Comments on: Lending Money to Family and Friends http://moneysmartlife.com/lending-money-to-family-and-friends/ Money Tips for a Better Life Wed, 17 Mar 2010 08:27:06 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Lending Money to Family – Reader Struggle | Money Smart Life http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-168441 Lending Money to Family – Reader Struggle | Money Smart Life Fri, 11 Dec 2009 14:24:38 +0000 http://moneysmartlife.com/?p=1225#comment-168441 [...] 11, 2009 Lending money to family and friends is no picnic, just ask Brandon. He’s a reader who left the comments below on the post [...] [...] 11, 2009 Lending money to family and friends is no picnic, just ask Brandon. He’s a reader who left the comments below on the post [...]

]]> By: Brandon http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-168403 Brandon Thu, 10 Dec 2009 18:48:41 +0000 http://moneysmartlife.com/?p=1225#comment-168403 My wife's family does not have much care when it comes to money. they don't make verry much, have horrible credit, and their kids are following suit. My brohter-in-law borrowed my car to drive to Salt Lake City and fell asleep totalling the car (but walked away). I only had liability on it so I was out $1500 which he said he would pay back. 3 years later- not a dime. My mother-in-law got behind on her mortgage and asked if I could lend her the $1k for two weeks till her next payday. that time all went well- no worries. then the next month the same thing and the next month. then she'd only have some of the money to pay back or one month none at all. She owed us $2500 (which is a lot for us i'm only 28) Then she never borrowed anything for a year or so. Then the same thing again, with the guilt trip saying she can't miss another payment or they'll forclose. So I lend her the $1k which doesn't get repaid. It's now Christmas time so there is no chance of her having extra money to pay me back for who knows how long. I feel they just think we're an ATM for them. The biggest problem I guess I have is that they don't change the're lifestyle to try and pay me back. My wife and I have 2 kids and a very modest house, no internet (i'm at work =D) a small tv with the cheapest cable package. Yet my in-laws have internet, x-tra movie packages and go out to eat more than us. I'm a very quiet person who like making people happy so I don't wan't to drive a wedge between us (that would kill my wife- her family is everything). What in the world can I do??? My wife’s family does not have much care when it comes to money. they don’t make verry much, have horrible credit, and their kids are following suit. My brohter-in-law borrowed my car to drive to Salt Lake City and fell asleep totalling the car (but walked away). I only had liability on it so I was out $1500 which he said he would pay back. 3 years later- not a dime. My mother-in-law got behind on her mortgage and asked if I could lend her the $1k for two weeks till her next payday. that time all went well- no worries. then the next month the same thing and the next month. then she’d only have some of the money to pay back or one month none at all. She owed us $2500 (which is a lot for us i’m only 28) Then she never borrowed anything for a year or so. Then the same thing again, with the guilt trip saying she can’t miss another payment or they’ll forclose. So I lend her the $1k which doesn’t get repaid. It’s now Christmas time so there is no chance of her having extra money to pay me back for who knows how long. I feel they just think we’re an ATM for them. The biggest problem I guess I have is that they don’t change the’re lifestyle to try and pay me back. My wife and I have 2 kids and a very modest house, no internet (i’m at work =D) a small tv with the cheapest cable package. Yet my in-laws have internet, x-tra movie packages and go out to eat more than us. I’m a very quiet person who like making people happy so I don’t wan’t to drive a wedge between us (that would kill my wife- her family is everything). What in the world can I do???

]]> By: Money and Relationships http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-160223 Money and Relationships Sat, 29 Aug 2009 12:45:10 +0000 http://moneysmartlife.com/?p=1225#comment-160223 At times couples are squabbing over money matters and their relationships affects a lot because of this. i too was one of the victim to this and i was adviced by one of my friend to get rid of this and i did ... i thought the same way as you did a few months back when i and my partner had some issues on money matters and our relationship seemed like it is gonna sink and i went into depression and only on one day my friend made me realize how i could overcome my issue with this. And it worked for me and now, we are a happily living couple. At times couples are squabbing over money matters and their relationships affects
a lot because of this. i too was one of the victim to this and i was adviced by one of my friend to get rid of this and i did …

i thought the same way as you did a few months back when i and my partner had some issues on money matters and our relationship seemed like it is gonna sink
and i went into depression and only on one day my friend made me realize how i could overcome my issue with this.
And it worked for me and now, we are a happily living couple.

]]> By: Cavalcade of Risk #69: Risk Management and Uncertainty Quotes » American Consumer News http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-133317 Cavalcade of Risk #69: Risk Management and Uncertainty Quotes » American Consumer News Wed, 14 Jan 2009 19:24:20 +0000 http://moneysmartlife.com/?p=1225#comment-133317 [...] presents Lending Money to Family and Friends posted at Money Smart Life. Everything that can be counted does not necessarily count; everything [...] [...] presents Lending Money to Family and Friends posted at Money Smart Life. Everything that can be counted does not necessarily count; everything [...]

