Would you lend this money if you were receiving this back?

[Boxingdaytoday]

Would you lend someone around a thousand, if they were able to pay it back in 3 months at just over £300 per month?

So basically instead of paying your mortgage and fuel bills you spent it on Christmas? That's really irresponsible. I wouldn't lend money to someone who puts things before a roof over their head.

Given your history (one loan and repaid), if you can go to them and make a straightforward request and discuss the repayment plan with them and show that you're ready to set it up on the spot, then that might be acceptable. (I'm assuming that you have online or phone banking so you can set repayments up almost immediately after they agree, if they do.)

If you have £300, can't afford your mortgage but will be able to going forward - do you actually mean you spent bill money on Christmas?

@IrisCosyCottage No, the mortgage has shot up and the bills, much more than previously, I did make sure I got all
dds presents as wasn’t having her go without, if that’s irresponsible then do be it, I wasn’t going to let that happen. This amount will basically get us back to square one and I’m able to pay them back

I'd need further information first before I'd believe someone who claims to be able to afford to pay back £300 pm, but is behind on essential bills because they chose to spend money on Christmas instead.

I might lend the money if you would either let me go through your budget with you or you'd commit to doing it yourself by going through the budgeting information on Moneysavingexpert.com or similar and only spending money on non essentials like Christmas, holidays, eating out etc after you've kept up with essential bills, paid me back, saved for emergencies and saved for Christmas in advance.

Otherwise, I wouldn't lend the money to someone who can't be arsed to set a budget and won't prioritise like an adult. Outside the people who are genuinely short of money, that's the main difference between people who appear to be able to afford things and those who can't.

In light of your last update, no I wouldn't lend you money.
You prioritised £1000 for Christmas rather than your bills .

So just lend it then.
What’s stopping you lending money if you are happy to do so?

I don’t think it was subtle at all.
Like they didn’t know exactly what op meant. 🙄

I didn’t spend 1000 on Christmas 😫

Okay thanks for the advice everyone

You don’t want to lend it, you want to borrow it. At least learn the difference.

Based on your updates, no, I wouldn't.

Yes I would lend money under those circumstances if the person to whom I lent it was reliable.

I think, op, you are talking about you borrowing money.

Yeah sorry but I if I couldn't get an understanding of how much you spent on non essentials I wouldn't lend you anything.

Only lend what you can afford not to get back. Suggest an interest free credit card or similar, if they really can pay that it won’t be a problem.

If I had the money and depends who it was

my friends and I often lend each other money to help get by

This amount will basically get us back to square one and I’m able to pay them back

The trouble is, you can’t get ahead so that this won’t happen again if you have no safety net (an emergency fund) and you don’t prioritise properly - which is, essential bills first, non-essentials after.

Do your budget (properly, including saving up for next December - take what you spent this year and divide by 12), go through absolutely everything this way (dividing irregular bills like car MOT etc by 12) and only then offer a repayment plan if you absolutely must ask for £1,000.

Or call your mortgage provider and utilities provider and sort out the same repayment plan with them.

But start with the budget - a proper one.

If one of my children needed £1000 and I had it, I would give, not lend.

But why are you asking us, OP? Have you asked your parents?
Our perceptions are going to be varied and not relevant to your situation. Some people won't want to lend, while others will hand it over with no expectation of getting it back.

I don't think it's ok to spend money you haven't got, on Christmas presents for your daughter, by the way. But it's done now so can't be helped. Maybe get a more realistic grip on your finances for the future, to save you from a lot of pain and stress. Things are going to get tougher for most of us.

They're your parents OP. Just explain your situation and ask for the money. If they can't afford it they'll soon tell you. Most parents would want to try to help their adult children in this situation

Depends who it is. I lent a very good friend money under a similar agreement, and never seen it back. To be fair, I knew I'll never get it back, and lent it anyway, as I wanted to help her, and if agreeing to the repayment plan made her feel better, then be it. I only lent an amount I could afford to lose. She said recently she's still planning to pay it back, it's been 10 years, so I doubt it..

It doesn't hurt to ask them if they will lend it interest free and it won't damage your relationship. But I would look at this as a bit of a kick to start some more proactive financial planning. MoneySavingExpert has some brilliant resources on budgeting and cutting down costs. Have a look at their money makeover. It's all stuff you can do for free at home and you don't need to be a maths whiz.

I know costs have gone up for a lot of people, but being able to pay back 333 per month means you probably have quite a bit of wiggle room in your budget - you could use this to your advantage to prevent being in the same situation in future.

No.

Nope.

When you mix money with friends and family, it leads nowhere good.

I am more than willing to invest time and effort into support In other forms (I'm the one who helps people navigate official forms, complaints and benefits stuff for friends, family, neighbours). I've helped many people sort budgets and claim entitlements and my financial background means I can do that fairly quickly without much effort on my part Vs what people can do alone.

I won't lend people money though. Full stop.

Yes I would.

P.s . Op your scenario is why I have a blanket rule.

Long term a loan won't help you.

You need to get a grip of essential Vs discretion spending, a real budget based on actual spend, ensure you're on the best utility tariffs - basics of financial management. Throwing £1k is not helping long term.

I wouldn't, in the situation you describe. If any of my adult children prioritised Christmas presents over bills, I would not be very pleased and I'd think they should sort it out for themselves. I also don't see how you can think you can pay an additional £300 per month to your parents if you're struggling as it is.