Mumsnet Discussions - to NOT lend my friend money to save her business?

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to NOT lend my friend money to save her business?

(33 Posts)

By Fri 06-Nov-09 14:04:13 Add message | Report | Contact poster

I have a friend who has been running her business for a few years now, the recession and bad luck have meant she is not doing well at all. Her house and everything is tied up with the business too. She's borrowed money from her family to save the business recently ( a very large sum ) and now the banks want more or they'll close on her. She hasn't been very clear about what this means though.

I could probably scrape together what the banks are asking her for, but think I'm not doing her any favours really, probably getting her into more debt in the long run. I really don't think I'll get it back.

I love her dearly and don't want to see her lose her house (and her marriage in the process probably) but feel really bad about saying no.

Advice please.......

Oh and she was talking about going on holiday, and I suspect that her DH doesn't know what's going on so she's keeping up appearances.

Add message | Report | Contact poster By Sat 07-Nov-09 20:58:46

Of course, very wise smile

Add message | Report | Contact poster By Sat 07-Nov-09 16:43:32

Can't really say Daftapeth, I'm being really careful about what I say on here in case anyone knows her.

Add message | Report | Contact poster By Sat 07-Nov-09 16:13:12

What sort of company is it?

Is it likely to get more business?

Add message | Report | Contact poster By Sat 07-Nov-09 15:45:47

update - seems her family have agreed again, still don't think her dh knows anything about it. So I'm relieved for her, just wonder how long till she asks again.

Thanks for all the advice, helps to know everyone thought the same smile

Add message | Report | Contact poster By Fri 06-Nov-09 21:44:25

Don't do it.

Add message | Report | Contact poster By Fri 06-Nov-09 18:57:34

Never ever ever lend money to a friend if you want to (a) keep your friendship and (b) see your money again. One thing about lending someone money who has massive debts is that they are loathe to pay it back.

Add message | Report | Contact poster By Fri 06-Nov-09 18:26:20

No, don't do it.
A friend lent another £3000 as a short term measure to stop her getting evicted.

4 years on she has not been paid back

Add message | Report | Contact poster By Fri 06-Nov-09 18:19:34

For a start you're friend should not have asked.

If it is a case of you scraping the money together then you certainly should not consider throwing money at a problem that has already wiped out her money and seemingly her families cash reserves.

As others have said, if you were minted and could in effect "give" her the money, and you thought she could actually turn it around then you could consider it.

It seems that she is just trying everything to save a business beyond saving, and you will not get your money back.

She might get annoyed, but let's face it, if you lend her the money and don't get it back then your friendship will be dead in the water anyway.

I am currently owed less than 500 by a friend of mine, and despite owing me this they have managed to move, go on holiday, go away for the weekend and go out most weeks. Not the friend I thought they were quite clearly.

Add message | Report | Contact poster By Fri 06-Nov-09 17:02:29

Don't lend her any money - it is her business and she has to deal with it. She should never have tied her mortgage up with her business and it was a risk she and her husband would have taken knowing that this could happen. it is not for you to risk your own family's finances for her - although it shows a kind and considerate nature - it is not worth risking your family for someone else's business.

Add message | Report | Contact poster By Fri 06-Nov-09 16:59:51

Liitleblu that sounds like a good idea!

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to NOT lend my friend money to save her business?