Borrowing from a friend

24

Comments

  • Dennis-ka
    Dennis-ka Posts: 6 Forumite
    I prefer not to borrow from friends and don't like it when friends ask me to lend them money, I don't want to be disappointed in people afterwards. Although it can be a test of the person in a way.
  • stuart30
    stuart30 Posts: 499 Forumite
    Like my old nanna used to say "Never a borrower nor a lender be".

    Mind you she was a crack addict at 78yrs old and on the game to pay for said habit.
  • gycraig_2
    gycraig_2 Posts: 533 Forumite
    I lent my mate a grand and he paid not a single penny back I borrowed from the bank for him and he knew it so I'd of expected him to cover the loan not just the 1k.

    If you knew he was borrowing money to help you of course you should pay back the interest as well, why would should someone lose money bailing you out of trouble.

    If you didn't know he was borrowing it if he could prove he had loaned it I would probably try pay him back everything
  • moneyistooshorttomention
    moneyistooshorttomention Posts: 17,940 Forumite
    It's obvious to me.

    You are due to pay this friend back the amount they loaned you and all the interest they had to pay on that money in order to be able to borrow it on your behalf.

    They shouldn't be out of pocket because they did you a favour.
  • nic_c
    nic_c Posts: 2,928 Forumite
    Name Dropper First Post First Anniversary
    gycraig wrote: »
    I lent my mate a grand and he paid not a single penny back I borrowed from the bank for him and he knew it so I'd of expected him to cover the loan not just the 1k.

    If you knew he was borrowing money to help you of course you should pay back the interest as well, why would should someone lose money bailing you out of trouble.

    If you didn't know he was borrowing it if he could prove he had loaned it I would probably try pay him back everything
    It is a risk lending money to friends, as the question that is never asked is why not from a regulated lender - it is usually because they are deemed too high a risk of not paying it back. Borrowing money yourself to finance the loan to them should always come with the thought that you may up paying it all yourself.

    As far as the OP is concerned, there is a lot of missing info, such as did they know the money was been borrowed, and whether the agreement was verbal or written and what terms.

    It depends on if the OP wants a morally right answer or legally right answer
  • macman
    macman Posts: 53,098 Forumite
    Name Dropper First Post First Anniversary
    Who in their right mind lends out £25K on credit cards without agreeing the terms of repayment first?
    If you didn't agree to pay any interest, then how come you have paid back £5K interest already?
    No free lunch, and no free laptop ;)
  • Geoff1963
    Geoff1963 Posts: 1,088 Forumite
    I once heard : "If you are thinking of borrowing money from a friend, first ask yourself which you want most".

    I once borrowed off the bank of Mum and Dad, but I had to put up some collateral ; their perception of my financial competence.

    It's a quote from The Magnificent Seven ( via IMDB.com ), when the cowboys are thinking of running out on the village :
    Chris: You forget one thing. We took a contract.
    Vin: It's sure not the kind any court would enforce.
    Chris: That's just the kind you've got to keep.
  • sourcrates
    sourcrates Posts: 28,870 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    gordon74 wrote: »
    "I don't - how exactly does one get £25,000 in cash from credit cards?"

    It's relatively easy, I have 28 cards at the moment and that's me with a "POOR" credit score rating with a combined 44500k credit limit.

    28 credit cards ?

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  • Justlookin_2
    Justlookin_2 Posts: 6 Forumite
    First Post Combo Breaker First Anniversary
    Update. It's not 10k it's now 30k I still owe.
    Oral agreement to repay.
    Frequently told credit had been cycled onto interest free cards.

    Guess continuing to repay is all I can do. I was meant to be getting married and buying a house this year. I don't think that's going to be happening any time soon.
  • Caroline_a
    Caroline_a Posts: 4,071 Forumite
    If i were you for this amount of money I would be wanting to see proof of this in spreadsheets and also details of loans taken out for your loan. If you now still owe £30k does that mean that you will have eventually paid him £60k for a £25k loan?
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