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If you lent someone 40k eight years ago

(102 Posts)
Kannet Fri 20-Apr-18 21:29:44

Then how much would you expect back now. A family member has come into their inheritance and is ready to pay us back. How much would you expect. I was going to say 43 as that seems reasonable. It was always a loan to be paid back and it did the family member a huge favour at the time

Trialsmum Fri 20-Apr-18 21:31:07

‘Just’ the £40k tbh.

AlonsoTigerHeart Fri 20-Apr-18 21:31:50


I couldn't fleece family

Pigpigpig Fri 20-Apr-18 21:31:57

The 40k I lent them hmm

Katedotness1963 Fri 20-Apr-18 21:32:06

Just what was lent since its family.

ScaredPAD Fri 20-Apr-18 21:32:12


Eatsleepworkrepeat Fri 20-Apr-18 21:32:25

I would find an online calculator that says what £40k then would be worth now. So no profit, but no loss from inflation.

HariboIsMyCrack Fri 20-Apr-18 21:32:32

Yes sorry I think you should accept 40k unless you have agreed explicitly....

C0untDucku1a Fri 20-Apr-18 21:32:51


JennyOnAPlate Fri 20-Apr-18 21:33:06



Kannet Fri 20-Apr-18 21:33:06

Well we have lost interest since then and it was always agreed that they would pay with interest. Their inheritance is substantial and they are happy to pay. We are just not sure what is fair

Almondsupreme Fri 20-Apr-18 21:33:13

Interesting point eat but I'd say £40k

moreismore Fri 20-Apr-18 21:33:31

£40k. If you wanted to take into account inflation or anything else you should really have had a formal agreement.

Babynonamee Fri 20-Apr-18 21:33:55

I agree. 40k. No more- unless there was an agreement to do so.
Do you think they are expecting to pay back more than the 40k?

ItsLikeRainOnYourWeddingDay Fri 20-Apr-18 21:34:17

You don’t have a legal contract drawn up for a 40k loan hmm

Foodylicious Fri 20-Apr-18 21:34:39

What did you agree at the time?
I think you have to stick to that really.

So if you didn't specify to be paid back with interest then you can't expect any more back (even if you jobs they inherited a huge sum).

LucaMommy Fri 20-Apr-18 21:34:55

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Kannet Fri 20-Apr-18 21:35:13

Just to be clear they are suggesting 45k and we think that is too much. We though 43 would seem fair. They are insisting it's too little. We thought we would canvas opinion. We are not fleecing anyone.

Longdistance Fri 20-Apr-18 21:35:29

£40k and a bottle of wine.

RandomMess Fri 20-Apr-18 21:35:43

Just go mud way £44k

RunRabbitRunRabbit Fri 20-Apr-18 21:36:07

Where would you have saved the money? How much interest would you have earned? Ask for a bit less than that.

MargotMoon Fri 20-Apr-18 21:36:06

Based on your follow-up comments I'd do what @Eatsleepworkrepeat suggested.

Pigleteer Fri 20-Apr-18 21:36:09

Interest rates have been at 0.5% for years until recently and now at 0.75%. You’re thinking of charging 7.5% - that’s not fair. You’d be looking at about £300

Blankiefan Fri 20-Apr-18 21:36:14

If you assumed 1% compound APR, youd get £43,340 ish back.

Don't forget to pay your taxes on your £3,340. You'll have to self cert.

FiveGoMadInDorset Fri 20-Apr-18 21:36:16

If you wanted interest then a rate should have been agreed and put down in writing and signed. So £40k is what I would expect back in what you are sayimg

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