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Refusing to get a loan on behalf of a friend?

(34 Posts)
cheapskatemum Mon 15-Sep-08 17:14:39

He's always got money problems because, as head of his family (oldest son, father has died), he takes responsibility for such things as his mum's replacement hip op. He sees the way out for me to get the loan and for him to pay it off by direct debit. He can't get the loan himself because he's not a British citizen. I've said no, because I don't even get loans for myself, I just live within my means. At the moment that's pretty tricky because I don't even have a job!

BitOfFun Mon 15-Sep-08 17:15:43

NO, NONONONONO, don't do it!!!

QuintessentialShadow Mon 15-Sep-08 17:16:49

NO NO NO!
DONT put yourself in debt, you have no guarantee he will pay. The loan agreement is between YOU and the lender.

Why does he think YOU should do this for him?

Lizzylou Mon 15-Sep-08 17:17:05

NO, no way, don't even contemplate it

HollyGoHeavily Mon 15-Sep-08 17:18:17

Don't do it, it will only end in tears - yours...

expatinscotland Mon 15-Sep-08 17:19:07

absolutely NOT!

Lomond Mon 15-Sep-08 17:19:34

No way, never ever do this! It is asking for trouble.

mummy5bellies Mon 15-Sep-08 17:20:48

Please don't, you're a good friend to even consider it, but don't do it

TheCrackFox Mon 15-Sep-08 17:22:33

YANBU. If the banks won't lend him money then you would be mad to lend to him.

cornsilk Mon 15-Sep-08 17:22:57

Don't do it.

cheapskatemum Mon 15-Sep-08 17:31:25

Wow! Pretty unequivocal there then! Thank you so much all of you. I really felt awful refusing, but it just felt all wrong and you lot obviously all think so too. Thanks again.

memoo Mon 15-Sep-08 17:39:57

please don't do this!!!!

how long have you known this guy?

Twelvelegs Mon 15-Sep-08 17:43:31

DON'T DO IT!!!!

Jux Mon 15-Sep-08 17:44:16

No no no. It's bad enough lending money you have, lending money you don't is worse, and borrowing in order to lend is appalling (and this is what it amounts to). Legally you and you alone will be responsible for the loan. You have no idea what could happen in the future and what do you do if he defaults? He can't have actually asked you to do this, can he?

Grumpalina Mon 15-Sep-08 17:52:51

No. No. No. Foolishly I did this for my DP and father of my two DSs. I foolishly thought he could be trusted. However despite repeated requests to set up a regular direct debit so there would be no issue with making the payment he didn't. On a number of occasions he didn't transfer any money at all but didn't even tell me consequently I incurred penalty charges on my account for going overdrawn without prior arrangement and on a number of occasions too numerous to mention he didn't transfer before the due date and again I incurred penalty charge (which i have made him pay me back but that's not the point). The loan has now been paid off and he wanted me to take out another loan for him but he has been told, NO WAY EVER EVER EVER AGAIN!!!

mm22bys Mon 15-Sep-08 18:10:46

Cheapskate,

I don't think you're right there. We were not born here, and so till recently were not British citizens, but we have always been able to get finance (mortgage easier than mobile phone contract)

I'd get your friend to try a bit harder to get his own finance

YANBU..

Yanda Mon 15-Sep-08 18:16:21

No, don't do it!

cheshirekitty Mon 15-Sep-08 19:10:21

Do not do it cheapskate. You will end up owing a lot of money.

nametaken Mon 15-Sep-08 19:10:37

Another no

TheDevilWearsPrimark Mon 15-Sep-08 19:25:41

I agree, and too have done it before and lived to regret it.

The 'friend' ended up losing touch with all our mutual friends because of it, so I guess what she lost is bigger than money, it makes me sad that she oculdn't have been honest from the start.

LittleBella Mon 15-Sep-08 19:36:52

I don't know any friends at all who would be so impudent as to ask for such a thing, tbh. It's on a par with them asking you for a loan of your womb.

TheDevilWearsPrimark Mon 15-Sep-08 19:37:57

I hope you are not serious?

hecate Mon 15-Sep-08 20:07:22

No. Don't do it. The risk to you is great. Just tell him no.

If you feel bad though, you could always take the cowards way out and say you would be turned down because your credit rating is so bad, due to past problems. grin

dizzydixies Mon 15-Sep-08 20:11:43

agree, definate NO

RubySlippers Mon 15-Sep-08 20:12:08

i am amazed people can ask this of a friend

it only ever ends in tears

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