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Lending friends money, bad bad bad...

Chadford

Distinguished Member
Hmm. Thought I had a good friend (over many many years) and loaned the guy over 2.5K.
Last time I saw him he told me to **** off.

My *good* advice is, never loan money to friends.

:)
 
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blue max

Distinguished Member
Hmm. Thought I had a good friend (over many many years) and loaned the guy over 2.5K.
Last time I saw him he told me to **** off.

My *good* advise is, never loan money to friends.

:)

Or choose your friends more wisely. :)

Sorry to hear that. Did he have relatives? I always wonder if relatives wouldn't lend it to them, are you ever likely to see it again.
 

Exemplar

Banned
Sorry to hear that but I would say write it off and gain from the experience.
 
I now own a fully loaded pristine Glock - Want to do discuss terms? yeah?

Oops I don't - eek disregard this.

Sorite, we know you are only joking....

Hmmm? Took you nearly 10 minutes to do the Edit, though. Hmmm? :cool:
 

mjn

Distinguished Member
I never lend anybody money!

It'll always end in tears.
 

shahedz

Distinguished Member
Can't remember the saying but goes along the lines of don't be a borrower or a lender. I remember being in primary school when I borrowed 50p off a friend to buy something at a gift shop when we were on a school trip.

When I got home I had to ask my dad for the money to pay him back , he was really disappointed I borrowed money from someone and explained I shouldn't borrow money before giving me the 50p to pay my friend back.

For some reason that really stuck with me and I just don't like borrowing money or lending it to friends , family etc.
 

cragglemiester

Established Member
My experience is if your lending money be prepared to lose it and if and I do mean if it's returned it's a pleasant surprise.

Or I reword only lend what your prepared or can afford to lose. Something along those lines.
 

Surebrec

Distinguished Member
I let friends borrow a tenner, maybe 20 quid from time to time when they have been skint, but that's about all I have done, and not let them lend anymore until I have been paid back what they already borrowed.

it just makes sense to limit what you let your friends borrow, it's not worth losing a friendship because of a money loan that was not paid back.

I have a friend, albeit one that I haven't seen for a few years who has his own carpet fitting business. as a favour to another childhood friend of his, he fitted his entire house with new carpets on the provision that he would pay weekly for it.

needless to say, after a few weeks of repaying the cost, things went south fast, and it ended up in court.

end result was that they never spoke to each other again, and my friend lost a lot of £ for it.

true story
 

DPinBucks

Distinguished Member
No. He became bankrupt and I guess he's bundled my loan with all the rest of his financial problems. He doesn't see this now in retrospect as a friend trying to bail him out.

Sad really.

:(
Did he really become legally bankrupt? If so, he couldn't have repaid you; you were way down the list of preferential creditors.

Mind you, that's no excuse for his attitude.
 

Phil57

Prominent Member
If you loaned the money to him prior to him being declared bankrupt, and he has listed this with the bankruptcy court, it would infact be illegal for him to pay you back in preference to others creditors.
That said what a sh****r of a mate.
 

nheather

Distinguished Member
Did you lend him the money or his business?

If the business then he is right, you are just one of a long list of creditors. You would be an unsecured creditor so at the back of the queue. Strictly speaking to use your friendship to get your money ahead of other creditors would be unethical, maybe unlawful.

But if you lent the money to him personally, then you are still entitled to it.

I am of course assuming that he ran a company that went bankrupt, rather than he personally declared himself bankrupt. If the latter then you have little entitlement to your money back.

As you say, be very careful about lending money to friends and relations.

Cheers,

Nigel
 

Phil57

Prominent Member
A work colleague borrowed £20 from me and made all sorts of excuses as to why he was unable to pay me back, ultimately it cost him a lot more, along with a 'black' mark on his credit history.
All via the county court.:thumbsup:
 

Veni Vidi Vici

Prominent Member
shahedz said:
Can't remember the saying but goes along the lines of don't be a borrower or a lender.

Shakespeare quote from Hamlet

Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
 

Foster

Distinguished Member
Id say what a waste of time, but if he can't be bothered to pay back a measley £20 he deserves it.

Not really a waste of time is it, it's the principle it could be £20 or £20,000 they still owe you money.
 

Phil57

Prominent Member
Not really a waste of time is it, it's the principle it could be £20 or £20,000 they still owe you money.

Absolutely right, but, I can understand someone having difficulty paying back a large sum, I have no sympathy with someone who will not (will not, not so much cannot) pay back a small sum.
 

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