Personnal Loan to a friend
Discussion
A friend of mine's family has come totally stuck for cash on very short notice. Basically they are about to get evicted on tuesday, and need to come up with cash. Father has lied to family and effectively hidden the problem, which has now hit them all with full force. They are on final notice, and will be evicted.
Is it possible to loan money to my friend, (who will then give money to their family) and protect myself against loosing this money. Friend earns circa 32k with 2k of debts.
I'd like to help out, but certainly don't intend to do it without protecting myself.
Are there any other options of raising decent amounts of cash in a short period of time?
Collective thoughts, are appreciated as ever!
Is it possible to loan money to my friend, (who will then give money to their family) and protect myself against loosing this money. Friend earns circa 32k with 2k of debts.
I'd like to help out, but certainly don't intend to do it without protecting myself.
Are there any other options of raising decent amounts of cash in a short period of time?
Collective thoughts, are appreciated as ever!
Clearly I'm awful at describing the situation so I'll try again...
The family owe 18k, in arears. Its something like 170 mortgage on a 190 house. So not a lot of equity to play with.
My friend is trying to help parents out, friend has only 2k of borrowings but can't get more before deadline. or so they think.
by the sounds of it though, there's not a lot i can do.
The family owe 18k, in arears. Its something like 170 mortgage on a 190 house. So not a lot of equity to play with.
My friend is trying to help parents out, friend has only 2k of borrowings but can't get more before deadline. or so they think.
by the sounds of it though, there's not a lot i can do.
Piglet said:
OK on the new scenario, there is £18k of mortgage arrears? Yes? or £18k debts generally including mortgage arrears?
As James said above, you can draw up a very simple loan agreement. I don't have a precedent but you need to deal with interest - whether it will be paid, what rate it would be charged at (I'd suggest something like 2-4% above the base rate of a named bank). Deal with when the money will be repaid - will he pay you monthly? Will there be a long stop date when he must repay?
Its all pretty new info to me right now. At present it looks like mortgage debt, rather than money been blown on junk. Father's work not been going well and taking out of the home and kept it quiet from the family. As James said above, you can draw up a very simple loan agreement. I don't have a precedent but you need to deal with interest - whether it will be paid, what rate it would be charged at (I'd suggest something like 2-4% above the base rate of a named bank). Deal with when the money will be repaid - will he pay you monthly? Will there be a long stop date when he must repay?
Edited by Piglet on Friday 16th November 13:07
I'm not that flush with cash that it wouldn't be easy for me to do this. So its looking a little difficult.
Are there not companies that loan money same day, up to 10k? (other than ur Soprano types..)I'm not that wise to the whole situation.
In regards to the eviction. Apparantly he's been to court a few times, and just not said anything until now. Tuesday is the final day. I can't understand how people let this happen. Its really very sad.
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