Good morning
My close friend has asked to borrow money from me and I’m struggling to make a decision.
The money is for a car repair, roughly 2k. Maybe a bit more. The car has failed the MOT and requires this work before the mechanic can pass it. My friend and her partner both have poor credit scores due to previous debt and they’re unable to use a credit card to cover the cost. They can’t afford to sell the car and buy another one and they also don’t have any savings. I have around 5k.
There’s a few reasons why I don’t think it’s a good idea:
- I’m single and bought my first house last year. My savings are there to cover any emergencies, if I lose my job or something in the house needs fixing. I don’t have a partner or any family to support me financially if something goes wrong.
- Her partner received a large pay out from his previous employer last year (around 22k) which they used to live off instead of working. I think it was careless to not save any money.
- I have no way of enforcing them to pay if they decide not to… right?!
I know it will be an awkward conversation if I say no though. I feel like they’ve put me in a crappy situation.