Loaning Money To Friends?

[wrassler45]

I'm not an expert here, but something like: (i) he gets X paid to a cap; (ii) that cap should be a lot higher, as he has paid for a no fault clause (according to the broker he purchased the plan from and its upgrades) but the broker never affected the no fault clause, which would have covered the entirety of the damage.

So he's somewhere between none, and full, but he wants more. In the interim he's doing things like closing the roof (water damage etc.), the upper floor walls/bathroom, cleaning, re-painting the internal plaster. But some window damage and the frames there were pretty expensive, hence the request for funds too.

I'm not that "type" of lawyer but have dealt with it before. First, nothing I say should be considered legal advice. Second, If I was in this situation, I would have already had my attorneys contact or at least going over my plan.

I understand the desire to "get things started" but he could still get into trouble with insurance not wanting to pay out because the work wasn't approved

[LogicalLifts]

i lent a brah 7k recently
he's like on the level of another one of my brothers and saved my life once tho
plus his car is collateral lolz
wood not consider if it were a casual acquaintance obv

You going to break some knees if he doesn't come through? lol

I'm not that "type" of lawyer but have dealt with it before. First, nothing I say should be considered legal advice. Second, If I was in this situation, I would have already had my attorneys contact or at least going over my plan. I understand the desire to "get things started" but he could still get into trouble with insurance not wanting to pay out because the work wasn't approved

He has made legal representations to the broker, but the truth is I think he was a bit idiotic here. Phone calls where the premiums go up to add X and Y, but he doesn't have a trace of signed plans...proving the no fault clause addition. He's in a bit of a state so I'm not going to pile on here but I mean...get it in writing, right?

He's also kind of mad at his wife...I mean...not that I'm suggesting something be strategically omitted, but dusty ashes on a cold day I mean...?

[wrassler45]

You going to break some knees if he doesn't come through? lol



He has made legal representations to the broker, but the truth is I think he was a bit idiotic here. Phone calls where the premiums go up to add X and Y, but he doesn't have a trace of signed plans...proving the no fault clause addition. He's in a bit of a state so I'm not going to pile on here but I mean...get it in writing, right?

He's also kind of mad at his wife...I mean...not that I'm suggesting something be strategically omitted, but dusty ashes on a cold day I mean...?

Homeowners insurance can be tough. Most people have no idea what their plan even says, as their mortgage company typically deals with it. Lol its always best to say as little as possible in every situation

[F.A.P.]

As said above, you ain't getting it back so know that going into it. I'm down 30k and I've only gotten two hundred bucks back and it's 12 years later.

[MotorCityCobra]

actually lent my friend 11k recently. its not a good idea in general, but the bank was going to sell his apartment if he did not come up with 11k quicklh. its one of my childhood/best friends. but i did get in writing because i know he sucks with money. if he does not return it at given date i will take measures to get it back

[LogicalLifts]

As said above, you ain't getting it back so know that going into it. I'm down 30k and I've only gotten two hundred bucks back and it's 12 years later.

With the same person? Was it 30k all at once? I posted ITT the reasoning behind the need to borrow from me, and his brother called me to thank me actually because his brother also gave him 15k.

[LogicalLifts]

yeah now he hopped aboard the frauding CEO 30k /day crowd of the misc.
inb4 more defensive butthurt replies by OP.

To be clear, every post you have made ITT is butthurt. Are you so blind to your approach? Do you think Katya meant you were bagging on her? Read posts before replying, as hard as that appears to be for you.

Don't lend money you can't afford to give. "Lend" it with the expectation of never getting it back, and if you do get it back, it's a bonus.

Seeing how it's an inconsequential amount, I would lend the money.

Yeah but I bet you have similar standards for "friendship", no? Thinking about this thread, I wonder how many folks these days actually have "deep, meaningful friendships" with folks IRL. I posted that I have less than 10 at the age of 42, and I'm happy with that (only 1 is here in NYC, sadly), but yeah. It's an interesting dive into interpersonal relationships for sure.

[TitusVI]

I would never ask anyone for money so why would I lend lol

The last time I lend money was when I was 12 years old and never saw the guy again if thats not a lesson for life i wonder what is.

[LogicalLifts]

actually lent my friend 11k recently. its not a good idea in general, but the bank was going to sell his apartment if he did not come up with 11k quicklh. its one of my childhood/best friends. but i did get in writing because i know he sucks with money. if he does not return it at given date i will take measures to get it back

Sounds like a good friend to me. What measures would you take if he didn't give the money back?

I would never ask anyone for money so why would I lend lol
The last time I lend money was when I was 12 years old and never saw the guy again if thats not a lesson for life i wonder what is.

What a shame, sorry you were used like that. I mean I can get why people would ask (like in my case) but it seems like a fringe case. But something like 40% of Americans don't even have 1000 dollars on the side for an emergency expenditure - they'd have to go into debt to do so. I imagine here in the USA these sorts of things might be far more common.

[LogicalLifts]

your friend will soon become someone who talks mad chit about you behind your back and vice versa

Time will tell, but I doubt it. He loves the Sopranos too, srs.

