My husband's friend ask him for 5 thousand dollars to buy his car, I just think it's a bad idea to lend that much money to a friend, even though he promise to give it back. What if he won't pay back, the man has poor credit. Also it will ruin the friendship in the process- when we ask him for the money. My husband think otherwise. am I correct?
2007-08-22 04:33:09 · 23 answers · asked by 結縁 Heemei 5 in Family & Relationships ➔ Marriage & Divorce
Bad idea, I lend 2000 to my friend last year, he never give it back.
2007-08-22 06:01:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yeah as a rule never a good idea to loan money to friends. It usually hurts the friendship. I did lend a friend about $680 one day and he did pay it back in two weeks, it went fine. I have been friends with him ever sense the 5 grade however, so it's not like we kinda don't know how each other is. As a rule you are right money and friendship do not mix very well at all. If you want to go beyond that, hey he has gotten upset when you have bought your mom things, but does it give money to a friend. Is it just me or is something wrong with that picture?
2007-08-22 06:58:30 · answer #2 · answered by Prof. Dave 7 · 1⤊ 0⤋
I personally dont lend money to friends or family. I loaned almost $1500 to a BF and after we broke up I waited for the last $500 for about a year. Then I wrote a letter threatening to sue him is small claims court and hand delivered it to a church picnic where he was with his crew from the firehouse. ( So I had witnesses). Finally got my money back. I also loaned one of my best girlfriends $75 on the way to our other friends fathers funeral on Memorial Day last year, Aint seen any of it. I gave her the money after she told me a sob story about needing it for the house payment (the house I and our friend tried to talk her out of buying because she couldnt afford it) and she couldnt afford groceries. Needless to say, I have learned my lessons. If you do decide to do this, get a promissory note of some sort with witness who are not involved in the deal, like another friend, who witnesses this person signing the paper. I personally think if the guy just filed bankruptcy the last thing he should be thinking about is a trip to Europe!!!!!! I would spend my time figuring out where I went wrong with my finances and how not to do it again!
2016-05-19 22:49:31 · answer #3 · answered by chris 3 · 0⤊ 0⤋
Here it is in a nutshell.
1) There is a strong possibility that if you DON'T loan the money it will compromise the friendship. End result: Lose a friend.
2) There is a strong possibility that if you DO loan the money, that a lifetime of bad habits that led to this friend having bad credit will apply to this transaction also. If so, it will compromise the friendship. End result: Lose a friend AND $5000.
Similar to the anecdote about bringing the frozen snake inside to save it's life and once warm it bites you. The snake's answer: You knew what I was when you brought me inside....it is in my nature.
If your friend defaults, you shouldn't be surprised, after all, he's done it before.
It's really an easier choice than it appears to be. Good Luck.
2007-08-22 04:50:07 · answer #4 · answered by Jim N 4 · 2⤊ 0⤋
Let me tell you what happened to my wife and a close friend.
My wife's friend needed a car also, so my wife took her to some car places. She saw one she liked but was nearly $2,500 short. She had bad credit and the interest on the loan was really high.
My wife wanted to help her so she loaned her the $2,500 which she agreed to pay back at $200 per month. She even signed a paper saying so.
This was 5 years ago, and the amount she has paid back so far is:
$0.00
This was a lesson to my wife, she even took her to court and was awarded more than the $2,500 but her ex-friend has ignored that.
Let this be a lesson to everyone.
DON'T LEND LARGE SUMS OF MONEY TO FRIENDS
2007-08-22 05:54:56 · answer #5 · answered by PokerPlayer 2 · 1⤊ 0⤋
Only lend the money to your friend, if you will have no hard feelings if he doesnt pay it back. If you cant do that, then dont lend the money. It is worse with friends, as a borrower, it will put strains on the friendship.
2007-08-22 04:45:33 · answer #6 · answered by Qyllix 5 · 1⤊ 0⤋
I think you are right. My husband has lent money to many of his friends & they have never paid back! Never that amount of money, but it certainly causes problems between my husband & I because he has a hard time asking for the money & gets mad at me when I ask him about it! Yet he continues to be friends with these people and continues to help them out & I just don't get it! Maybe you have better friends than we do, but I'd still say you are right and would not chance loaning that kind of money! Just my opinion....
2007-08-22 04:41:20 · answer #7 · answered by ♥bigmamma♥ 6 · 2⤊ 0⤋
You are right!
Your hubby should not lend money to a friend if you're not ok with it...maybe the friend should get a loan and your hubby can co-sign the loan.
Its too much money to lend to a friend without some sort of written agreement that is notarized.
Tell your hubby that he is risking his family's welfare and you do not agree!
2007-08-22 04:40:34 · answer #8 · answered by Anonymous · 1⤊ 0⤋
friends should not ask to borrow money.
the reason he has bad credit is his lack to take care of bussiness.
you are so right about the whole thing.
also will this put you in a bind, or do you have extra money to loan. if you do maybe you should start thinking of ways to start investing in your future, that way the money is tighted up and you can make money with your money. like stock market or mutal funds.
if nothing else be sure you like the car he buys!! lol
also be sure he keeps insurance paid up
2007-08-22 04:47:22 · answer #9 · answered by sl3style 2 · 1⤊ 0⤋
I have heard and make it a habit to never lend money to family or friends....you just should give it to them because they chances of them giving it back are sometimes very slim and relationships are sometimes ruined by lending out money.
2007-08-22 04:39:40 · answer #10 · answered by Anonymous · 2⤊ 0⤋