Family loan agreement

wraymond · 3rd March 2020, 14:44

I'm lucky in never having had an unfavourable credit rating. Very lucky in fact, it's been close once or twice. But having seen others in trouble I have also seen the disproportionate knock-on damage it can do to others and their families.

In the same way as I would not lend to strangers I would also fight shy of lending to or saying no to a family member at wits end trying to avoid disaster. Better a long term gift, perhaps in the hope of eventually receiving, than a split family. There's no price I could put on that.

planenut · 3rd March 2020, 15:52

Quote:

Originally Posted by wraymond

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In the same way as I would not lend to strangers I would also fight shy of lending to or saying no to a family member at wits end trying to avoid disaster. Better a long term gift, perhaps in the hope of eventually receiving, than a split family. There's no price I could put on that.

The danger of free loaning to anybody is that they have not had to strive to earn it, therefore do not have any "allegiance" to it, as it was never theirs. Nice idea if one can afford it.

Kiddiewinkles can be brought up identically, being taught the same respect and values but they can end up as different as chalk and cheese.

wraymond · 4th March 2020, 15:12

Quote:

Originally Posted by planenut

The danger of free loaning to anybody is that they have not had to strive to earn it, therefore do not have any "allegiance" to it, as it was never theirs. Nice idea if one can afford it.

Kiddiewinkles can be brought up identically, being taught the same respect and values but they can end up as different as chalk and cheese.

The difference is that I was thinking only of family as that was the OP subject.
In that case the worthy consideration of 'allegiance' is not to the money, rather it is the personal family tie.

If that is as strong as it should be, that's all that matters. Sometimes, it isn't strong so maybe a different route to solving a debt or other problem would be found.

It's true young'uns can grow up differently, but they are still ours! Someone once said "a child for a while and a parent forever". Each to his own of course, but I wouldn't have it any other way.

macafee2 · 4th March 2020, 17:49

Quote:

Originally Posted by planenut

The danger of free loaning to anybody is that they have not had to strive to earn it, therefore do not have any "allegiance" to it, as it was never theirs. Nice idea if one can afford it.

Kiddiewinkles can be brought up identically, being taught the same respect and values but they can end up as different as chalk and cheese.

what is free loaning?

macafee2

planenut · 4th March 2020, 18:38

Quote:

Originally Posted by macafee2

what is free loaning?

macafee2

We have used the term in the past when "loaning" to someone but knowing one will get nothing back, therefore for them, it's free.

mileshawk56 · 8th March 2020, 19:33

Maybe if you are considering unofficial/official loan agreements you cant afford it? i.e. you don't have the spare money, the amount involved is needed by you. If so don't loan the money" your need is as much as etc etc " If you have the money surplus then a straight forward gift. You may get it back! maybe not only you know? Chris.S.

3rd March 2020, 14:44	#1
wraymond This is my second home 75 Auto 2.5 SE Join Date: Feb 2010 Location: Westcliff on Sea Posts: 5,216 Thanks: 423 Thanked 1,680 Times in 1,014 Posts	I'm lucky in never having had an unfavourable credit rating. Very lucky in fact, it's been close once or twice. But having seen others in trouble I have also seen the disproportionate knock-on damage it can do to others and their families. In the same way as I would not lend to strangers I would also fight shy of lending to or saying no to a family member at wits end trying to avoid disaster. Better a long term gift, perhaps in the hope of eventually receiving, than a split family. There's no price I could put on that. __________________ member no. 235

8th March 2020, 19:33	#6
mileshawk56 Posted a thing or two MGZT Join Date: Jul 2015 Location: Berkshire Posts: 1,281 Thanks: 1,738 Thanked 299 Times in 216 Posts	Maybe if you are considering unofficial/official loan agreements you cant afford it? i.e. you don't have the spare money, the amount involved is needed by you. If so don't loan the money" your need is as much as etc etc " If you have the money surplus then a straight forward gift. You may get it back! maybe not only you know? Chris.S.