Lending money to friends & family

Audrey_286

only.partly.my.debt wrote: »

Thanks Andy, Audrey, etc for responding. Feel I should apologise for the giant post! But felt better for getting it off my chest.

I had a feeling there'd be no easy answer (Mexicoco - I completely understand - magic wand please!).

If anyone is reading this thread because you're considering doing lending someone money - DONT!

Learn from other's mistakes (the way I didn't because hadn't had a quick look online first) and don't land up with the same problems.

Also note how few people are posting about how they feel really awful about taking advantage of friends/family who can't afford it, acknowledging that they have a problem with money and looking for advice as to how they can repay the debt and salvage the relationship... What does that tell you?

Thanks again.

NO ONE IS POSTING TO SAY HOW SORRY THEY ARE ABOUT RIPPING EX's, FAMILY, FRIENDS OFF BECAUSE THEY AREN'T... They couldn't care less, have no respect, conscience and probably just think it's natural that the mugs we all are lent them money. It's sick and unfair but that's how some people are in this world.
You should only spend the money you earn, not other people's hard earned cash to profit from it and then disappear...

Nothing can be done except to never lend others money... I'd only ever do it for my parents because I owe them that much for what they have done and still do for me, and my brother, family are who count. No one else in my opinion.

harryhound

That is why bankers stick together and get you to sign a million and one small print clauses.

I've learned to leave lending money to the experts.

emmasfriend

Hi I wonder if any of you can help me, its a very similar story but in a different way. I had a loan with a car which i gave back and my sister bailed me out - my ex b/f then gave her the money to clear her card and he took a loan out in his name, value of approx £3k. We are no longer together for some time now and i have been paying £130 a month to his bank account - however he is now trying to call the loan in and charge me all the interest on his loan, which is well over the money he gave my sister. I'm wanting to only pay back the money he gave her and not the interest as i feel its his loan in his name which he could of re-financed before. Any help would be appreciated.

ultrawomble

emmasfriend wrote: »

Hi I wonder if any of you can help me, its a very similar story but in a different way. I had a loan with a car which i gave back and my sister bailed me out - my ex b/f then gave her the money to clear her card and he took a loan out in his name, value of approx £3k. We are no longer together for some time now and i have been paying £130 a month to his bank account - however he is now trying to call the loan in and charge me all the interest on his loan, which is well over the money he gave my sister. I'm wanting to only pay back the money he gave her and not the interest as i feel its his loan in his name which he could of re-financed before. Any help would be appreciated.

Sooooo, if your (now ex)BF hadn't paid off your sister's card, would she now be paying interest on it? If so, would you take the same attitude to that interest - i.e. the 'loan' is in her name so she's responsible for it?

hermans25

If you have any witness or your any friend who also know about it then you can claim him on small claim court because in this way you can prove that the money that you gave him is not gift and it was loan if you have not any friend or relative then in my opinion you have to talk him may be possible he can return you but not all money at a time talk him how can he pay you otherwise you will have to do case again him

Nottoobadyet

emmasfriend wrote: »

I'm wanting to only pay back the money he gave her and not the interest as i feel its his loan in his name which he could of re-financed before. Any help would be appreciated.

Of course you should pay back the interest - he's having to pay it only because he indirectly bailed you out. It is unreasonable for him to try to call in the whole loan at once, but its completely unreasonable for you to expect him to cover the interest on a loan that only you have benefited from and for which he has taken all the risk.

maz1964

Nottoobadyet wrote: »

Of course you should pay back the interest - he's having to pay it only because he indirectly bailed you out. It is unreasonable for him to try to call in the whole loan at once, but its completely unreasonable for you to expect him to cover the interest on a loan that only you have benefited from and for which he has taken all the risk.

hiya all

i totally agree if the loan or credit card payment was made the interest should also be paid back, im in this awful position myself,

let this be a hard lesson for all, im facing a ccj in my name for a credit card payment towards a friends mortgage arrears that they were facing eviction with 2 small children my heart could not allow me to let those children be on the streets, but now 2 years on, im facing the debt to be paid and now a ccj been given to me for that debt

so please everyone, help others out in other ways but dont be fooled by emotional responces to problems, hindsight i would have helped to find another property but never again will i help financially other than to buy food on their table or petrol in their car and look at it as a gift and if i get that money back all very well if i dont then its a kindness ive done and i can forget it

this ccj i cannot forget and its affecting my credit rating, all the promises to get a remortgage and now the couple are in divorce process

what a mess, let my experience be a warning, PLease:o

take care maz

m4ndy1966

A friend booked a flight using my credit card in May 2009 and prmoised to repay within a few weeks, unfortaunately in November 2009 her husband committed suicide, she was off work for a while and I loaned her £480 in cash to help her along at that time.


I waitied a few months and began asking her for repayment especially as the flight money was accruing interest. I have been given numerous reasons why payment has not been yet made all linked to sorting out her late husbands estate which his ex-wife and young children were laying claim on regarding his pension etc.


I have sent emails and texts askign for this money back, (we have not physically seen each other since the loan of the £480), in December she was proposing a repayment of approximately £200 per month, then I hear nothing and sent her begging texts in January this year, she contacted me by text saying she would pay money by bank transfer withing few days, she did..£100 with no assurance of when I can receive the rest.


I have her email address and mobile number but no address, this money is almost 18 months unpaid now. If I go to the small claims court would I get the money back from her in full? How would I obtain her home address?


Please help, I am desperate to get this money back, it is something I cannot afford to lose

redbantam

Hi all
I lent money to a friend who did not pay me back when asked. To cut a long story short, she did not reply to the claim form and judgement was therefore made for me by default. She was ordered to pay just over £800 and, of course, did not do that either. I was then told (over the 'phone that she'll now have a CCJ against her.
I need to know the best course of action to get back the money owed to me as I gather that it may be difficult to do so.
Can anyone suggest a good way of doing so? The person who owes me the money is on benefits including DLA and I know her address and 'phone number. She also has a bank account for which I know the sort code & account number (as it's where I paid in some of the money I lent her!)
Any advice much appreciated.
Thank you.

andy.m_2

maz1964 wrote: »

they were facing eviction with 2 small children my heart could not allow me to let those children be on the streets,

Here's the thing that is oh-so-common in these situations.
You couldn't let them sleep on the streets, but the parents got into the situation and so by definition could.


My name is somewhere above the thread as I also lent money to a friend, once, and will never do so again.