I just recently wrote up a contract for a $6,000 loan that I took out for my fiance. I wrote this out because I want to ensure that he wont run off and leave me with the bill. Yes, you can say its a "trust" thing but even if you have trust in someone you still dont know when they're going to turn on you. Money, is the root of all evil. I'm not going to sit here and let someone take advantage of me. Also there isnt a law that states a "verbal" agreement is enough. so Im just making sure that I'm a step ahead, although he says, I dont trust him. I dont really care, he shouldnt make me feel guilty becuase I feel that I'm putting my "credit" on the line to help him out. Anyone agree or disagree.????
2006-10-13 03:14:16 · 19 answers · asked by Anonymous in Family & Relationships ➔ Other - Family & Relationships
I completely agree with you! If he loves you, he will understand and will sign your contract...if he doesn't then cancel the loan and tell him to find a way to get the money himself.
You can't be too careful these days not to say that he would take off and leave you with the loan payments, but you need to cover yourself by ensuring he WON'T take off and leave you holding the bill.....so you are NOT wrong in asking him to sign a contract I would do the same thing.
Your not married, so legally you wouldn't have a leg to stand on if he left and it went to court especially if the loan is in your name....so explain to him the reasons why you want him to sign the contract...not that you don't trust him but you want to ensure you get your money back as its your credit rating that is on the line.
Good luck.
2006-10-13 03:23:20 · answer #1 · answered by ne_patriots2005 4 · 0⤊ 0⤋
I totally agree. I've lent my bf money before and I've told him, we need to have a payment plan in writing becuase although we're in a relationship, this is a business transaction. Also, if you had to take out the loan for your fiance, obviously there's something not right with his credit, you're just protecting yourself. If he says anything about trust, just tell him it's not part of the equation. Tell him that a loan is a business transaction and you'll treat it as such and if that doesn't work for him, well he can go elsewhere for the loan, those are your terms. Unless you dont care about getting the money back, you should only lend money if you treat it as strictly business (to friends, family, etc.). There's nothing that will kill a relationship faster than fighting over money. Lay it all out there and tell him those are your terms, take it or leave it.
2006-10-13 03:19:08 · answer #2 · answered by Annette J 4 · 0⤊ 0⤋
I agree with you completely. If you were engaged or married, it would be different. I was with a man for 3 yrs and he stiffed me for a $500 credit card bill that was to fix his car. I would be even more causious since he refuses to sign the agreement. I would tell him you have to do this for yourself and if he cares about you he will sign it. If he doesn't, don't give him the loan and walk away because it is a trust issue.
2006-10-13 03:18:59 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Good for you. I am so happy to see a young girl in todays society using her brain instead of her heart. Where money is concerned, a contract is very much in order. He should certainly be aware of this. Don't let him pull the "you don't trust me" bull. Protect yourself and your finances, nobody else will do this for you. Hey, i'm just curious why you fiance' can't go to a bank and get a loan. Bingo.
2006-10-13 03:20:05 · answer #4 · answered by june clever 4 · 0⤊ 0⤋
If you are that insecure then you are doing the right thing.
Have this notarized by a solicitor or a trusted friend, make 2 copies and give him one.
You can also have him counter sign your copy to say that you have supplied him with a copy.
The problem is, how far do you take trust, the easiest way to lose a friend is to lend them money.
2006-10-13 03:19:33 · answer #5 · answered by Bladerunner (Dave) 5 · 0⤊ 0⤋
I think that's good planning on your behalf. If he intends paying the loan off, then what's the problem? And yes.....money can come between the strongest relationship. This way you both know whats expected and there's no arguments.Well done I say and wish I'd thought of it when I was younger! Been burnt twice before by now X boyfriends.
2006-10-13 03:20:41 · answer #6 · answered by red260z 3 · 0⤊ 0⤋
"...but even if you have trust in someone you still dont know when they're going to turn on you."
Trusting means that you KNOW they will NEVER turn on you.
Also, a verbal contract _is_ a legal contract (unless it's about real estate) the problem is, what if he denies saying it?
Yes, you should put it in writing... but if you don't trust him, dump him and don't lend him the money... even if he signs a the contract, that doesn't mean he will pay you back.
-jose-
2006-10-13 03:21:56 · answer #7 · answered by ? 2 · 0⤊ 0⤋
Anything over $50 should have a contract. Period. Just make sure the contract is signed by both and a copy given to each party. Period. He could claim your $6,000 was a gift and he wouldn't even have to pay income tax on it.
2006-10-13 03:18:11 · answer #8 · answered by Anonymous · 1⤊ 0⤋
It's always to get this clear from the start.
I assume he cannot get the loan himself so he should be thankful you are helping.
It is alot of money to risk your credit for so you are entitled to have some callback incase he thinks he can walk away.
Good luck !
(Oh, the quote is that the love of money is the root of all evil )
2006-10-13 03:20:17 · answer #9 · answered by Andy 6 · 0⤊ 0⤋
I think you are a very smart young woman. There's nothing like the written word to demonstrate what the agreement was in the 1st place.
A man's word is only as good as the paper it's written on. (quote)
2006-10-13 03:19:06 · answer #10 · answered by No More 7 · 1⤊ 0⤋