loaning money to friends (payments, credit, buy, accept)
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I've lent money to friends and got it back BUT I would never do it again. Since you already lent him the money I would give him a year. if he's a good friend he will give it back to you but please don't lend money again. at least not more than you can afford to lose. And 1k is a lot.
i don't normally loan out, but i recently ran into a buddy who was having a rough time and needed help. i loaned a few thousand even though i'm in a tight spot myself. i told him he can pay it back when he's doing better. thing is he has kids and i'm sure he'll get a nice tax return. so when should i ask for repayment? i'm ok with giving him at least one full year.
loaning money to friends is a great way to make an enemy.. make it a gift instead and dont expect to see it return.
love it when they say "Ill pay you back" knowing they are blatantly lying. How people can do that with a clear conscience Ill never understand.
Of course there will be the exceptions that actually will pay you back and people will be sure to provide evidence of these exceptions but that's what they are.. still are exceptions, the rule is to not do it.
If you really wanted repayment, you should have got it in writing....
Having it in writing doesn't necessarily help either, so that's not really a safety net. I learned that lesson the hard way. If you're going to want/need the money back, just don't lend it in the first place.
Having it in writing doesn't necessarily help either, so that's not really a safety net. I learned that lesson the hard way. If you're going to want/need the money back, just don't lend it in the first place.
Unless you decide to sue that person. A friend of mine loaned $5k to someone (former friend) and drafted the loan in writing. The kid kept dodging him and wouldn't pay him back so my buddy took him to court. The kid that borrowed the money was in the process of buying a home so the judge put a hold on the mortgage process until he paid my friend back (I think they froze his bank accounts). It certainly helped that the whole thing was in writing/signed.
Your more generous then me, I wouldnt loan $20. Bad idea to say to pay back when they can.. what if it never really improves for him? If your ok giving him a year (much more then myself would give either) id wait till then to really be asking. Maybe mention it here and there, specially since he should of gotten tax refund.
could always say you are in a tough spot and ask if he can repay all or some by X day.
Since you said, "pay me back when you can," not when he gets his tax refund, you may be the only one counting on repayment with the refund check. I know that when I have been in dire straits, I had "plans" for every potential windfall, and those plans usually invlolved trying to keep my head above water. repaying you would have been on my radar, but not necessarily part of my immediate plans.
Since you said, "pay me back when you can," not when he gets his tax refund, you may be the only one counting on repayment with the refund check. I know that when I have been in dire straits, I had "plans" for every potential windfall, and those plans usually invlolved trying to keep my head above water. repaying you would have been on my radar, but not necessarily part of my immediate plans.
Agreed. If you want that money back next tax season, better put that bug in your friend's ear right now, so he is planning on it. Otherwise, I guarantee you he will have other ideas about how it will be spent.
I'd say you have a chance of getting it back with next year's refund if your friend is honest, and you act now. But, even if your friend has good intentions, if you don't bring it up, the odds of his thinking he will get it to you by next year go way down. You left the repayment way too open with your "when you can" guideline.
I never "loan" money to family or friends. If I give them money, I consider it a gift. If they want to pay me back, great, but I don't assume I'll be paid back.
I've had a few friends and relatives ask me for money over the years. If it's a small enough amount that I won't miss it, I'll "lend" it to them. Almost always, they've come back to me the next month (which is when they said they would repay me) to say that more stuff has come up, and could they borrow MORE money? My answer is always "I'd like to have the original loan paid back before I lend more money." Invariably, I don't get my money back; but I'm not out any more money either.
But then there's my best friend going on 35 years now. He's an interesting case of someone who is generally responsible, but does seem to hit more than his share of bad luck. I've lent him thousands of dollars over the years, in increments of a few hundred here and a few hundred there. And he's always paid me back in full, eventually. The exception is right now, he's owed me a couple thousand dollars for the past few years. He's been living paycheck to paycheck during that time, and I know enough about his situation to understand that it really is mostly a matter of bad luck (exacerbated by a few poor decisions). I have confidence that I'll get the money back, eventually. But if I don't, I'll live. And he and I will still be friends. (But he also knows not to ask me for any more money until he does pay back what he owes.)
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