2006-09-21 07:41:20 · 23 answers · asked by rebeccalynnrocks 3 in Business & Finance ➔ Personal Finance
I didn't loan him the money. My friend borrowed it from his brother. There was no interest mentioned by the brother, my friend just thought he would offer it. My friend's wife and oldest child were killed in an accident, leaving him to raise the two year old son and one year old daughter alone. He finally paid off all the medical bills, so he is in a position to repay the loan. Not a "lesson learned" ...nor any relationship at risk. He just wants to pay back what would be fair.
2006-09-21 12:11:25 · update #1
If it's really your friend you should ask for nothing back. If they don't pay you of their own will they probably never will
2006-09-21 07:55:03 · answer #1 · answered by der_grosse_e 6 · 0⤊ 0⤋
$200. The interest is in the friendship and the fact that you waited this long for repayment and that your friend is still trying to pay you back. If the $200 killed the friendship, then the interest is the lesson learned... but.... unless you are a bank or you declared at the time of the loan that there would be interest... then your friend only owes you the amount borrowed, no matter how many years later it's repaid.
2006-09-21 07:44:59 · answer #2 · answered by thegirlwholovedbrains 6 · 0⤊ 0⤋
What were the terms of the loan? How much interest did your friend agree to? 6% 10%? Simple or compound interest? Was anything in writing? Did your friend borrow this money from YOU? Anyone who loans money to a friend should be willing to forget all about it immediately. Friendship is more important than money. If you wanted to make a business transaction out of it, you should have spelled everything out in clear terms and insisted on regular payments long ago.
2006-09-21 07:43:28 · answer #3 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
They shouldn't have to pay it back. It was eleven years ago...and it was only $200. Let it go and be a friend to the person not a loan shark. You should never loan money with the expectation of getting it back...give because you can and you want to.
2006-09-21 09:19:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You should just write off that money. If I "loan" money to a friend I usually don't plan on ever seeing it again if it's not paid back within a month, I especially wouldn't expect it back after 11 years. Are you kidding?
2006-09-21 07:59:03 · answer #5 · answered by sarahsmiles1222 3 · 0⤊ 0⤋
If you didn't specify that the amount should be repaid with interest, then he doesn't owe you any interest.
If you didn't specify a timetable for repayment and set forth penalties for violating that timetable, he doesn't owe you any penalty fees.
If you did set all this forth ahead of time, then you really should have given us that information, though in such a case you probably wouldn't have needed to ask because there are several good interest rate calculators online.
"If you lend somebody $20, and then never see them again, it was probably worth it."
2006-09-21 07:50:23 · answer #6 · answered by Katie S 4 · 0⤊ 0⤋
$500
2006-09-21 07:42:53 · answer #7 · answered by Dead Baby 1 · 0⤊ 0⤋
If it were me, I'd write it off as tuition in the school of life. I hope you both learned your lesson.
How about $200 and a six pack?
2006-09-21 11:26:52 · answer #8 · answered by derek 4 · 0⤊ 0⤋
Get over it. It was only 200 and that was 11 years ago.
2006-09-21 07:46:10 · answer #9 · answered by Bianca W 1 · 1⤊ 0⤋
A friend doesn't charge interest on a loan, do you really think your going to get the $200.00 back? and if you do , consider yourself lucky...
2006-09-21 07:52:31 · answer #10 · answered by laney45 4 · 0⤊ 0⤋