OT: Loaning money to Family

JustinCruise

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• #1

Whats everyone's policy on this?

Horror stories?

 

JustinCruise

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I'm pretty sure lending money to family never works out but i'm curious about other peoples experiences

 

seldomseen

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• #3

Never would. If I'm giving money it's theirs to have. No repayment necessary. Same with good friends.

 

JustinCruise

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seldomseen said:

Never would. If I'm giving money it's theirs to gave. No repayment necessary. Same with good friends.

Click to expand...

But where do you draw the line on $$$ amount since there is no repayment necessary

 

Mr_Mark

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• #5

if you are going to loan money to fam, dont expect any payment back

 

vitterd

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Just consider it a gift....not a loan. That way no hard feeling when they don't pay you back.

 

Mr_Mark

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JustinCruise said:

But where do you draw the line on $$$ amount since there is no repayment necessary

Click to expand...

Just like responsible gambling, only what you can afford to lose

 

seldomseen

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JustinCruise said:

But where do you draw the line on $$$ amount since there is no repayment necessary

Click to expand...

Depends on who it is. Parents, wife, kids as much as I have. Same with my nephew. Cousins I would tell them I don't have it.

 

Willie99

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parents did it for me

I've done it for my kids, just lent 5 figures for a kitchen remodel

I've lent lessor sums to friends on a regular basis, for a variety of reasons like their season tickets and donations

never a problem, yet

 

JustinCruise

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Willie99 said:

parents did it for me

I've done it for my kids, just lent 5 figures for a kitchen remodel

I've lent lessor sums to friends on a regular basis, for a variety of reasons like their season tickets and donations

never a problem, yet

Click to expand...

seldomseen said:

Depends on who it is. Parents, wife, kids as much as I have. Same with my nephew. Cousins I would tell them I don't have it.

Click to expand...

What about in-laws?

 

Betallsports

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Sure my daughter borrows all the time.

And always say, here I'm Giving you this.
I know I'm not getting it back.
And I tell all the time. It's just less for her when I'm gone

 

slapshot

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Sure some families it depends on what type of job and pay they gave you

Like if a in law sets you up with a 6 figure job you shouldn't have you kind of give him what he wants

But if they haven't bumped you up the ladder yet you might expect to be paid back

 

Willie99

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JustinCruise said:

What about in-laws?

Click to expand...

my daughter-in law , via my son

none of my wife's family ever needed a loan, everybody doing OK

 

JudgeWapner

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Betallsports said:

Sure my daughter borrows all the time.

And always say, here I'm Giving you this.
I know I'm not getting it back.
And I tell all the time. It's just less for her when I'm gone

Click to expand...

Smart man.

 

C.P.

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• #15

You should never lend money and expect to be paid back. Just make it a gift.

 

RoofTop

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• #16

Wife says she wants to borrow money all the time..

credit cards --
school loan --
credit cards --
car --
furniture--
credit cards--
credit cards --

she's into me for about 150K

guess how much she has paid back??

 

razorbackpicks

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• #17

RoofTop said:

Wife says she wants to borrow money all the time..

credit cards --
school loan --
credit cards --
car --
furniture--
credit cards--
credit cards --

she's into me for about 150K

guess how much she has paid back??

Click to expand...

I hope she pays in nightly favors...

As many have stated, if you are lending then consider it a gift. If you really want to make it a loan, agree on an interest rate, print up a schedule with amortization and see what they think. Get collateral, just like a bank, this will show you how interested they really are in "borrowing".