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When loaning money to family goes bad...

Regular Contributor

Re: When loaning money to family goes bad...

I always follow one rule. I don't lend money to family or friends because they'll being to feel that your obligated to do them the favor. That's just me.

Message 31 of 50
Member

Re: When loaning money to family goes bad...

Take her to court....no remorse, money is money. Claim your money asap!
Message 32 of 50
Valued Contributor

Re: When loaning money to family goes bad...

Update. I set her up on a payment plan so I'd be paid off in just under 1 year. I received my last payment yesterday. It was actually a double payment so she paid it off early. Persistance and the other person wanting to do the right thing pays off!

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 33 of 50
Valued Contributor

Re: When loaning money to family goes bad...

I am glad it paid off for you!  (Literally!)

 

Congratulations!

Message 34 of 50
Regular Contributor

Re: When loaning money to family goes bad...

Well now I hope you know never to loan money unless you are ok with losing it!

Message 35 of 50
Valued Contributor

Re: When loaning money to family goes bad...

This has taught me that some people don't think like I do so I now have a whole new outlook when it comes to "lending" money. It's more like giving money to someone and they might give it back. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Message 36 of 50
Moderator

Re: When loaning money to family goes bad...


masscredit wrote:

This has taught me that some people don't think like I do so I now have a whole new outlook when it comes to "lending" money. It's more like giving money to someone and they might give it back. 


+100

 

Several years ago an older coworker told me I should never lend money to family; I should give it to them.  If they someday paid me back I should simply feel fortunate, but if they didn't it's no problem since it was a gift anyway.

 

It made absolutely no sense at the time, but later it made perfect sense, and I've been living by that "rule" for a while now.  I admit it does make things a bit easier; at one time I would be quick to use a credit card for family, but since that's not "money" I no longer do that... only money in my account is available for "gifting", not my credit.  Smiley Wink

Message 37 of 50
Valued Contributor

Re: When loaning money to family goes bad...

Anyone in my family close enough for me to loan money, are close enough for me to give money. I often call it a loan to make them feel better...ie Pay me back when you can! You might think that I would suffer due to this, but somehow I am never short of resources. My entire adult life I always had a good job and steady income. Any past money troubles I had were of my own making before I became generous with family. Maybe God has rewarded my generosity with more income than I needed BECAUSE of my generousity.

 




TU fico08=820 11/10/17
EX fico08=812 10/25/17
EQ fico08=818 10/25/17
Garden since 4/5/2017
Message 38 of 50
Established Contributor

Re: When loaning money to family goes bad...

My brother in law (our wives are sisters) decided not to pay the $1500 owed me in a sales transaction. Now he refuses to come to my home. Best money I ever lost. Smiley Very Happy

 

I do agree with the comment that if you can't afford to give it away, never loan to family or friends. 

 

Message 39 of 50
Community Leader
Senior Contributor

Re: When loaning money to family goes bad...


Turbobuick wrote:

My brother in law (our wives are sisters) decided not to pay the $1500 owed me in a sales transaction. Now he refuses to come to my home. Best money I ever lost. Smiley Very Happy

 

I do agree with the comment that if you can't afford to give it away, never loan to family or friends. 

 


   hrmmmmm, I have a son in law (per se) I'm trying to get rid of.  May be worth $500.  Great idea, thanks!



Message 40 of 50