Lending money to friends & family

brownscottu

Hi with out any security and proof we can't give money if you ask for that or if you go through the court also there is no use for you better to solve the issue in a friendly manner otherwise you only will face the problem.

Bangerchick

LovelyLeeds wrote: »

My advice to anyone is this: give money to friends if you can: a) afford it, b) want to. Never lend friends money - they are never grateful or gracious about it - a life lesson I learned.

I would wholeheartedly agree with this advice - lending money to your friends is a sure fire way to stop being friends with them, and lose your money as well!

maz1964

Bangerchick wrote: »

I would wholeheartedly agree with this advice - lending money to your friends is a sure fire way to stop being friends with them, and lose your money as well!

hiya me toooooooooooo

now facing a ccj for the amount i lent and ive the ccj not my so called friend and she is going thru a divorce so one huge lesson learnt, never ever again will i do this ,,,i will buy them food and pay for elec for the kids really but hell never money

i just hope one day i get the money back but its given me sleepless nights and affected my health and joy of life, and that saddens me

dont do it - please unless you really can afford to lose the money

have a happy easter all

maz

rickey45

I would do anything for my friends and family and would give them money if I could afford it, but I don't think lending money is a good idea. I know myself and realize it would be almost impossible for me to try to collect if they didn't pay me back. A couple of years ago, I helped a friend out and he still hasn't paid me back.



Hammocks

jmdnnlln

Ok so I've read some of the comments on this topic and I wonder would you advise lending to family?

My son has come to me 'again' and asked me to re-finance a loan he took out some 2 1/2 ago for £6000.

He is now asking for a loan of £5000 which basically would settle ALL his debts into 1 loan.

I can get him the loan easily...but I feel I have no choice in the matter really, you see if he dosen't re-structure his debts that means he probably won't be able to afford his current debt....or in reality MY DEBT!

I also pointed out to him an argument last year when his partner, the mother of our grandchildren, posted a dubious message on facebook...saying because his repayments are x amount we are taking food out of the childrens mouths....
Obviously we protested...and his replies were "I stand by my partner now as she is my family"...True but here we are again "can you help me out dad".............
It's easy to say DONT lend to family or friends .....but sometimes it's hard to refuse your family!

*Louise*

jmdnnlln wrote: »

It's easy to say DONT lend to family or friends .....but sometimes it's hard to refuse your family!

Isn't that the truth.....


I posted earlier in this thread about problems with loaning my brother money, since then my mum has lost one of her jobs and I have loaned her £500. (It's my mum...how can I refuse!) Then yesterday I found out my youngest sister can't get rehoused because she has rent arrears of £270 (her fiance got them in debt - complicated) I have spent 24 hours telling myself it's her problem, she needs to deal with it...but she is coming round later and I just know I am going to cave in and offer her the money. :o:o

I know I am way too soft when it comes to family members, but I guess at least they can't just disappear like friends can :cool:

jmdnnlln

*Louise* wrote: »

Isn't that the truth.....


I posted earlier in this thread about problems with loaning my brother money, since then my mum has lost one of her jobs and I have loaned her £500. (It's my mum...how can I refuse!) Then yesterday I found out my youngest sister can't get rehoused because she has rent arrears of £270 (her fiance got them in debt - complicated) I have spent 24 hours telling myself it's her problem, she needs to deal with it...but she is coming round later and I just know I am going to cave in and offer her the money. :o:o

I know I am way too soft when it comes to family members, but I guess at least they can't just disappear like friends can :cool:

Your not wrong....He did source out a company that would offer him a loan...but the interest rate was 85%.:eek:
I keeled over when I read the final COST was around £11,000..

Like you I feel I'm a bit soft when it comes to my kids..I just hope it dosen't come back to bite me in the bum!!

geoffky

jmdnnlln wrote: »

Your not wrong....He did source out a company that would offer him a loan...but the interest rate was 85%.:eek:
I keeled over when I read the final COST was around £11,000..

Like you I feel I'm a bit soft when it comes to my kids..I just hope it dosen't come back to bite me in the bum!!

You and i know it will....stay firm but fair...The last lesson was not learned...They need a lesson..

casanova09

Lending money from a family has two out come. It was good and it was bad.Sometimes family members will consider your loan if you delay your payment.But sometimes it will make your relation broke.

2011michelle

I wouldn't lend money to family or friends unless I had the extra money and wasn't concerned about getting it back. Good luck to all those who do! I have been burned before.