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4:45 pm
February 26, 2012
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Freedom 48
| | Ottawa, Canada | |
| Member | posts 59 | 
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Not in a million years. He may have the best of intentions, but if he makes bad decisions and CAN'T pay it back… you're on the hook.
I'd help him out in other ways. A loan or a gift… but on your terms.
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6:12 pm
February 27, 2012
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MaximizingMoney
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The Financial Blogger said:
If you can lend him money, that's one thing but don't jeopardize your credit score by co-signing on a loan. You may end-up paying his debt in total (after seeing your credit score take a huge hit). Definitely not a good idea!
I'd have to agree. Lending cash is one thing, risking your credit is another.
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4:42 am
February 28, 2012
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cbhattarai
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Ye i have after doing that i was in a big trouble. He repayed me after 2 years.
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7:06 pm
February 28, 2012
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Call Me What You Want Even Cheap
| | Toronto, Canada | |
| Member | posts 121 |
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I have loaned friends money and it's not something I would recommend. Either they don't pay you back, or take forever to pay you back. I had one friend who I loaned money to, and she asked me to loan her more money before paying me back the first loan. Crazy!
Consigning is a no no! Please don't do it. Don't let someone ruin your credit. The bank doesn't believe your friend will pay them back, that's why their asking for a consigned.
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4:16 am
February 29, 2012
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MoneyBeagle
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Callmewhatyouwantevencheap said:
Consigning is a no no! Please don't do it. Don't let someone ruin your credit. The bank doesn't believe your friend will pay them back, that's why their asking for a consigned.
I agree. Potentially being out money can damage a friendship, but there's no salvation there if your credit score gets batted down as well.
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6:48 pm
February 29, 2012
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WorldofFinance
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I wouldn't advice it. Help in other ways (almost any other way) but co-signing is a big responsibility!
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11:50 am
March 1, 2012
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Hank Coleman
| | North Carolina | |
| Member | posts 363 |
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3:27 pm
March 1, 2012
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After College Money
| | Pennsylvania | |
| Member | posts 33 |
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Thanks everyone. After hearing a resounding "No", I told my friend that I couldn't help him. He understood and didn't take it personally. We spoke some more about the topic and I gave him some financial advice which I think he took to heart.
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7:40 pm
March 3, 2012
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Renée @ NickelbyNickel
| | Canada | |
| Member | posts 105 |
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Glad to hear you said no, never a good idea unless you can forgive the loan and it wouldn't hurt you.
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7:32 am
March 4, 2012
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MyCanadianFinances
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I have never really loaned someone money. However, I have sold a car to a cousin of mine for $2,000. It has been well over a year since I sold him the car and have yet to see the remaining payment of $1,000. The money would be extremely useful right now but I decided long ago to cut my loss and stopped pursuing the issue.
Last time I will ever sell anything to family. Oh well, lesson learned.
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4:17 pm
March 5, 2012
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Afford Anything
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Don't do it! There are other ways to help your friend. Give him a book, point him to some good websites. Don't mix loans with friends!
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7:36 pm
March 5, 2012
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Forest Parks
| | Cairo, Egypt | |
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I had a bad experience, still paying for it… http://frugalzeitgeist.com/loaning-money-to-relatives/
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3:56 am
March 8, 2012
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CBC
| | Liverpool | |
| Member | posts 62 |
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I have before, twice. The first time was great, no hassle or fuss. But the second time was a real nightmare! I think it depends on the type of friend in my opinion. If that makes any sense?
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CBC International are specialists in debt recovery, based in Liverpool who provide their services to businesses across the UK, Europe and Worldwide.
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10:18 am
March 16, 2012
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Marina K. Villatoro
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It never works out. I've gotten into this 2 times, it took a lot of sweat and tears to get the first one paid off. But I stupidly got convinced again.
Now, I have to figure out how to get the second one – which is an ongoing process because he's constantly complaining that he's broke, and there is no money, etc… while buying new DS's and cars for his family. But I need that money, it's my hard earned money!
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10:08 am
March 19, 2012
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CBC
| | Liverpool | |
| Member | posts 62 |
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Marina K. Villatoro said:
It never works out. I've gotten into this 2 times, it took a lot of sweat and tears to get the first one paid off. But I stupidly got convinced again.
Now, I have to figure out how to get the second one – which is an ongoing process because he's constantly complaining that he's broke, and there is no money, etc… while buying new DS's and cars for his family. But I need that money, it's my hard earned money!
I know exactly how you feel Marina! It's so easy to agree to borrowing to a friend for the second time, no matter how much of a task it was to get your money back the first time round! 
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CBC International are specialists in debt recovery, based in Liverpool who provide their services to businesses across the UK, Europe and Worldwide.
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1:19 pm
March 24, 2012
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Ted Jenkin @ YourSmartMoneyMoves
| | Gen X & Y Finance | |
| Member | posts 212 |
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My personal advice is (and this comes from lending / loaning money to family and friends) – Loan / Help out if you can live WITHOUT getting the money in return. I look at it as more of "helping" a friend or family member with a gift that I can afford…
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6:53 pm
March 24, 2012
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Forest Parks
| | Cairo, Egypt | |
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Agreed there. It should be seen as a gift and then a bonus if you get it back. Just don't tell them it is a gift :)
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