Lending Friends Money

Discussion in 'Teacher Time Out' started by JustMe, Apr 15, 2012.

  1. Aliceacc

    Aliceacc Multitudinous

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    Apr 16, 2012

    When I was 17, I borrowed $1500 from my parents for my first car. (A blue 1972 Chevy Maverick :D) I paid them back each payday until it was paid off.

    In the years since, every time I needed to borrow money, I went to the bank or credit union.

    The only time friends have borrowed money was back in the early '80's, when my friends found their dad was dying in Ireland. It was a Sunday morning, and neither had a credit card. So I took money out of the ATM for one ticket, and charged the other. They paid me back as soon as they returned.
     
  2. JustMe

    JustMe Virtuoso

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    Apr 16, 2012

    I've never borrowed from anyone either...just the bank. Never lent my family members money...rather surprised, actually. :)

    I feel bad for this guy...just a rough spot to be in. The money isn't really for him but his parents...technically. It's complicated. He would have had the money with any sort of advanced notice, but he just happened to have recently dropped a good chunk to pay off/close to pay off/don't really remember his car. That wasn't necessary, so had he known this was around the corner he would have waited. Anyhow, it should be settled in just a couple to few months. He's being a good son, that's for sure...
     
  3. silverspoon65

    silverspoon65 Enthusiast

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    Apr 16, 2012

    I am like you, Just Me. If it was me, I wouldn't lend more than I would be ok with losing, and only if it was for a good reason from a trustworthy person who I know would do everything they could to pay it back if they can. Sounds like that's the situation you are.

    I had a friend who owed me some money - less than $200 - for expenses when we moved out of our apartment. It has been 7 years since then and the money created some awkwardness between us. At first I got really annoyed that she didn't pay me back because she would post things on Facebook about going on vacation or buying a new dress, and she avoided me and it created some problems between us. I haven't seen her in almost those 7 years, and honestly, at this point, I would just like to forget about it and have her friendship back, which is worth more than the money.
     
  4. cutNglue

    cutNglue Magnifico

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    Apr 16, 2012

    I once had a friend wait 7 years to pay me back. For awhile she avoided me too. The funny thing is although I think highly of people who pay back their debts, I never cared enough to let it bother me. I lent it with the knowledge that I may never receive it again. I was fine with it. Turns out she hit some rougher spots on the way and was even living in her car for awhile. I had no clue. But years later I tracked her down in another state and called her. We were talking again for a few months and she admitted to the awkwardness and guilt. I told her I forgave that the second I lent it to her. She's a good friend and she needed help. After a few months I was talking about how my husband was losing his job and thus his insurance and I was going in for surgery before insurance got cut off. She surprised me by mailing the amount back to me. She said that she could finally afford to repay me and now it seems it was my turn to need it.

    I did have someone who needed 10,000 and that's not an amount I could afford to lose nor is it one I would do without a contract even if I could.

    In general though, I agree with Stephan's grandmother.

    I will admit there was a family member that needed help too often and that did irritate me and because it was my in laws, I had to weigh the options there. We still lent them money but became smarter about it.
     
  5. Irishdave

    Irishdave Enthusiast

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    Apr 16, 2012

    My parents wanted both myself and my now ex wife to sign promissory notes. It helped out in the property settlement during the divorce. :rolleyes: Mom And dad must have known something. :)
     
  6. stephenpe

    stephenpe Connoisseur

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    Apr 17, 2012

    I hope you have that rare Chevy Maverick.
    It probably was a Ford Maverick. I had a great 75 model and my grandmother bought the first in town in 69 (it was a 70 model sold early)
     
  7. eddygirl

    eddygirl Companion

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    Apr 17, 2012

    Many years ago, my ex and I lent his best friend some money for a down payment on a house. We knew he and his wife would pay us back, but we all agreed to sign papers. Since it was a large sum, I think we all felt it would be best to cover ourselves, just in case.

    I also recall lending money I really couldn't afford to lose to another friend (no papers this time). He saw me on a regular basis and never offered to pay it back. I finally told him I couldn't afford to be out that money; he grudgingly paid me back about half, then I never heard from him again.

    I learned my lesson after that experience; I will never lend more than I can afford to lose, because I think it's safer to assume that you won't get it back. If you do, you can be pleasantly surprised.
     

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