Soapbox

Lending money to friends, family

Oct 27 08:26am

- Lending money to friends is a situation fraught with awkwardness that can cause friendships to fracture and families to fall apart.

"If it's always one way, resentment can build up," says resident psychologist Jo Lamble.

A viewer, Stephen, wrote in, saying he only lends what he is prepared not to get back.

"It's like going to the casino, you're going red or black," says accountant Anthony Bell.

Anthony says banks get you to signmany forms so some paperwork can also play a part.

"Understanding the terms between friends, that's pretty important."

What do you think the rules should be when lending money to friends? Tel us below...

6 Comments Report Abuse

1. duchess2728 - Oct 27 09:04am

I had a contract drawn up which outlined all my, the lender, expectations for the pay back. The loan is never mentioned, other than, as stipulated in our contract, in 3 monthly emails which state the status of the loan, ie. how much is still owed.

It's working great!

2. marsha.winyard - Oct 27 09:42am

I think a lot of people are asking for money because most have gambled theirs away..If your going to loan money you have to perpear to lose it..most people are perpeared to give it back ..and some dont care and some are unable to..marsha qld

3. andie82@ymail.com - Oct 27 09:56am

I borrowed a reasonable sum of money from my grandmother & she drew up a written contract & made me sign it, inc where I have to pay the interest amount she would have lost having that money in her account. I think it was a great idea for her to do the contract.

4. dugg1935 - Oct 27 11:20am

If you want to keep a friend, never lend them money

5. kyleendawson - Nov 05 05:40am

You can absolutely loan money to friends! But what we have done for centuries is ASSUME that because we are friends that we will get it back as we hoped, we we want, etc. Go to www.familyandfriendagreements.com to download a great agreement regarding lending money to family or friends!

6. kaarexnm - Nov 22 03:10am

About 5 years ago I was stuck short of cash to cover bills due to a combination of events, my second oldest (adult and very good son) helped out to the tune of several thousand dollars undtil I was able I paid him back, it took some month due to delays selling some property, However if possible avoid such situations, as lender or borrower.

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