loaning family money

[paulharvey]

My 25 year old brother in law called my wife today and said his water is turned off. His girlfriend and her young son live with him. It's $200, which too me, is not something I'm willing to loose or have in the wind for weeks and months. He says he gets paid in two weeks, and so does his girlfriend. I know for a fact, he has not paid his mom and his uncle back in the past. I'm thinking of telling him that he has to give me his pistol (only about $150-180 value) until he repays. How do yall feel about keeping collateral on family. I know it seems crappy, but I can't afford to not get the money back,

 

[murphy1244]

Get the pistol, I doubt you see any pay back.

 

[bigtiller]

Family and money don't mix well. What I have done is;

Give him the $200 and an extra $200. Tell him that you don't expect him to repay you and to never ask for money again - ever.

Hopefully the extra money will be enough for him to improve his financial difficulties and bring the family closer.

 

[bcp]

Don't loan the money. Buy the pistol for $200 and tell him he can buy it back for $200 when he can afford it.

Bruce

 

[BigBoyToys]

The only money you should loan is money you don't need!!! :2cents:

 

[tcartwri]

Might as well consider it a gift.

 

[murphy1244]

Don't loan the money. Buy the pistol for $200 and tell him he can buy it back for $200 when he can afford it.

Bruce

I like this one. Smart idea.:thumbsup:

 

[Soundguy]

and get it in writing.. or if he's a bum, he will report it stolen...

 

[davesl708]

If they are so far behind now how is owing $200 more to you going to resolve their financial problems. In two weeks they will be $200 in the hole and still have the bills to pay. How will they pay you back the money you cannot afford to loose?

I have found many that are in financial trouble are carefree with their money and don't think down the road. They look to others to take care of their problems. There seems to be a pattern of this behavior with them.

 

[zombie]

Personally, I'd just send him to a pawn shop rather than acting as a pawn shop yourself. If both are getting paid in two weeks then there should be no issue with them getting their items back. If you don't get your $200 back, then you have a pistol. Big woop. You're still out $200. If you do go through with it, write up a contract with serial number, loan amount, check number, repayment timeframe. I'm still trying to get 1200 back from 6 years ago when I loaned it to a friend so her and her husband and baby wouldn't get evicted. Shame on me for thinking I might actually get paid back.