So here is the classic dilemma. I loaned some money to a close relative of mine (my aunt) and she promised to pay me back as soon as she got some money coming to her. My uncle had some money coming from his job so my aunt promised to pay me back in six months. It has been now close to two years and all I hear is the endless list of excuses how the money is not enough and she is waiting for this and waiting for that. So the question is how to deal with someone like that.? How do I ask her to pay up? How stern should I be? Any advice about the future regarding money lending to family. How should I determine who to loan (if they ask) and how much to loan? Banks have credit score to check and hundreds of analysts. What can I do? Should I just refuse everyone in the future?
BTW, legal action is not really an option. The loan amount was aroun $2000 and yes I didn't get her to sign anything.
2007-10-26 09:03:33 · 10 answers · asked by The Prince 6 in Business & Finance ➔ Personal Finance
Well you may not like my answer, but, when I loan money to family, I think they are my family and I love them if they pay me back it is a bonus. If they don't they are family and I love them so what. I would give them anything they ask for money is just money. It comes and it goes, I would rather give it to my family than to the government. Jesus said to help our neighbors and what better neighbors to help than family?
2007-10-26 09:18:28 · answer #1 · answered by teresa m 7 · 1⤊ 3⤋
I guess as to trying to get the money back maybe start small ask for $50-$100 a month maybe even demand it. Its not much but if she is going to wait 2 more years the loan will be almost paid off.
In the future I would not lend money to family unless it is something you are willing to part with or there is a written agreement to get the money back.
2007-10-26 09:17:24 · answer #2 · answered by Arin 3 · 1⤊ 0⤋
There's a good chance you will never see a dime. But I would try to get them on a payment plan. Just tell them how you were considerate in loaning them the money, but now you need some of it back, and ask for consideration in return. People view it as easier if you use the words "payment plan". Just start low, say $50 per month. If they balk at that, try $25... If they agree at least you will be getting some of it back.
2007-10-26 10:12:44 · answer #3 · answered by Anonymous · 1⤊ 0⤋
particular, regrettably it somewhat is completely criminal. They went via your mom's SS#, and that they in all possibility owe taxes collectively for in spite of 12 months the lower back taxes are due. If, in spite of if, the lower back taxes are due for a 12 months that they filed their taxes as "married submitting separate" OR, and this may well be the case, if one among your mom and father filed a return and the different by no skill did, they may well be waiting to intense themselves from one yet another. I point out this cos you're saying your dad did no longer pay his taxes, like it somewhat is his accountability and not your mothers. The IRS purely does not grab monetary enterprise money owed and not employing distinctive letters and many honest warnings. reckoning on the quantity overdue, any genuine sources could desire to be subsequent. This contains your mothers paycheck or Federal advantages being garnisheed at a fee of 25%, and that comes off the right, beforehand any taxes or deductions are taken out. you somewhat should have a intense communicate w/ your mom, or a minimum of have her call the IRS first concern Monday morning. They open @ 7am EST. Have her get any/all workplace work at the same time beforehand she calls. Have her get the persons call and identification huge type. stable success!!
2016-12-30 06:52:31 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Well it only cost you $2,000. It could of been more. I would ask again and set up a payment plan. Do not loan money or go into business with family, friends or relatives.
2007-10-26 10:50:13 · answer #5 · answered by Gary 5 · 1⤊ 0⤋
First off, you really should've got her to sign something.
Secondly, just keep reminding her, not to be like waaay to stern about it, but just ask and ask and ask.
Third if she cant pay you directly, think of something you might've wanted with that money and get her to sign a check or something.
2007-10-26 09:13:33 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Next time don't loan anyone money. People will tell you anything to get the money from you.
2007-10-26 09:11:36 · answer #7 · answered by Jai 7 · 2⤊ 1⤋
Been there - its gone - im srry. Just dnt expect it - if she pays good - if not u got 1 less aunt.
I have had the same experience - but was a friend n he did sign something. I just havent done the court thing. Just dropped him as a friend...
Good Luck. =)
2007-10-26 09:18:34 · answer #8 · answered by Anonymous · 1⤊ 0⤋
just chalk it up as a loss and move on -- you could deduct it from your taxes as a bad loan and she will have to pay taxes on the loan!!!
2007-10-26 09:29:57 · answer #9 · answered by Anonymous · 2⤊ 2⤋
My advise is never loan anyone more than you can afford to lose!
In other words, don't expect it back.
2007-10-26 09:08:05 · answer #10 · answered by str8talker 5 · 8⤊ 1⤋