Lending money to friends & family

geoffky

teecee1001 wrote: »

Hi guys,

I have read the posts and I have a slightly different question although i too lent money to a friend...

I lent him £1200 in cash and have no real evidence apart from a couple of text messages. My problem is that he declared himself bankrupt shortly after due to an investigation by HMRC but failed to record my loan. I want to know if there is anything i can do because he has hidden this from the authorities.

I have given him a year to pay me back (it was supposed to be for 2 weeks!) and whilst I sense that I may never see my money again I would like to know that I have caused as much irritability and hassle to him as he has to me. I am assuming if he is bankrupt one more CCJ would not matter but if there is a chance that if by highlighting this there is a chance of a fraud being discovered then this may force him to pay up??

Thanks

All debt apart from HMCR and council tax go into the pot whether they listed them or not on bankruptcy..Your money has gone...

Apples2

teecee1001 wrote: »

but failed to record my loan.

That's because it wasn't a loan. You just gifted him the money in the vein hope he will repay.
As you state, you have nothing by way of proof this even existed as a debt apart from a text message.

People ask friends for money when all other options are exhausted, you were never going to get it back.

alanpoly

[FONT=&quot]Have you got something in writing or still a reception, or perhaps witnesses. If not you are improbable to acquire your cash back if he doesn't want to pay.[/FONT]




X

trickycomper

Even with my closest friends, whether its lending money or doing work, i always ask for a signed agreement. Makes it so much easier for both of us, no questions or "o i dint mean that" its all documented. MAINLY with a payment plan, i.e. payable within 2 weeks not, "when you can afford it" this has no time scale and is tricky in court

Palvi_2

If you need a large amount of capital to start a own business. Your friend or brother will help from small contribution but first they will investigation what type of business you are going to stand up in the market. If they seems that your business will grow definitely and earn good revenue. They will ask you for for a signed agreement.

commercial_loan

Apparently, such kind of person do need to be reported for legal considerations. Cause he/she might as well do the same thing on others. Which basically is a big deal. I have stumbled on this WEBSITE (lendingwanted.com) which displays unpaid people. I do not know if its applicable for personal use but it can help if you do need concerns about lending/ loaning

John_Pierpoint

Firefox does not like the above web site - is it on the side of the angels or the devils?
http://lendingwanted.com/cgi-sys/suspendedpage.cgi
http://twitter.com/lendingwanted

Beware of first post wonders?

The web site will be of limited use to users of this thread as they won't be part of the Philippines "diaspora".

LendingWanted.com is a website showcasing people who are wanted by Lending Companies in the Philippines. Most of these people are now hiding to evade paying ...

barnabyjames001

hmmmmm.. lending money is great idea.

John_Pierpoint

I think you are being a bit hard on Parera01
The posting did not do anything for the thread and the advertising of your commercial interests might be against the letter of the rules on here.
Also I don't understand what this means: "Secondly you may consult with any of the lowers............" [I though it might be "lovers" at first. ].

We have perhaps too few "foreign" posters on here in these days of a global economy, The "ex colonials" from USA have been very useful in tracking down scams originating from the other side of the pond, even though we are "a similar people divided by a common language".:)

ktcov

From experience, I'd be very wary about lending money to anyone.

I lent my ex-flatmate the money for a deposit on our house. She promised she'd pay back every penny, and in the back of my mind I knew that I could always take the deposit back at the end of the year anyway. I had told our landlords about the situation.

Fast-forward 12 months... Yep, you guessed it, I hadn't seen a penny of that money. I contacted the landlords to ask about the deposit and was told that they were keeping hers because she didn't pay her last month's rent! By this stage, I was barely on speaking terms with her. The money wasn't thousands, but I was adamant I was going to get it back - more out of principle than anything else - so I looked up what I could do about it... and I found out that I could take her through the Small Claims Court.

It was a very easy process to go through, and I demanded that she'd be responsible for the charges (I think I had to pay, and she paid me back in the amount she owed me). I didn't expect her to even reply to the form, and the great thing about this process is that if they don't respond, they're assumed guilty. As it happened, my ex-flatmate did reply and we arranged a repayment schedule. She paid all of it back in the end.

I would strongly advise anyone in the same situation to go through the Small Claims Court.