Reply to Would you co-sign or lend money to a family member?

Forum Index » Family Relationships

Reply to "Would you co-sign or lend money to a family member?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]GIFT.  Not loan.

Never, never, never.  A huge lesson learned and we are recovering this year.  We loaned to three people - family, employee and friend, years ago. They lived large but had problems returning the money back. We had to really beg to get the money back, and they returned it as if they were doing us a favor. We were lucky because we did not lose out a huge amount. In 10 years we were not given a single cent as interest. We also did not have any paperwork so we did not want to come down very hard.

In the end, the relationships suffered. [/quote]

I have to add here, that I have given huge gifts of money to my brother to help him out. I have no expectation that it will be returned, even though he sees it as loan.

Any money - loan or gift - has to be of the amount that you do not care if it is lost. It should not expose you to any financial hit - your retirement, college funds, medical, housing.

Ask yourself this question - if you need money today, who will give it to you? My answer is that probably - no one. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics