be able to give me!

Kelly

Sorry - but I can't understand why was he still driving it after 10 months? Did you not keep track of it and the condition it was in?

Think the FIL has a massive brass neck tbh, I don't know about the legal side of things - what has your partner done/ said to his father regarding the situation?

TSTiling

Hi,

thanks for the reply. We had constantly phoned him etc etc re the car over the 10 months. always getting the same answer of it will be another week or so. Didn't help that he lives over 120 miles away. My partner has spoken to him again and again re this since the day he borrowed the car and including calling him up when we found out that the car has been confiscated. My partners mother just seems oblivious to the whole thing as points us back at he husband.

Brass neck is an understatement especially as he is now paying his other sons debts off for him but refusing to speak with us re the car and any recompense. In addition, we had had to pay my dad as well as but us a new car!!!

Thank you for your help, even if its not what I want to hear it is really appreciated as I don't know what to do anymore