One of my best friends is unable to obtain credit due to not being British, he wants to buy a car - but has hinted that maybe I could get a loan in my name for him to pay. He has renovated much of my house for free and I trust him, but something tells me this would be a bad move, what do you think? If answer is no, how do I say without offence? Would I be selfish? Or, if after so much help from him should I repay my friend by returning the favour?
2006-09-25 09:20:09 · 14 answers · asked by Contrary Mary 2 in Family & Relationships ➔ Friends
just ask yourself - if he doesn't keep up repayments on the loan, could you afford to service it? It's going to affect your credit if you can't. What if you need to take out a loan for house repairs or car or holiday next year? Will you be able to?
It might be a good idea to pay him for work he does, even nominally, so that you don't feel under obligation to him.
Even if he does get a car, how's he going to pay for tax, insurance, petrol and repairs?
If he has some money saved, maybe you could give him some cash, or call it paying for the work already done? An acceptable alternative to taking out a loan in your name.
2006-09-25 09:31:48 · answer #1 · answered by RM 6 · 1⤊ 0⤋
You would get a loan to what you could afford. I did see you mentioning the word "best" before the word "friend". And I saw the words "trust him". If that is true, then why do you still wonder? Make sure the the something telling you that it is a bad move isn't because of a history case. After all, he did help you with your interior!! The one hand washes the other. At this moment he is a friend to you, but are you a friend to him?
My opinion, YES! Go for it!! And if it blows in your face, pay the loan and carry on with your life. If it doesn't, well hey!! That's what friends do!!
2006-09-25 16:31:58 · answer #2 · answered by Sunbeam 5 · 0⤊ 0⤋
How long have you been friends?
Do you think he may have renovated the house for free in preperation in asking you to take a loan out for him?
I wouldnt advise taking out a loan in your name for anyone, what if you fell out? If he doesnt pay the money back then you will have to pay it and if you dont then you could lose your house!
I know it sounds deceitful but if you really dont want to do it, why not pretend you have applied for the loan from the bank and say they wouldnt let you have one because you are a credit risk. If he pressures you to try somewhere else, tell him you dont trust loan companies.
Offer to pay him for the work he has done on the house.
2006-09-26 04:56:11 · answer #3 · answered by Catwhiskers 5 · 1⤊ 0⤋
Nationality has nothing to do with it. My partner, who is a Kiwi, has a Credit Card (Next best thing to a loan).
I'd be dubious on this one; friends and money don't mix. I've been burnt a couple of times on this one. And putting the loan in your name puts all the risk in your name. Should he go back to his country - then you're screwed.
There're some companies out there that will offer those with a poor credit history a loan. The rates aren't great - but they'll do it.
Have a search on the internet and give him some names. Say you're not keen - it is after all fraud that you would be comitting - and then give him the list.
2006-09-25 16:25:26 · answer #4 · answered by Felidae 5 · 1⤊ 0⤋
no not selfish tell him a white lie if you cant tell him the truth or over him less and a more reasonable amount than he wants , tell him its all you can borrow or tell him you plan to have a loan in a few months for something else and if you do this you wont get it when you need it . i have a big loan for my Friend for the same thing but £17000 as he couldn't get it so i got it for him , don't get me wrong he pays it by bacs transfer into my account every month but as its so large it foils my attempts for a loan . also if he didn't pay , but as i have said he always does its my name and my debt so wouldn't have a leg to stand on , when the bailiffs are at my door they wont worry about the details of why i signed for it only that they take my stuff to cover this amount owing to them .
i know I'm 100% safe with my Friend as he has saving that would cover most of it he also had his will changed so people know he borrowed it off me if he were to suddenly die ! think about similar things if you go ahead and remember a white lie wont hurt .. hope this helps and good luck ..
2006-09-25 16:48:02 · answer #5 · answered by j.j. 5 · 1⤊ 0⤋
Your friend should not be putting you in this position. We don't do that to our friends. Not unless it is an absolute emergency and a car is not an emergency. No matter what they have done for you, we do not give to recieve and if your friend has helped in the hope that he can get some kind of payback then he is not a true friend. It sounds harsh, and I do understand how awkward you feel but I think you should be honest with your friend as any credit is a worry, but to have a credit deficit for someone else is a nightmare. Just think how awkward you will feel when you need to ask for the payments. You really are going to have to be tough and if your friend falls out with you over it, you will know exactly what kind of friend he is
2006-09-25 16:28:22 · answer #6 · answered by pamperpooch39 5 · 2⤊ 0⤋
Do not go there, if they do not pay the loan payments who will they come after, yes you, then your credit rating is affected. I know people who are not British but they have had loans, so there must be something else, cant he get a banger surely he can save for that. Wouldn't we all like a nice car?
2006-09-25 17:46:14 · answer #7 · answered by Lulu T 3 · 1⤊ 0⤋
do not ever take a loan out for someone else ,if something goes wrong ,you are left with the debt.
if you think your friend has done enough work on your house to justify the amount he wants ,then return the favour
if he wants more then beware and say this amount is all you can get
good luck
2006-09-26 19:40:30 · answer #8 · answered by JAMES OY 3 · 0⤊ 0⤋
Nobody has a right to put you in such a position. Tell him you cannot get the loan. So it's a great big No, don't put yourself in a financial struggle, he will have to save the money or go without.
2006-09-25 17:37:08 · answer #9 · answered by Thia 6 · 0⤊ 0⤋
one little word 'no' it's unreasonable of him to expect this of you. I don't care how much you trust him, unless you are rich you can't afford him!! if he's a friend he wouldn't out you in this position, if he asked you for sex on a regular basis would you also be afraid of offending him by saying 'no'?? it's unreasonable and goes beyond the call of friendship.
2006-09-26 05:47:31 · answer #10 · answered by pottydotty 4 · 1⤊ 0⤋