Lending Money To Friend

[bpoolmecca]

A business friend needs 5000 pounds urgently.Whats the best way to lend it him with minimum risk to myself

[S_C]

Send him to the bank.

if he is in business and that desperate for £5000 , that he cannot get it in normal means " ie the bank" then it sounds like your putting your money at risk . as this is not a big amount and the only reason a bank wouldnt lend that much money to a business is if that business is not doing well at all.

your only other option is taking something as security and a written note stating that it is in lou of such payement, however your friend may not be your friend if he / she cannot pay back the money owed and will resent you asking for a security.

[S_C]

emigrate for £5000 . would you really , seems such a small amount to cover costs . make the check payable for £250.000 that maybe be worth the added expense. lol

[bpoolmecca]

S_C we bothwork in seasonal jobs and finance at this time of year is a problem, I did think about some sort of agreement would going to a solicitor be a good idea

[craft1948]

if a bank won't lend your friend money you shouldn't.....

[bpoolmecca]

Pussy quite agree never lend to friends or family but not quite as easy as that when you are actually asked.Any chance you can tell him for me lol

[S_C]

im sorry your taking this as an attack on your friend or even yourself .
Seasonal work i can imagine is a pain to negociate regarding money .

however i feel that my original answer must stand as it is the correct answer in my view .

As for the friend remaining a friend if he cannot pay back the due monies at the due time , only testing this will actualy answer that question , but i do state many good friendships have been ruined due to money.

i feel no glee / joy at the idea someone is in need of ready cash , however your question was worded in such a way that said to me this £5000 is important to you . and this was taken into consideration when typing you my answer regarding security if you were indeed leading towards actualy lending the money.

" by the way regarding the security deposit , remember things never sell for their true value when they need to be sold so make sure the ( item ) is worth at least double so you can sure you get your equity back."
if you make a profit on the equity " above any agreed amount " and you feel inclined you could give your friend this extra to help him out .

as for a solicitor , all i will say on this is . if has not got it to give . then a solicitor wont be of any use to you. unless your prepaired to send in the bailif's and i honestly feel you are not .

what ever you decide make sure you cover yourself and also consider your own needs in this time of low income.

what ever you decide to do good luck to you both .

[Androcles]

There is no way of lending him money with minimum risk to yourself unless you have a cast iron surety, like he gives you something worth £5k. As the others have said, tell him to go to the bank. If they won't lend it, why should you?

Tell him you can't afford it!

[sara3]

don't do it!

and if you make a habit of such things, can you please lend me £5k to get my bathroom done? thank you :o)

[S_C]

now now sara3 your planning a holiday with that bathroom for £5k . or are you having me fit it an richly expensive prices lol

[sara3]

hello S_C :o)

I have the tiddliest bathroom ever, just a bath and basin (no loo), I've had 4 quotes (for everything to be done, lights, tiling, shower, etc...), all around £5k, except for B&Q who quoted £10k.

£10K!!!!

[S_C]

wow in this time when money is hard to come by and businesses are hitting the wall , even now they want to charge the earth.

maybe you would be better employed seeking the aide of a handy man for the tiling and a plumber for the fixings and purchaing the shower unit/ bath and basin yourself.

oh as a helping hand http://www.myworkman....gin/login.php?error=1 i actualy have used this site and got my roof done for less than half what i had been quoted localy. " however the quotes come from independant people not big organisations so even if you get one good quote do check the feedback they have recieved before to try to ensure good workmanship and value for money "

sorry for straying of the subject here bpoolmecca

[S_C]

http://www.myworkman.co.uk/

sorry previous link wont get you to start page unless you hit the banner so have gotten start page addy here :)

[sara3]

thanks S_C, I got my quotes from bathroom fitters on a site called trustatrader (or something like, but will look at that one tomorrow. I'd just rather get the job done efficiently, so by one company. probably the wrong approach!

nk, the old bathroom is still there, but very dated.. it looks grim.

[S_C]

i know what you mean , especialy as having no fittings while the work is done will also mean no water for the duration.
However most builders employ a plumber or have one they can relly on for such jobs and the rest they should be able to do.
Im lucky as most jobs round the house i can do myself , however replaceing the roof did work out cheeper this way rather than trying to do it myself.
another good tip is yellow pages for local businesses.

sorry again bpoolmecca .

[sara3]

yeah, it's all there. maybe I get St Albans prices (they assume we're all rich).

the last 2 quotes I got were for labour only and were £3300 and £3400 :o(