Lending money to friends & family

clairemosa

All I can say is, every time you lend someone money you have to start thinking you have given a "gift". It's a fact.

Beingstalked

I have an ex boyfriend that owed me money and paid me back slowly, we lost a lot during a flood, he was trying to force me into getting back together with him by saying " I want to help you and see you happy" please let me help you, I know you lost all your furniture in the flood," of which he got the insurance money for, and it was all my things but , his house. I stopped all communication with him do to his vulgar and abusive texts and calls, I have one harassment complaint and the police have filed two of their own against him, I was in the process of going bankrupt and I added him because he was threatening me at the time. Now he has filed complaint calling it " theft by deception " he is the one that owed me in the first place and he called it helping me which I allowed because I just wanted him to repay me, and didn't care what he called it. Now is, bei g charged with this, and when I asked the police where is his evidence they said " we don't need evidence we just need someone to raise their right hand and swear!!!!this is unreal .he-filed municipal charges neither in my town or the town he reside she just picked Paterson nj. Please help.

Beingstalked

Btw I have never even had a traffic ticket before this!!!

John_Pierpoint

Beingstalked wrote: »

I have an ex boyfriend that owed me money and paid me back slowly, we lost a lot during a flood, he was trying to force me into getting back together with him by saying " I want to help you and see you happy" please let me help you, I know you lost all your furniture in the flood," of which he got the insurance money for, and it was all my things but , his house. I stopped all communication with him do to his vulgar and abusive texts and calls, I have one harassment complaint and the police have filed two of their own against him, I was in the process of going bankrupt and I added him because he was threatening me at the time. Now he has filed complaint calling it " theft by deception " he is the one that owed me in the first place and he called it helping me which I allowed because I just wanted him to repay me, and didn't care what he called it. Now is, bei g charged with this, and when I asked the police where is his evidence they said " we don't need evidence we just need someone to raise their right hand and swear!!!!this is unreal .he-filed municipal charges neither in my town or the town he reside she just picked Paterson nj. Please help.

As 99% of the people on this forum are in the United Kingdom, I don't think you are going to get much help here. We even get into to tangles here because Scotland has a completely different system of law from that in England and Wales, while Ulster has some differences too.

ahappycamper

A friend owes me a lot of money and he is not going to pay me back so I want to get it back through legal means. Currently I have a note from him as well as text messages, phone recordings and video recordings of him admitting to what he owes. Is it possible he could claim that I FORCED him to sign it? That I manipulated the sound recording some how or threatened him? I want to get him to sign other notes but I didn't know exactly what information and details that I need to jot down in order for it to be valid in court if I ever have to go there. I'm worried that my notes are incomplete and do not contain enough information to go through in court.

The money was lent to him for many different things, rent, food, clothing, other debts he needed to pay. For a while I was paying for all his food, equipment, everything pretty much. It was done in small increments in different types of payments such as cash and credit. He really needed help, threatened suicide on many occasions and pretty much just freeloaded off of me as I attempted to help him get back on his feet.

I have witnesses that can testify that he owes me that amount of money as well as a written note by him and a text message and phone voice recording of his admitting that he owes me over 11K. I want to make sure that I get my money back 100% and am afraid that I need more evidence so I want a more detailed note than the one I have now.

Right now I currently have a video recording of him signing a note that states exactly this...

I, ____, born on ____ with social security number _______ currently owe ______ 11,327 US dollars from accumulated costs that have been accrued since April 2012 and I am promising to pay this amount back by April 2013 in small or large increments with proof of reimbursement by receipts received by both party members. If I do not pay this amount back by April 2013, I approve of wage garnishment or other miscellaneous legal methods that may be enforced upon me by the state of law in order for ______ to have his funds returned appropriately.

Signed by borrower ________
Signed by lender ________
Witness Signature #1 __________
Witness Signature #2 ________
Witness Signature #3 _________

I have the actual note of his signature. I am afraid that he is going to claim forgery so I made sure to also have a video recording of him signing the note and reciting on recording the note verbatim.
I also have text messages as well as voice recordings from myself and other friends of him casually and informally engaging in conversation with them, acknowledging that he owes me these amounts.
For example, text messages and conversations such as....
Friend: So how much do you really owe _____?
Borrower: About 11K

Friend: You know you still owe ______ 11K, right? How are you going to pay him back?
Borrower: I know I do but I'm not getting enough hours at work.

Those are the two conversations and text messages that have been exchanged.
So in total, I have informal conversations through text and phone recordings of him admitting that he owes me oney. I also have a hard copy of a note that he signed(signature that matches that on his driver's license). Lastly I have a video recording of his actual self, on camera reciting the note and a voice recording of him signing it.

Is this enough to get him to give me money back? What else can I do to insure that I can legally get him to pay me back.

The other thing is, I know he makes enough money. He works 40 hours a week. He has enough money to pay me back, he just chooses not to, and he admitted to a mutual friend that he wasn't going to pay me back not because he can't, but because he just doesn't want to.

Please help me. I am so sick of thinking about this money. I barely make minimum wage and this money was earned by me through long hours of blood, sweat and tears. I just feel so distraught and upset being cheated and used by somebody who I really tried to help. I just want my money back so I can finally get this person out of my life and I can live my life. I made a huge mistake in trying to help somebody and I will never do it again, and I just want to move on.

Also, if I want to tack on interest, how can I go upon doing so?
I live in San Diego, California.

GDB2222

Daft to ask on a UK forum if you live in California. I very much doubt that you need more evidence. The issue will be, even when you get a court order, getting your friend to pay up. You could waste a fortune on legal fees and debt collectors and get nothing.

sporrtsman

I have posted a separate thread, but this appears to be a more relevant place.


To all the experts of the Money Saving Forums and beyond...

I've been fortunate enough to be blessed with a relative who will loan me a lump sum of money, which with my deposit will help me fund my first home purchase, instead of getting a conventional mortgage with the bank.

I'd be looking at borrowing £80,000 over a 25 year period.

So my question is what would be an average or good return be for them on that capital and how would that calculate into monthly payments for me?

Also any legalities I might be concerned with and whether it is actually worth doing it.

Thanking you kindly!

John_Pierpoint

You are talking about a private mortgage. These used to be much more common historically, before the banks got in on the act in a big way.
All borrowers tend to fall out of love with their lender, failing to realise that renting someone else's money is exactly the same as renting a car or a piece of machinery, so agree a formula so it then becomes history that changes the rate you pay rather than your "grasping" lender.

x% over base rate is the usual formula (you have to realise that the government is deliberately keeping base rate at 1/2% at the moment to prevent the banks going bust. This costs most savers (say) 2% in the form of inflation. Historically such saversnders have been able to get a real 2% return on their capital, so don't expect your subsidy rent to last for ever.)

thomasfreed

pennymakespounds wrote: »

not sure if this is right board..

member of our family "lent" couple of £thousand to a "friend" to fund something....
which didn't happen .. and guy has made himself completely uncontactable . Apparantely he's done similar with couple of other people

Whilst probably classed as my own stupid fault for just handing over cash .. last thing we expected was this .. from a supposedly "best friend" .
What legal actions can i take .. or "legal threats" can i make to try and get him to realise i'm seriously wanting my money back.

Nowadays, there are so many people suffered for the different problems especially on money matters. This would be my concern regarding this problem. If you are going to have a money lending you shoud probably make some trust agreement.

cpwaterstone

If you have any witness against him then you can take help from court