Financial advice
Discussion
Need a bit of advice here folks.
A few years ago a friend of a friend of a friend approached me to say he needed to borrow some money. He was willing to pay it back in in stallments and add a sizeable bit on top. I didn't have all the cash he wanted but I could see that I could make a few bob on the deal so I borrowed some cash from other friends and relatives to lend to him. He kept making paymnets and so I borrwed some more to lend to him. I had heard rumours that he wasn't the most reliable of people, but he was paying the installments as planned so everyone was happy, especially me because I was creaming off the top, and quite frankly living the high life on the back of the deal.
That's when it all started to go pearshaped. The payments stopped and I have had to strat digging into my savings to pay back the friends and relatives I borrowed money from. The guy tells me he has some 'cashflow' problems and shows no interest in paying what he owes me. It is worse than that. I hadn't told the friends and relatives that I had lent their money to some dodgy geezer but now it al looks like it is going to come out.
I have tried to borrow money from other friends to kep my head above water but they are saying , unsurprisingly that there is no way.
I think I am fooked. What shall I do? I thibnk I may be out of a job soon too, and although I able to claim state benefits I am not sure they will want to pay back the money I have borrowed and lenyt out as well (although they might?). What do you think?
A few years ago a friend of a friend of a friend approached me to say he needed to borrow some money. He was willing to pay it back in in stallments and add a sizeable bit on top. I didn't have all the cash he wanted but I could see that I could make a few bob on the deal so I borrowed some cash from other friends and relatives to lend to him. He kept making paymnets and so I borrwed some more to lend to him. I had heard rumours that he wasn't the most reliable of people, but he was paying the installments as planned so everyone was happy, especially me because I was creaming off the top, and quite frankly living the high life on the back of the deal.
That's when it all started to go pearshaped. The payments stopped and I have had to strat digging into my savings to pay back the friends and relatives I borrowed money from. The guy tells me he has some 'cashflow' problems and shows no interest in paying what he owes me. It is worse than that. I hadn't told the friends and relatives that I had lent their money to some dodgy geezer but now it al looks like it is going to come out.
I have tried to borrow money from other friends to kep my head above water but they are saying , unsurprisingly that there is no way.
I think I am fooked. What shall I do? I thibnk I may be out of a job soon too, and although I able to claim state benefits I am not sure they will want to pay back the money I have borrowed and lenyt out as well (although they might?). What do you think?
Edited by Brown and Boris on Tuesday 30th September 08:58
Edited by Brown and Boris on Tuesday 30th September 08:59
Edited by Brown and Boris on Tuesday 30th September 09:00
Edited by Brown and Boris on Tuesday 30th September 14:37
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