Loaning money in the family question...

[geoffcotton]

If the people you loan the money to have the ability to pay it back just get some legal paperwork in place, but be prepared to take legal action if they default. This will obviously cause ill feelings.

[Templogin]

Well just wanted to update this, everything’s all good, I got my money back and the family member got past Xmas and a very tough spot and hopefully 2021 will be a better year...

Appreciate all the advice given and I will say I can breath easy again...


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Excellent news.

[Linocut]

That's great news. Funnily enough one of my kids wanted to borrow money for his water bill, he's been on furlough, I couldn't be arsed and just paid it for him!

[thieuster]

That's great news. Funnily enough one of my kids wanted to borrow money for his water bill, he's been on furlough, I couldn't be arsed and just paid it for him!

^^^ this ^^^

[Andyg]

The easiest way to protect it is not to loan it in the first place - seriously.

This. Also even if you have legal documents in place to protect you, you still have to have the stones to use them in the courts to make them effective.

If you want to help your family, give them the money and hope they give it back or don’t bother.