loaning family money

[Soundguy]

Agreed.. I loaned a buddy 800 $ over a year ago.. he's paid 250$ back.

Should have known a few years before when i loaned him 400$ and it took him a year to pay back.

I've mentally written it off.

 

[paulharvey]

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.

Very true. I'm trying to find that middle ground where Im at least sort of protected, at the same time as my wife wants to help. About 3 months he called about a $300 power bill, and we flat out told him we didn't have it. I have avoided any money dealings with him, and frankly any family. I've haven't paid a water bill in 8 years, but I'm pretty sure $200 has to be 3 or 4 months worth of unpaid...

 

[paulharvey]

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

We won't miss a meal over it, but would really help rebuild the "emergency fund" that was been really beaten up by holidays, car issues, and life.

 

[C4Ranch]

Wise man told me' if there's someone that you don't want to see then loan em some money and they'll avoid you from then on out...

 

[paulharvey]

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.

I was thinking about sending him to a pawn shop, because even if I get the money back in two weeks, I don't want to be seen as a fall back plan. The pistol is a Hi Point .40 cal, and brand new is about $169; pawn shop probably would lean $100 on it, maybe less.

 

[Soundguy]

Very true. I'm trying to find that middle ground where Im at least sort of protected, at the same time as my wife wants to help. About 3 months he called about a $300 power bill, and we flat out told him we didn't have it. I have avoided any money dealings with him, and frankly any family. I've haven't paid a water bill in 8 years, but I'm pretty sure $200 has to be 3 or 4 months worth of unpaid...

after hearing that he hit you up before.

I'd say I didn't have it and avoid him. this isn't a 1 time deal.. it's a pattern... patterns repeat...

 

[paulharvey]

So, I think my plan is wait till wife is off work and talk to her. If he's put off by me not trusting him, I'll tell him to go to the Pawn shop.

As a back ground, he was working for a satellite company installing dishes, but he felt he wasn't getting paid for all the hours he worked (drive to first customer of the day, home from last stop, and flat fee per install) so he quit, and is working nights at big box retailer now. I have no idea how much he is into his mom now, at $20 and $50 at a time, but it's got to be in the thousands.

It kinda adds to my hesitation that they posted on Facebook the other day about going to see Star Wars...

 

[fordmantpw]

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

Exactly what I was going to recommend.

So, I think my plan is wait till wife is off work and talk to her. If he's put off by me not trusting him, I'll tell him to go to the Pawn shop.

As a back ground, he was working for a satellite company installing dishes, but he felt he wasn't getting paid for all the hours he worked (drive to first customer of the day, home from last stop, and flat fee per install) so he quit, and is working nights at big box retailer now. I have no idea how much he is into his mom now, at $20 and $50 at a time, but it's got to be in the thousands.

It kinda adds to my hesitation that they posted on Facebook the other day about going to see Star Wars...

Seems to be the way of the world today...can't afford necessities, but have extra to do the fun things.

I'm betting they each have iPhones with $70/month plan too. Oh, and $100/month satellite TV bill.

 

[George2615]

All good answers. Your last post about them going to see Star Wars takes the cake. They had money for that but not for bills. Your first post says you can't afford to not get the money back. If that is the case then explain that to them that you need that money for your bills and don't have it to give.
I wouldn't expect to get it back if you do give it to them. Been there and done that way too many times. Our kids are into us for thousands I'll never see so now any of them call to borrow money I just tell them we don't have it to give. Tough love but sometimes you gotta do it. If they work they should be able to get an advance from their payroll dept. at work.

 

[2LaneCruzer]

One thing I have discovered is that sometimes it's worth a small loan that's never repaid to keep them from coming around again. In my book, it's worth $200 to (a) have proof that he would stiff you and (b) have an excuse to turn him down when he asks for $2000. I would get an I.O.U. just for the record; if he wants the I.O.U., trade it to him for the pistol. When he comes back asking for Pampers money, show him the I.O.U.