Lending money to friends & family

maz1964

mat176 wrote: »

when i sold my house i lent a mate £10k so he could go debt free. I had a sinking feeling when i transfered the money, but he paid it all back in a year-interest free..There are some trustworthy people out there..

well mat

i would be that person paying it back unfortunately, it aint happened to me im still owed thousands and heck i tried to voice my request to get a little back to me whilst facing my own problems and ive been rebuffed and now that friendship has grown sour , and this is me who helped a friend who had baliefs in the house with the police - so yes i do sound cynical now because the worst nightmare has come true, and i didnt have that sinking feeling at the time as i truely believed i was doing it for the kids and i would get my money back,,,,ive arranged that money can get credited to me but im so sad that i feel that everything i did is not even worth a phone call to me,,,,, now - yeah im older wiser but i would help others still but in diff ways, ie buy them food, give them lifts and support them but never actually cash or transfer of funds, thats the price im paying for getting a ccj for someone else but you learn and i try and tell my life experience to stop others falling in the same pit,,,, because its hell especially when my own family is now suffering and no one is there to help me now,,,,,

im glad you have an ace friend but dont be fooled by others who may not be so honest,,

ciao maz:)

Seg21

Hi, I have a 'friend' that has owed me money for months now. Didn't know whether I'd be able to go through a small claims court to get the money back. She basically owes money for concert tickets, all of which have all been and gone and still she owes £135. The last time she gave me any money was May. Since then I have been asking for her to pay it back but am met with broken promises. We are no longer friends and I am in the awkward situation of having to work with her knowing she has no intention of paying me back.
Any advice on how I can go about getting the money back would be great.

GDB2222

Send her a 'letter before action' stating how much is owed, how it arose, and giving her 10 days to repay you failing which you will commence legal proceedings without further notice. Then use https://www.moneyclaim.gov.uk/web/mcol/welcome to file the claim.

Seg21

Ok thanks. Would i need to put my address on the letter? Does it matter that I don't have any evidence as such? Like texts or emails. There are people at work that know about the situation but I'm not sure whether they would want to speak out about it.

GDB2222

Seg21 wrote: »

Ok thanks. Would i need to put my address on the letter? Does it matter that I don't have any evidence as such? Like texts or emails. There are people at work that know about the situation but I'm not sure whether they would want to speak out about it.

"Ok thanks. Would i need to put my address on the letter?" Yes.

"Does it matter that I don't have any evidence as such? Like texts or emails. There are people at work that know about the situation but I'm not sure whether they would want to speak out about it."

Well, you will need to prove your case. However, the standard of proof is not like a criminal case. It's 'balance of probabilities', so if you produce evidence that you bought two tickets, etc, that will help. Also, she has paid you money in May, so she acknowledges that there is a debt. Of course, she may argue that the money she gave you was for something else, and you bought the tickets as a treat. Were you 'going out' (or staying in!) at the time?

Anyway, the advantage of going to court is that it all comes out, and you find out why she hasn't paid you more. About half of county court judgements are never satisfied, by the way.

John_Pierpoint

The joy of the English legal system is that it is designed to keep people out of court.
If you go in knowing what you are doing - check here, in the library & at citizens advice so you know the practice as well as the theory.
At this stage as you might need from your colleagues is a "statement of truth" - do you have a tame solicitor at work who would be happy to witness their signatures in exchange for a few quid?
The objective is to make it clear you are serious and frighten them into going to a solicitor.
They soon realise that in the real world nothing comes free and the sensible course would be to pay you off.

rizla01

Wow. I and I bet a few others can rest our concerns over monies owed to us compared with some of the stories I have read here.

Sickening to the stomach but small beer compared to some of these.Pauline 01299 861287

PoorCharleyBear

I loaned a large amount of money (earmarked to buy our ouse but did not need it for a year) to a very very close relative.
She had been on the phone crying about how her mortgage had not been approved.
She knew I had the money and expected a loan.
I agreed for 12 months, which was foolish as it was half a house worth.
Fast forward 12 months, she has a baby, no job and her husband supposedly was on minimum wage. Yet they have 2 cars, she is always posting stuff on FB about what new thing they have (drive, car, appliances).
Anyway when I started putting pressure on they came up withe excuses . After 20 months, I contacted a friend who is a solicitor.
Finally at 22 months, her mother took out a loan to repay me.

Result? My sibling (parent to reliie) thinks I am evil for asking for the money back and putting pressure on....they were not concerned that my family were going without.

And they have cut me off totally. They have no idea that I have moved so we have broken all ties.

All over money.

I would never do it again. NEVER.

Jay_Russell

A family member got in some trouble with there bank. The bank wanted full payment of there loan. The came to me and told me that they had another lender that was going to give them the loan but the 1st bank wanted the money now. So i took $20.000 dollars off my line of credit to loan them till the other lender came through. They told me that they were told they would get the loan and then told they could not. That was 2 years ago. They pay me the minimal monthly payment on the line of credit and i make that payment. But when they dont have the payment for me i would take the payment off the line of credit to pay the line of credit. So in 2 yrs the dept is still at $20.000 dollars. They are now split up going through a divorce one is about to declare bankruptcy. How do i get my money

Jay

terryw

This a UK site. You would be better looking at a site relating to your own country (USA?)