Deleted User 2893
Striker
You’ve never given evidence shut up.
Stupid old man.
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You’ve never given evidence shut up.
“The love of money is the root of all evil”, not money itself. Money makes the world go round.Money is the root of all evil, turns the basic human into Gollum. Friends and family especially.
I’m sure you could get something legally drawn up. We lent a family member a substantial amount twenty odd years ago. They made a big profit on a house sale and despite saying we would be their first priority we had to wait years to get the money back from them.
We’ve only recently started talking again.
A few years ago our daughter bought a house with her then partner. We gave our daughter the deposit. It was paid into her bank account.
They split up soon after and her partner was demanding half of the equity in the house. It was a substantial amount. He included that deposit in the equity and I told him it shouldn’t be included as it was a gift to my daughter. Both names were on the mortgage.
He fought it and I had to seek legal advice. He won.
I know a lad who lent his daughter’s partner 15k to clear debts. He then gifted the two of them a further 20k to help with a deposit on a mortgage.
6 months later the lad walked away having not paid a penny of the 15k back. The twat then managed to take a large chunk of the equity in the property (inc the deposit).
Don't do it.Obviously some people will do this with their kids etc and not necessarily expect it back.
But say you were to help someone out with their mortgage downpayment because it's in your interest to do so, is there any contract you can put in place to protect your money should they decide not to pay it back?
Should stress I'm not going to do this, was just thinking about it and surely it occasionally happens and causes a lot of disputes.
How would you know ?Stupid old man.
Don't do it.
How would you know ?
When I say plod I say it in an affectionate way. I do not mean offence to anyone.
Do you know me ?
I doubt it. I put things like “big dogs cocks” and stuff in that field.When you transfer money electronically and put the reason for transfer as a "loan to friends or family" in the click box would this not cover that person in any way?
Obviously some people will do this with their kids etc and not necessarily expect it back.
But say you were to help someone out with their mortgage downpayment because it's in your interest to do so, is there any contract you can put in place to protect your money should they decide not to pay it back?
Should stress I'm not going to do this, was just thinking about it and surely it occasionally happens and causes a lot of disputes.
A solicitor would put together a loan agreement. If I ever gave my daughter a substantial sum I would get an agreement drawn up that it would be repayable if house was sold with interest payable. Just in case of divorce. She isnt married and I probably wont give her too much yet but it may happen a bit down the line.Obviously some people will do this with their kids etc and not necessarily expect it back.
But say you were to help someone out with their mortgage downpayment because it's in your interest to do so, is there any contract you can put in place to protect your money should they decide not to pay it back?
Should stress I'm not going to do this, was just thinking about it and surely it occasionally happens and causes a lot of disputes.
This.If you lend to friends or family, be prepared to either lose the money, lose the friend or both
As long as it's less than £1000 a year no tax would be payable.There's a page here about private loans, albeit 12 years old:
Subscribe to read | Financial Times
Looks like you can get a legal document regarding the loan drawn up, if need be. Also, some tax implications if there's interest involved.
Love of money not money.Money is the root of all evil, turns the basic human into Gollum. Friends and family especially.
This“The love of money is the root of all evil”, not money itself. Money makes the world go round.
I doubt it. I put things like “big dogs cocks” and stuff in that field.
There is not one ounce of evidence that it does limit your chances of getting a mortgage. Certainly hasn’t harmed me in the past.Transferring your mates money with rude captions can stop you getting a mortgage
Innocently paying your mates back for that round at the pub can land you in hot water with mortgage lenders if you're not carefulwww.manchestereveningnews.co.uk
I think it's absolute bollocks and these things tend to be very rule based. It'll be automated to a large extend and I doubt much actual 'underwriting' goes on.There is not one ounce of evidence that it does limit your chances of getting a mortgage. Certainly hasn’t harmed me in the past.
Lent the wife's sister £1000 when she moved into a new flat for carpets and stuff on the condition that I got it back after
she'd moved in and the council had refunded her costs (which was all agreed).
After 3 months, many hints by me and her constantly out on the lash on facey, I asked her straight. "When do you plan on paying me back this £1000"
To which she replied "What are you talking about, I got the money through a week after I moved in and gave it to my sister to give to you!"
So I asked the wife "Where's the money?"
"Dunno, must have spent it on stuff like them clothes and that handbag 'n' that"
Fuming wasn't the word she basically blown the lot on clobber in one afternoon. We didn't speak for a few days after that.
Declaration of trust should cover that.
When you transfer money electronically and put the reason for transfer as a "loan to friends or family" in the click box would this not cover that person in any way?