Lending money to friends & family

Vikipollard

Based on what ktcov says in post 683 above, it would appear he can take you to the small claims court. What he does, however, may be determined by whether he became an 'ex-friend' to you before or after he asked for his money back.

You would be far better to arrange a payment plan, even if that's only £2 a month.

*Louise*

beefdingaling wrote: »

An ex friend gave me £740 a few years ago. It was never mentioned that it was a loan, nor was there any re-payment schedule discussed nor set up. I am currently un employed so can't afford to pay it back. The ex friend is now threatening me and my family. Does he have any legal right to claim his money back? Can he get it back from me if he took me to court? He gave me a cheque.

If he actually did give you the money then I don't see why you wouldn't just try and pay it back? It's not that much and would be a lot of stress saved when it was

kattybell

My ex partner bought a new car last September which I paid a £500 deposit for (by credit card) which I was expecting to have use of, whilst contributing to the ongoing costs of the car.

Since then we have broken up, and I would like the £500 back as I have never had use of the vehicle.

What I'd like to know is how and if I could go about getting the deposit back? I have tried to contact him but he is refusing to answer any phone calls or emails, we were on talking terms untill I asked him about the money.

I think that a letter from a solicitor or a small claims court would be enough to make him give me the money back.

Also is it morally wrong to ask for the money back? I feel bad about it but that £500 would go quite far at the moment

Also would writing him a letter telling himwhat I am going to do if the money is not repaid a good idea?

Thanks

LovelyLeeds

kattybell wrote: »

Also is it morally wrong to ask for the money back? I feel bad about it but that £500 would go quite far at the moment

No it's not morally wrong to ask him for it back, he is being amoral for not paying you back but that's another story.
Unless you have something in writing, it will be unproveable, he probably already knows this. Small Claims Court is lengthy, costly and even if you get a CCJ against him, he still doesn't have to pay - that's another process, and more money again!
If you were still together, it wouldn't be an issue would it?
Best thing you can do really is take a deep breath, and wave goodbye to the debt - you don't need bad karma - let it go. (Don't forget - what goes around comes around)..

Edwardia

When I was at uni, one of my lecturers arranged for a director of a bank whom she'd been to uni with, to come talk to us and answer questions on finance. One of the things that stuck with me was don't loan any friend, boy/girlfriend or family member money unless you can afford to not get a penny back.

London_baby

This thread has been great with clearing any doubts I had with lending my friend money. A set of unforeseen circumstances has led him to ask me to take a loan in my name. I know this guy is desperate but I cannot risk taking out a 5k loan in my name. I have worked hard to save money to buy a house and pay off my bills in full, I cannot be responsible for a loan. Although I know my friend would have all intentions to pay it back, I am ultimately responsible.

I feel selfish so I guess this is why I'm writing this but other users' experiences has made my decision to say no slightly easier.

I feel sometimes that people make assumptions that a person is wealthy if they are careful with spending and saving but I've made certain choices, such as not renting and staying at home for the future.

If I feel myself waivering, Im going to re-visit this thread.

halbas

Back in August 2011 a borrowed 1000£ in cash to a polish friend of mine. In november our "friendship" ended. We didn't write any paper about it. At the Beginning of February 2012 she sent me an email admitting that she owes me the money, when and how she will pay me back by the end of February via a friend of hers. What didn't happen of course. Do I have any chance to get my money back? She lives in Poland.

Deru

Unlikely... unless you can make up with this friend through Facebook or email or something.

Otherwise, I don't think even the small claims court can help you there but maybe I'm mistaken?

John_Pierpoint

I don't think you are going to be able to extradite this person from Poland over a claim for £1,000

Next time get them to give you a cheque with a blank date for the whole repayment.

However as it is no longer possible to but a debtor in prison and it is relatively easy to "go bankrupt" there is a growing class of "can't pay won't pay" people. Be on your guard.

maz1964

London_baby wrote: »

This thread has been great with clearing any doubts I had with lending my friend money. A set of unforeseen circumstances has led him to ask me to take a loan in my name. I know this guy is desperate but I cannot risk taking out a 5k loan in my name. I have worked hard to save money to buy a house and pay off my bills in full, I cannot be responsible for a loan. Although I know my friend would have all intentions to pay it back, I am ultimately responsible.

I feel selfish so I guess this is why I'm writing this but other users' experiences has made my decision to say no slightly easier.

I feel sometimes that people make assumptions that a person is wealthy if they are careful with spending and saving but I've made certain choices, such as not renting and staying at home for the future.

If I feel myself waivering, Im going to re-visit this thread.

hiya just seen your post PLEASE do not lend help them in other ways take them to cab if need to and get them other assistance but please do not take out any loan or pay off his debts in your name, please if i can just stop another person doing what i did i will feel so much better, yes my friend i thought also was the salt of the eartha nd yeah i thought they were going to let me take any flack but here i am 4 years down the line , having paid her mortgage arrears at the court to stop the eviciton and the debt on my credit card and now ive ended up with the ccj cos i then couldnt afford to keep paying it off she has never paid a penny yet to it, she owes me other money too, but the ccj just was the last straw and ive had to negoitiate a monthly payment to stop a charging order and the worst of all this is that i helped without telling my hubby and its the only secret ive held back from him and i feel awful and desperate and yet until she pays the ccj off im lumbered and its caused me lots of other probs with my dd who knows and found out about it and is so angry with me, i know she is right and i was suffering with depression at the time and i didnt think clearly but now i am, and im so cross with myself too, its a daily battle to keep in contact with this person because if i didnt it would be a wave bye bye so please anyone reading this listen and do not take out any financial committments to anyone else, as the price is too high, do it for yourself and if it goes pear shaped its at least for you and you take the circumstance and deal with it but the stress is so far much worse if you find yourself in my position for someone else,,,,

i wish you the best and i only wish that someone had spoken to me like im speaking with you and i would not be here now,,,

have a fun day everyone maz:cool: