A friend of mine wants to use a credit card of mine to purchase an appliance he "needs." He promises (orally) repayment. However, what do I need to do (in writing and what-not) to get a better guarantee that this will be repaid. I do trust him. However, not when it comes to screwing up my credit. I cannot afford this. And we know how folks can be when it comes to paying someone back. Thanks.
2007-03-16 05:07:36 · 4 answers · asked by tracirosscanton 2 in Business & Finance ➔ Credit
For a formal contract you should seek legal assistance, via online or calling a lawyers office and ask the same question. A small written aggreement is all you should really need for proof in court later, as long as both of you sign and retain copies.
From a moral stand point friends and money don't mix. I wouldn't not lend money I don't have to a friend. I give them money and if they choose to pay me back that is up to them. You should never lend money for it will strain your relationship and someone will end up hurt. You may want to help them but you may get even more hurt for a long time if this friend dosen't pay you back and your credit history is damaged as a result also you could just be enabling them. Not to mention the pain of going through small claims court. Just watch Judge Judy for a couple days and you really see how friends and money mixed there. If he needs it so badly tell him to sell some of his things or pick up a job mowing lawns or selling pizza's. If he dosen't like that he really dosen't "Need" the appliance.
You could give your friend a fish to feed his family and he'll keep asking you for more fish or you could teach your friend to fish so he can feed his own family.
2007-03-16 05:26:01 · answer #1 · answered by Stephen 2 · 0⤊ 0⤋
It is very bad to lend friends money. Very few times has it worked for me. You could probably write an agreement, and both of you go to a Notary Public. It doesn't cost that much to have done. Explain you're doing this to keep the friendship intact because there's a lot that can be misunderstood and cause bad feelings. Let them help you write up the agreement to work out all the kinks.
2007-03-16 05:17:16 · answer #2 · answered by Helen L 3 · 0⤊ 0⤋
Don't do it. If you can not afford to pay this yourself is case you friend defaults you should not do it. It will not matter what kind of contract you have written up with your friend, your name is on the credit card and you will be held responsible if your friend doe's not pay.
Have them go to Aaron's rents or someplace like that, it will cost them more but then only they will be responsible for it not you.
2007-03-16 05:51:34 · answer #3 · answered by ? 7 · 0⤊ 0⤋
do lot lend your friend your credit card. BAD IDEA ALL AROUND.
2007-03-16 07:58:20 · answer #4 · answered by Michael W 3 · 0⤊ 0⤋