Lending to Friends

[FlorinCollector]

2 hours ago, Pete said:

Went to court and when judge said I could force the sale of my friend’s house a payment plan was made and I got my money back over the next 4 months.

Thats great!

[RoughDog]

On ‎16‎/‎09‎/‎2015 at 20:46, Pete said:

Hi forum,

 

If a friend asked for a short term loan what would you do if you had the cash ?

If they asked for a few grand with the promise of paying you back in a couple of weeks would you help ?

If they seemed fairly affluent, lived in a 6 bedroom mansion and drove a Merc would you worry about their credit risk ?

 

For those of you who would lend the cash, here is the tough question.

 

If after 8 months you still had not got your money back and you were getting excuse after excuse i.e. tomorrow, next week etc. at what stage do you take legal action and possibly end that relationship ? Would you wait indefinitely on a promise or start getting tough and take the debt to Court ?

 

Thoughts please as this is a real situation.

In my experience.  Don't lend money to anyone.  That's what banks are for.

If they want to borrow tools.  Go to tool hire place.

[kimchi]

5 hours ago, Pete said:

Went to court and when judge said I could force the sale of my friend’s house a payment plan was made and I got my money back over the next 4 months.

Did your 'friend' have to pay costs too?

Sounds like he has been very, very stupid over this.

[Pete]

6 hours ago, kimchi said:

Did your 'friend' have to pay costs too?

Sounds like he has been very, very stupid over this.

Yes all the court fees were recovered in full and a tiny amount of interest around 1% was awarded by the CCJ