Loan money to a friend
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My advice would be to not do it. The only people I would give that sort of money too are my daughter's (when they're grown up).
I wouldn't expect the money back either. No friendship in the world would make me part with that sort of money, especially under the circumstance described.
No friend would put you in the position that she has. Tell her to speak to an authorised lender whose business is lending people money.0 -
if you really feel you want to help (and i suggest you dont) then suggest as post #9. If your friend doesnt want/like that then dont do it. Otherwise you will have NO security and your money could disappear forever.Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..0
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I cannot imagine any circumstance that a friend would ask to borrow £50k from me. How on earth does your friend even know you could put your hands on that sort of money?
If she is in a good position to sell than a bank bridging loan may be an option but unless she is on a good income very few banks will offer an open ended loan so if they do not think it is a good risk why would you?
Others have said that friendships have been lost through loans never repaid. Supposing she disappears off with your money and you never see her again. There is no legal document to enforce repayment unless you get one drawn up by a solicitor which will cost and you would have to go to court to force repayment and even then she may find a way to avoid repaying it. If she wants to buy this flat so much tell her to drop the price of her house to sell it quickly. That is what most of us do.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.0
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