Comments on: Lending Money to Family and Friends http://moneysmartlife.com/lending-money-to-family-and-friends/ Money Tips for a Better Life Sat, 21 Nov 2009 15:08:40 -0500 http://wordpress.org/?v=2.8.4 hourly 1 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.  [...]

]]> By: marci http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-131490 marci Thu, 08 Jan 2009 17:19:44 +0000 http://moneysmartlife.com/?p=1225#comment-131490 My #1 rule is never lend more than you can afford to lose. My #2 rule is an understanding that there will be no more loans, ever, if this one is not repayed. So far, all loans have been repaid. My loans are small amounts, under $1000, and to my kids only. My personal rules :) My #1 rule is never lend more than you can afford to lose.

My #2 rule is an understanding that there will be no more loans, ever,
if this one is not repayed.
So far, all loans have been repaid.
My loans are small amounts, under $1000,
and to my kids only.

My personal rules :)

]]> By: Menard J http://moneysmartlife.com/lending-money-to-family-and-friends/comment-page-1/#comment-131337 Menard J Thu, 08 Jan 2009 03:39:07 +0000 http://moneysmartlife.com/?p=1225#comment-131337 I've been blessed with a large family and good income. This means family members have looked at me as a source for "bridge" money to help them in whatever situation. Even though they seem like small amounts, $3K here, $5K there, $1K further there can be a strain, and you have to say no at some point. I think services like Lending Club and Virgin Money are great ways to make these agreements and create a sense of formality. Thanks for bringing them to my attention. I will be looking into these options moving forward. I’ve been blessed with a large family and good income. This means family members have looked at me as a source for “bridge” money to help them in whatever situation.

Even though they seem like small amounts, $3K here, $5K there, $1K further there can be a strain, and you have to say no at some point. I think services like Lending Club and Virgin Money are great ways to make these agreements and create a sense of formality. Thanks for bringing them to my attention. I will be looking into these options moving forward.

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