]]> By: Cheddah http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-132412 Cheddah Sun, 11 Jan 2009 22:19:18 +0000 http://moneysmartlife.com/?p=1225#comment-132412 I found myself in a difficult position after I loaned one of my friends my credit card to cover a couple of misc. expenses he was expecting at a concert he was going to. I didn't know that he can't handle money and that he was hiding a gambling problem/addiction. He attempted to get cash advances from the CC and was ultimately successful after repeated attempts. Even though I'd not set up a PIN for the credit card, somehow the issuing bank allowed him to withdraw sums of money. I've written to the CC several times to complain, and they're "researching" the problem. When this episode is added to my friend's other "loans" (to cover cable, phone & car repairs) I'm out over $3000! Way to ruin a friendship? He's been doing handyman repairs around the house but I explained to him that I didn't budget that much money for home repair and would prefer that he paid me back in cash. That's a lot of money for me to forgive and I'm having a hard time coming to terms with it. This friend can't be trusted, that part is obvious. I don't know what recourse I have, other then to notify his family. I've lost all respect for this man yet I pity him. He works a part time job and can barely make ends meet. Does anyone have any suggestions? I did read up on my "savior" issues and can tell you that this won't happen again. The BANK o'Cheddah is CLOSED! I found myself in a difficult position after I loaned one of my friends my credit card to cover a couple of misc. expenses he was expecting at a concert he was going to. I didn’t know that he can’t handle money and that he was hiding a gambling problem/addiction. He attempted to get cash advances from the CC and was ultimately successful after repeated attempts. Even though I’d not set up a PIN for the credit card, somehow the issuing bank allowed him to withdraw sums of money. I’ve written to the CC several times to complain, and they’re “researching” the problem.
When this episode is added to my friend’s other “loans” (to cover cable, phone & car repairs) I’m out over $3000! Way to ruin a friendship? He’s been doing handyman repairs around the house but I explained to him that I didn’t budget that much money for home repair and would prefer that he paid me back in cash.
That’s a lot of money for me to forgive and I’m having a hard time coming to terms with it. This friend can’t be trusted, that part is obvious. I don’t know what recourse I have, other then to notify his family. I’ve lost all respect for this man yet I pity him. He works a part time job and can barely make ends meet.
Does anyone have any suggestions? I did read up on my “savior” issues and can tell you that this won’t happen again.

The BANK o’Cheddah is CLOSED!

]]> By: Random Thoughts and Personal Finance Links http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-132379 Random Thoughts and Personal Finance Links Sun, 11 Jan 2009 20:51:51 +0000 http://moneysmartlife.com/?p=1225#comment-132379 [...] Money Smart Life looks into lending money to family and friends. [...] [...] Money Smart Life looks into lending money to family and friends. [...]

]]> By: Weekly Roundup: Homemade Birthday Cake Edition | Frugal Dad http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-132284 Weekly Roundup: Homemade Birthday Cake Edition | Frugal Dad Sun, 11 Jan 2009 11:02:02 +0000 http://moneysmartlife.com/?p=1225#comment-132284 [...] Be Good for Us as a Country When Your Financial State Improves, Do Your Frugal Standards Change Lending Money to Family and Friends Make a New Year’s Resolution for SMARTER Goals This Year Paying For a Missing Item Have You [...] [...] Be Good for Us as a Country When Your Financial State Improves, Do Your Frugal Standards Change Lending Money to Family and Friends Make a New Year’s Resolution for SMARTER Goals This Year Paying For a Missing Item Have You [...]

]]> By: Friday Finance Findings for January 9th | Finance Money Financial News http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-132176 Friday Finance Findings for January 9th | Finance Money Financial News Sun, 11 Jan 2009 05:35:29 +0000 http://moneysmartlife.com/?p=1225#comment-132176 [...] Lending Money to Family and Friends - People always tell you that you shouldn’t go into business with friends and family, but what about lending money? Ben takes a look at some of the pros and cons of lending money to friends and family.  [...] [...] Lending Money to Family and Friends – People always tell you that you shouldn’t go into business with friends and family, but what about lending money? Ben takes a look at some of the pros and cons of lending money to friends and family.  [...]

]]> By: Business & Finance Blogs » Blog Archive » Friday Finance Findings for January 9th http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-131754 Business & Finance Blogs » Blog Archive » Friday Finance Findings for January 9th Fri, 09 Jan 2009 17:05:15 +0000 http://moneysmartlife.com/?p=1225#comment-131754 [...] Lending Money to Family and Friends - People always tell you that you shouldn’t go into business with friends and family, but what about lending money? Ben takes a look at some of the pros and cons of lending money to friends and family.  [...] [...] Lending Money to Family and Friends – People always tell you that you shouldn’t go into business with friends and family, but what about lending money? Ben takes a look at some of the pros and cons of lending money to friends and family.  [...]

]]> By: Friday Finance Findings for January 9th : Generation X Finance http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-131749 Friday Finance Findings for January 9th : Generation X Finance Fri, 09 Jan 2009 15:38:17 +0000 http://moneysmartlife.com/?p=1225#comment-131749 [...] Lending Money to Family and Friends - People always tell you that you shouldn’t go into business with friends and family, but what about lending money? Ben takes a look at some of the pros and cons of lending money to friends and family.  [...] [...] Lending Money to Family and Friends – People always tell you that you shouldn’t go into business with friends and family, but what about lending money? Ben takes a look at some of the pros and cons of lending money to friends and family.  [...]

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