[Bodhy]

I would never ask anyone for money so why would I lend lol

The last time I lend money was when I was 12 years old and never saw the guy again if thats not a lesson for life i wonder what is.

Yeah, I loaned a guy at work $50 because he said he wanted to buy his daughter a gift for her birthday. Never showed up to work the next day or day after. Disappeared. No legal way to get the money back.


But there is an adage that says if you lend someone money, and you never see them again, it's money well spent!

[northernlights7]

oh look more retardation just like I predicted I mean what a coincidence huh lmao

[NeoTheCatt]

If my human has learned anything from their years as a tradie ….

NEVER

EVER

“LOAN”

MONEY

NO

EXCEPTIONS

YOU

WILL

NEVER

GET

IT

BACK

Same goes for tools or drill/screw gun bits DFS

[LogicalLifts]

Yeah, I loaned a guy at work $50 because he said he wanted to buy his daughter a gift for her birthday. Never showed up to work the next day or day after. Disappeared. No legal way to get the money back.


But there is an adage that says if you lend someone money, and you never see them again, it's money well spent!

For a small enough number like that, it's a fine litmus test I guess. But what sort of person borrows money with no intention of returning it?

Such low class trash are about as equal to the doom and gloomers on this forum who can't believe that: (i) millionaires do post here; (ii) they don't have to prove it to anyone; and (iii) there's nothing the plebs can do about it.

Lulzy either way though. LOL

[WalrusOverlord]

Do not do it. as the other poster said if you get it back it is called a gift

I lent a friend money who I trusted multiple times he never paid me back. I couldn't believe it to be honest he was an older guy who was an honest hard worker. I think because at one point I kind of hinted at having a decent amount of money he felt he didn't need to pay me back.

[Nicklol]

Small loan? LOL

I'm lucky to get 100 bucks back if I give to someone

[TaiMaiSchutze]

I wouldn't loan it. I'd give it. Because you can't really expect money back.

[LogicalLifts]

oh look more retardation just like I predicted I mean what a coincidence huh lmao

A copecel predicting further cope? You're a self-fulfilling retard, for sure. Want a cookie?

Do not do it. as the other poster said if you get it back it is called a gift
I lent a friend money who I trusted multiple times he never paid me back. I couldn't believe it to be honest he was an older guy who was an honest hard worker. I think because at one point I kind of hinted at having a decent amount of money he felt he didn't need to pay me back.

It's done, but I plan to update this thread in August if/when I'm paid back. 99% certain I'll get paid back.

[LingLingDimSum]

Let's be real. The only reason you made this thread was to subtle brag that you can supposedly wipe your assss with $12k like it's no big deal to you.

You noticed that too huh?

*smugness intensifies*

[LogicalLifts]

You noticed that too huh?

*smugness intensifies*

Specific persons belive that, yes. Specifically the highly insecure Miscer group and the copecels.

[LogicalLifts]

Thanks for the constructive engagement, Misc. Lots of food for thought ITT, including as regards friendship.

[TheScapeGOAT]

Thanks for the constructive engagement, Misc. Lots of food for thought ITT, including as regards friendship.

You’re welcome

[theory816]

In my early twenties I asked a few friends to lend me some money so that I can buy a car. I'm glad they refused because looking back I probably wouldn't have been able to repay them.

Don't lend people money unless they use that money to make money.

[LogicalLifts]

In my early twenties I asked a few friends to lend me some money so that I can buy a car. I'm glad they refused because looking back I probably wouldn't have been able to repay them.

Don't lend people money unless they use that money to make money.

Did you not end up buying the car then?

[theory816]

Did you not end up buying the car then?

I did not buy the car lol.

[LogicalLifts]

I did not buy the car lol.

Checks out then.

I live in NYC and a friend pays 1k a month extra for his parking spot, and has to walk to it from his building. In big cities, is it worth it? For brahs starting in IB here I always suggest they use public transport and rent well under their means, srs.

[theory816]

Checks out then.

I live in NYC and a friend pays 1k a month extra for his parking spot, and has to walk to it from his building. In big cities, is it worth it? For brahs starting in IB here I always suggest they use public transport and rent well under their means, srs.

nah don't use public transport. Its a time waster and very dirty. A beater is worlds better than public transport. You can get new cars for like 15k.

[Silencespeaks]

Just FYI a loan agreement or any other contract means nothing except the right to go to court. Outside of court it’s just a meaningless piece of paper. Are you really going to take your friend to court?

PS op can you loan me $350k I’ll pay it right back I promise.

[LogicalLifts]

nah don't use public transport. Its a time waster and very dirty. A beater is worlds better than public transport. You can get new cars for like 15k.

15k and 1k a month, so 27k for someone just starting out in NYC, the most expensive (tied with Singapore) place on the planet.

If those folks wonder why they can't buy a property, the answer is self-evident.

[ralphlaurenbrah]

Never EVER EVER lend a friend money. You’ll never get it back and it’ll ruin the friendship. Let his family give him $$ if they want to. And if they won’t even lend him money then you definitely shouldn’t