Loaning Money To A Family Member Or Close Friend?

[echo beach]

We were helped both practically and financially by both the wife’s parents and mine but always repaid the money aspect. As a result we’ve helped all of our three sons in the same way. Also acted as a guarantor for two of their mortgages. They have always been there to help me practically when I’ve been building at home and I know they’ll always be there as we get older.

Never been in debt except for the mortgage and a small loan for a car which was years ago.

Never had to lend money to friends although possibly did in kind because one member of our table tennis team nearly always made sure he was last to the bar after a match. Yes, most of us have come across such a character!

Then one Christmas Eve he knocked on our door with a turkey which he’d been given and said that they didn’t like turkey and so  would we like it. I played my part as Bob Cratchit ,accepted it gratefully and had a two turkey Christmas that year.

 

echo.

[mafya]

Not a loan but I did trust my sister to get a mortgage in her name as I wasn’t able to get one back in 2006 for a house and last year there was about £30k owing on it so I said I want to pay it all off and get it on my name but she decided that I wasn’t having it and then went on  to sell it in January this year for nearly £200k

My 2 brothers refused to give a statement confirming that I was the beneficial owner of the house citing various excuses so we are now enemies.

My fault for trusting her as I should have got a legal agreement drawn up at the time but we were really close back then.

My advice would be that if you did loan money to family or friends then get a legal agreement drawn up.

If it’s a small amount like a couple of hundred pounds and you don’t get it back then look at it as costing you a couple of hundred pound to find out what kind of scumbags they are.

[The_DADDY]

6 minutes ago, mafya said:

Not a loan but I did trust my sister to get a mortgage in her name as I wasn’t able to get one back in 2006 for a house and last year there was about £30k owing on it so I said I want to pay it all off and get it on my name but she decided that I wasn’t having it and then went on  to sell it in January this year for nearly £200k

My 2 brothers refused to give a statement confirming that I was the beneficial owner of the house citing various excuses so we are now enemies.

My fault for trusting her as I should have got a legal agreement drawn up at the time but we were really close back then.

My advice would be that if you did loan money to family or friends then get a legal agreement drawn up.

If it’s a small amount like a couple of hundred pounds and you don’t get it back then look at it as costing you a couple of hundred pound to find out what kind of scumbags they are.

Just wow! 

I'm genuinely sorry to hear that mafya. 

Getting screwed over by family is the worst. Karma is a great leveler though 👍

[mafya]

7 minutes ago, The_DADDY said:

Just wow! 

I'm genuinely sorry to hear that mafya. 

Getting screwed over by family is the worst. Karma is a great leveler though 👍

It was the home I lived in with my mrs and children so was really upsetting. I have other properties but it’s the betrayal by a sibling that hurts.

My parents have disowned her and have said that her share of any inheritance will be given to me as punishment so in the long run she will be worse off financially…