Lending money to friends & family

CHR15

I used to lend a good friend money fairly regularly.
He wasn't a gambler but simply tried to lead a life more affluent than he earnt.

Typical examples were not buying a simple ring from a jewellers, but having one "specially" made for his wife to their own design.
Another was not being satisfied with the glass window pane above his front door, he had to have a "special" window made with their surname in stained glass (it was as bad as it sounds on his 2 up 2 down in the centre of Brum!!)

I used to lend no more than I was content never to see it again but like chubsta, each time he repaid me I felt like I was kicking him in the teeth and leaving him short that month, hence another small loan a few weeks later.

I never did loose any money to him but it is not a good feeling to either lend or borrow from friends. He was ashamed to ask, as I felt awkward taking it back again.

I would never involve significant finances between friends and family - it is entirely destructive.

Happytogetdebtfree

Chubsta what about just taking the cash back in small sums £20 a month if needs must or 50 a month ... and i wouldnt lend again any money lost is money that your without etc, hope it all works out , king regards

chubsta

Cheers for the replies, Im not worried about lending any more as I have known the guy for years and apart from buying him a few beers when he has been skint there has never been a hint of borrowing money, I think on this occasion he, like all the other guys there, just didn't expect to not in anything! Although obviously a 'problem gambler' he seems aware of the limitations, and tends to gamble until the money runs out without racking up huge debts.

I guess I'll just wait until the end of the month when he will have enough to pay me before he gambles the rest away, then at least he wont be struggling as a result of paying it back, but I won't make it my mission to track him down if I don't see him...

Lesley83

Hey I'm looking for some advise. I lent my friend £3000 pounds we had a contract drawn up which we both signed and also had a witness signature on it to. Up until now she has been paying me back £150 pounds per month but now she has left work and moved out of the house that she was living in but I know where she has moved to. She was late in paying me this month ( payment was
due on the 1st of every month) so I text her she said that she was trying to get some money together to pay me which was fine but since then have found out that she has had the money but has been spending it on going out every night or taking day trips to zoo etc. I'm begining to get abit bit concerned as she owes two other people money but becuase she doesn't see them she fobs them off which by the sounds of it she has started to do with me, I have given her another deadline to get my money to me which is in a weeks time of I don't get payment how do I go about claiming it back and how long should I wait to take action should I wait until she starts missing payments on a regular basis.

katms83

I was hoping for some advice on behalf of my partner.

He split up from his ex some months ago and is threating court action against him because of a loan her brother took out to pay her debts and buy a car.

My partner did not agree to this loan and did not sign anything. The loan is in her brother's name and he took it out knowing she wasn't working. My partner had a joint account with her and she controlled the finances, payments were being made to the brother from my partner's wages. Now they have split up she is expecting my partner to pay half the loan (£9000). She still has the car that was brought with the money.

Does she have a case?

Thanks in advance!

immoral_angeluk

I love this thread. But only for the fact that it has put me off lending to friends/family and expecting it back, for life.

Mrs_Ryan

just wanted to say he has surprised me greatly. despite being short on his wages for 2 months as he has been off work sick he has now paid back every penny. he paid nack 130 last month and the last 70 yesterday. thanks everyone for your advice and comments!

John_Pierpoint

katms83 wrote: »

I was hoping for some advice on behalf of my partner.

He split up from his ex some months ago and is threating court action against him because of a loan her brother took out to pay her debts and buy a car.

My partner did not agree to this loan and did not sign anything. The loan is in her brother's name and he took it out knowing she wasn't working. My partner had a joint account with her and she controlled the finances, payments were being made to the brother from my partner's wages. Now they have split up she is expecting my partner to pay half the loan (£9000). She still has the car that was brought with the money.

Does she have a case?

Thanks in advance!

When you say "partner" you mean co-habitee in a two sex relationship?

When you say "brother" you mean the male sibling of the female in the above relationship?

When you say joint account, you mean a normal current account,
what would be called a "checking" account in North America?

Presumably the male partner of the above relationship has written to the bank and the account has been closed?

Presumably the "brother's" loan is in his name only perhaps with his sister as guarantor?

Presumably, other than the joint current account, there were no other bank controlled assets jointly owned between male and female in the relationship?

Presumably there is no written evidence or reliable independent witnesses to an undertaking by the male to finance the repayment of a car loan?

If the above is true the the response in Arkell v. Pressdram (1971). would seem appropriate.

ffacoffipawb

John_Pierpoint wrote: »

If the above is true the the response in Arkell v. Pressdram (1971). would seem appropriate.

Ah yes, Private Eye!

Drag1

I think you can make a claim in the small claim court but I would go to the citizens advise bureau for further help.