Family loan agreement

Daveluck · 28th May 2018, 18:06

Hi, anyone know where I can get my hands on an example family loan agreement or have some suggestions?

Nothing really legaleeze but I want to have something informally formal if you see what I mean?

Cheers

Dave

Vossy · 28th May 2018, 18:59

I have done one in the past, simply the names (and addresses) of the two or more parties, the amounts involved and an agreed repayment plan, or to be repaid by whatever date you have agreed on. All parties sign and date the document with a copy for each person, you as the lender keeping the original though.

That's all you need to enforce the agreement in court also should you need.

Hope this helps.

SCP440 · 28th May 2018, 19:25

Some advice I was given many years ago.

If you lend money too friends or family don't lend it unless you can afford to loose it.

I got caught once by somebody who I thought was a good friend, ''he needed''£500 for his holiday and I would get it back as soon as he got paid. Little did I know the holiday was actually him moving away to a new job. I later found out he had done the same to several other ''friends'' . How do these people sleep at night?

Rev Jules · 28th May 2018, 19:48

My sentiments exactly, I have lost a wedge of money to relations especially my two boys, they think you are a money pit, when you say no? They then go along the lines of a tight fisted old NAUGHTY WORD-NAUGHTY WORD-NAUGHTY WORD-, just don’t do it unless you don’t expect to get it back.

Rev

macafee2 · 28th May 2018, 21:22

this advice you have been given is alas good advice "If you lend money too friends or family don't lend it unless you can afford to loose it."

some people will pay their debt, others wont. Don't let guilt force you into a decision.
It seems as if we are advising you not to lend, in fact we are probably just looking out for you and don't want you to lose so think carefully about them, the reason they require the money etc

I have not followed the advice however but if the person that I lent money to does not pay me back...... i'll cut them out of my Will which will be more then I lent them. Some incentive for them to pay

A Google search will probably offer you some good agreements

good luck

macafee2

SCP440 · 29th May 2018, 07:55

SWMBO ''lends money to her daughter for the following reasons, I cant afford to pay my rent, I cant afford to tax my car, I cant afford to pay the car insurance, I need some petrol to get home

. I don't have enough money for food and I am starving.

Oddly the loan is not actually a loan it is a CAN I HAVE !!!!.

I asked her to keep a record of how much she lent her daughter and she was so shocked she has decided enough is enough. Over a 5 month period she ''lent her over £1500. How much has she had back? £85.

The same daughter went to the common people event in Oxford this weekend, is about to go off too Spain for a week and apparently she is going to a hen weekend in a few weeks which will only cost her £400 and she smokes a packet of fags a day. The age of said daughter ? 28.

I suspect once the daughter has realised there is no more ''loans'' there is going to be a row.

My better half works 6 hours a week overtime to just give it away.

torque2me · 2nd October 2020, 15:21

Quote:

Originally Posted by SCP440

Some advice I was given many years ago.

How do these people sleep at night?

Probably on another victims sofa ;-)

Kev

28th May 2018, 18:06	#1
Daveluck Gets stuck in 75 saloon 2.0 diesel Join Date: Feb 2016 Location: Panton, lugo, Galicia Posts: 945 Thanks: 236 Thanked 192 Times in 143 Posts	Family loan agreement Hi, anyone know where I can get my hands on an example family loan agreement or have some suggestions? Nothing really legaleeze but I want to have something informally formal if you see what I mean? Cheers Dave

28th May 2018, 18:59	#2
Vossy Why? ... MG ZT+ Cdti Auto saloon. Join Date: Jul 2014 Location: Blockeswich, South Staffs Posts: 1,549 Thanks: 173 Thanked 483 Times in 330 Posts	I have done one in the past, simply the names (and addresses) of the two or more parties, the amounts involved and an agreed repayment plan, or to be repaid by whatever date you have agreed on. All parties sign and date the document with a copy for each person, you as the lender keeping the original though. That's all you need to enforce the agreement in court also should you need. Hope this helps.

28th May 2018, 19:25	#3
SCP440 I really should get out more....... MG ZT-T 260 Join Date: Feb 2016 Location: Witney Posts: 2,504 Thanks: 6 Thanked 910 Times in 571 Posts	Some advice I was given many years ago. If you lend money too friends or family don't lend it unless you can afford to loose it. I got caught once by somebody who I thought was a good friend, ''he needed''£500 for his holiday and I would get it back as soon as he got paid. Little did I know the holiday was actually him moving away to a new job. I later found out he had done the same to several other ''friends'' . How do these people sleep at night?

28th May 2018, 19:48	#4
Rev Jules This is my second home Rover 75 Tourer+ Join Date: Mar 2011 Location: Radcliffe on Trent Posts: 10,711 Thanks: 7,308 Thanked 3,929 Times in 2,051 Posts	My sentiments exactly, I have lost a wedge of money to relations especially my two boys, they think you are a money pit, when you say no? They then go along the lines of a tight fisted old NAUGHTY WORD-NAUGHTY WORD-NAUGHTY WORD-, just don’t do it unless you don’t expect to get it back. Rev

28th May 2018, 21:22	#5
macafee2 This is my second home Rover 75 Saloon & Tourer Join Date: Sep 2012 Location: Lincoln Posts: 14,928 Thanks: 1,630 Thanked 3,032 Times in 2,181 Posts	this advice you have been given is alas good advice "If you lend money too friends or family don't lend it unless you can afford to loose it." some people will pay their debt, others wont. Don't let guilt force you into a decision. It seems as if we are advising you not to lend, in fact we are probably just looking out for you and don't want you to lose so think carefully about them, the reason they require the money etc I have not followed the advice however but if the person that I lent money to does not pay me back...... i'll cut them out of my Will which will be more then I lent them. Some incentive for them to pay A Google search will probably offer you some good agreements good luck macafee2

29th May 2018, 07:55	#6
SCP440 I really should get out more....... MG ZT-T 260 Join Date: Feb 2016 Location: Witney Posts: 2,504 Thanks: 6 Thanked 910 Times in 571 Posts	SWMBO ''lends money to her daughter for the following reasons, I cant afford to pay my rent, I cant afford to tax my car, I cant afford to pay the car insurance, I need some petrol to get home . I don't have enough money for food and I am starving. Oddly the loan is not actually a loan it is a CAN I HAVE !!!!. I asked her to keep a record of how much she lent her daughter and she was so shocked she has decided enough is enough. Over a 5 month period she ''lent her over £1500. How much has she had back? £85. The same daughter went to the common people event in Oxford this weekend, is about to go off too Spain for a week and apparently she is going to a hen weekend in a few weeks which will only cost her £400 and she smokes a packet of fags a day. The age of said daughter ? 28. I suspect once the daughter has realised there is no more ''loans'' there is going to be a row. My better half works 6 hours a week overtime to just give it away.