I've loaned money to several friends and not 1 of them has paid me back in a timely manner. Currently 2 friends owe me 500-900 each. A third friend owes me $4000. The reason I loaned her the $4000 was because she was selling her house and supposed to get $7000 back after closing and she would just hand me over the $4000. Now she has said the closing is delayed for repairs for 2 weeks and I am just feeling that she is going to make up some excuse and not pay me back because when I talk to her about it and offer help she gets all upset and says she has to go. I am just really upset about this and cant believe the morals of some people. I have always paid back every penny anyone has ever loaned me and in a timely manner as well. Not sure what is wrong with people these days but apparently no one cares about anything but themselves! I don't think there is a thing I can do about someone not paying back money in courts either which sucks even more I think I am just out $4000.
Some money 'guru' once said - when you lend money to friends & family always expect that you're not going to get it back!! And if you do, it's a bonus!! I lent my brother and his wife £1,000 last May. They didn't mention anything about it so I asked them in November and they said they had forgotten about it!!! Took them another 6 months to pay me back. Never again!
First of all, yes, horrible idea. Don't do it. Any money that goes to friends or family is something you shouldn't expect back. But on the flip side, you knew that getting the money back was going to be contingent on her closing the house...so...if it hasn't closed, why are you expecting that money back?
Wow man, that's alot of money. Really sorry to hear that you lost that much, and worst that they wont pay you back and there your friends. Some friends they are...
Yea I should have known not to give her money. The reason she needed is because she has no job and had maxed her credit cards out and was going to have to move back with her mom so I felt sorry for her and helped her. That's what happens when you try to be nice to people I guess.
Yea, all of my other friends make fun of me as much as possible for it. You figure when you get to a certain age you become more responsible but some people stay irresponsible for life.
Of course there is. You take them to small claims court. They'll argue it was a gift. You'll say that's stupid. You'll present the loan agreement you had them sign. The judge will award you the judgement. You get to try to collect your money. You did that middle part, didn't you? Right?
I never loan people money anymore. Nor rent/lend out anything worth more than $100 to anyone, not even close friends. 2 years ago one of my BEST friends who was living with me decided to move out. Owing me 3 months rent. I changed locks on everything and kidnapped half of her possessions. Man, the drama.. Long story short, I got my money, and the new person living here has a 5-page contract to deal with. I hope you have learned your lesson, Morketh! I was completely taken aback by what my "friend" did to me, it's just heart breaking... But money turns people into monsters. If I were you, though, I'd camp on her porch until the money was returned. Just (legally) make her life a nightmare.
This sums it up well. might as well write it off on your taxes as a gift, or depending on the friend... a charitable donation.
Well I have been nothing but nice to her thus far. I knew I was not going to take her to court when I lent her the money so I did not make her sign any agreement. I read before I did it that people can take someone to court about that but they will not enforce any punishment on them to make them pay the money back so I felt it was a waste. There is not much I can do to her to make her life a nightmare, only make myself look like a douche. I probably will just slowly drop her as a friend and whine about it to myself lol. Lesson learned though, never loan money to anyone ever again.
If there was one lesson I have learned throughout my life it was the quickest way to make an enemy is to loan a friend money. You know it's sad but true.
Ahh good idea, I think I will write it off as a gift on my taxes. Hopefully will get some money back from that.
lessons for life...dont expect to get friends and family loans back,you soon learn who your friends are
Well, I mean, yeah, you get the judgement, but they don't just take the money from her. You have to do it. Once you have the judgement, though, you can take money out of her accounts, or paycheck. You can even put a lien on her house.