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?

I would. The friendship is worth more to me than £1000 and I have good enough friends that if they wouldn't ask unless they actually needed it.

I guess it all depends on what you as a person can afford to lose and whether that is offset by the friendship.

I just don’t understand how you have a spare £300 a month, but got behind on mortgage and bills. They are not going back down.
children “don’t go without” if they don’t have a present pile. They go without if your house is repossessed.
my grandparents have helped out my parents, my parents help me and my siblings out, and I will help out my children.

Ask your parents to gift it and deduct it from your future inheritance.
Borrowing for routine daily living expenses like this is the hardest to pay back because it will always be something over the 3 month pay-back period. If they can gift it to you it will be way more helpful in the long run to your budget.

Er, Ask your parents to gift it and deduct it from your future inheritance. ...?

You're assuming they will give an inheritance and also have ready money in a form to be able to cash it in?! Bizarre - this isn't real life for many, many working class folk up and down the country.

Yes, loans are no biggie between my parents/siblings.

You're getting a hard time here OP because what you've described doesn't make any sense.

The rate at which you can pay back the money (which is on top of the elevated standard outgoings you have described such as utilities and mortgage payments) is at odds as to why you would need it in the first place.

You say you got "behind" because of those items being increasingly expensive plus Christmas.

It simply doesn't add up that you can throw £1k at those issues now and then pay £300 per month to repay the loan without falling behind again.

So something doesn't add up.

If your circumstances where that you'd had an unexpected bill of £1000 that needs to be paid now, that would make sense in so far you can afford to pay it, just not in one go- but in that case your first port of call is to see if you could pay that bill in instalments rather than asking your parents for a loan.

However, you specifically mention your mortgage which is NOT an unexpected bill.

The only other thing I can think of is if your wage is variable such as you own your own business and have had a minor cash flow issue but expect a number of payments will come good in the next 3 months (though again I'd question how you are managing your finances as most self employed people keep cash reserves for such a scenario and smooth their earnings over the year).

However when all is said and done, as a parent and if I could afford it, I'd give you the money (never mind lend it) as long I was confident that the circumstances that led to this issue was a one off and beyond your control rather than a result of being financially feckless.

I wouldnt lend money to anyone if it was the result of poor financial management, living beyond their means or spending money they couldnt afford on Christmas when their mortgage payments were at risk. If it was my child it would be different, but I wouldnt lend them money without know exactly how they got there as I wouldnt want to throw (my) good money after bad if there were a better solution to their difficulties.

I wouldnt ask to borrow money if I had for myself into that position.

If you can afford to easily pay back £300/month you shouldnt be in debt now and you need to be more honest with yourself how you got here. The cost of living crisis isnt ending anytime soon.

If you didn't spend £1000 on christmas, and your income exceeds your outgoings by £333 a month, even after allowing for the increase in outgoings, then it's not clear why you are short of money now.

You can't make the case for being a good risk if you can't explain why there's a problem now, when apparently you have more than enough income overall. The facts are not adding up.

Someone short £1000 is unlikely to have £333 to spare every month for the next 3 months.

Sorry everyone is kicking you while you are down OP xx

Why would you have a spare £300 pm now? Despite claiming you s ore on bills.

Your energy bills won't magically go down in the next 3. Months. So if the bills aren't a problem because you seem to think you can pay £300 a month on top of bills no problem

It can only mean you've spent £1000 on Christmas ??

No one is "kicking her down" just wondering why she can all of a sudden find £300 a month when she hasn't been able to atm and claims she didn't spend the £1000 on Christmas.

It doesn't make sense that she could pay £300 a month more now. Her bills will be as expensive. And,yes, she won't have Christmas,but she claims that the £1000 wasn't spent on Christmas. So I think her maths is wrong and it might be more like £200 pm she could afford.

We borrowed £5k from parents for a house deposit 10 years ago (we needed 10% and had saved 7% ourselves), paid it back within a year with 3% interest. We had however shown that we were careful with money for the previous few years with our savings, and not got ourselves in any financial trouble in the past (even though we have been on the bones of our arse especially during the financial crash) so parents were confident we could pay back and wouldn't make excuses, we even wrote up a budget to show how we'd pay them back.

As the saying goes though never lend more than you are willing to lose, if your parents are not very financially comfortable themselves they may struggle to lend especially with their own energy bills increasing.

Its fine to ask as long as you hold no grudges if they say no. Also say that you are willing to make a written contract (easy to do) signed by all parties and a witness stating that what you're asking for is a loan not a gift so they can take you to small claims court (more easily, if needed) to give them some reassurance. Xx

If you can afford it and you trust the recipients....sure, why not.

Depends entirely upon who it is, how reliable they are at paying back and whether you can afford to lend it and possibly lose it.

I’ve lent money to ‘now ex’ friends who promised to pay back it was like trying to get blood out of a stone and only ever got half back.

My sister is also really bad with money, bankrupt twice over and always borrowing from other family members and having to be chased for it and so lending to her would be a big fat no.

Only you can answer this.

Please don’t feel embarrassed. If it’s between using a credit card or getting a loan or asking parents who you know have the money then ask them. My children are many many years away from been grown up but I would hope they ask me where they think I can help them struggle along. You are asking for a loan and not a gift.

People are not kicking the OP when they're down.

PPs are pointing out the financial reality of what the OP is asking opinion about in a way a friend might not - ie the unvarnished truth.

The OP hasn't really acknowledged that they take on board that non-priority spending, even at Christmas, shouldn't put their mortgage and essential bills in a compromised situation. It isn't clear that the OP has spent £1,000 on Christmas, it could have been less, but it's highly likely the situation could have been avoided if they had spent a maximum of £100 on presents for their DD, that would not have meant DD was "losing out".

The other consideration that the OP hasn't touched on is what is the financial situation of their parents. If they have a significant amount in available cash, then a loan of £1,000 with a repayment schedule of 4-6 months won't leave the parents in financial hardship. We have no way of knowing so the OP is asking for opinion when they haven't given the full facts.

I would if I trusted the person and I had it to lend.

No… unless I could afford not to get it back

Can you get a low interest loan to sort yourself out.

You might have to take out much more than you need to get a low interest rate but then you can just pay that excess amount straight back in. Even for £7k loan with first direct you'll only pay back about £130 a month if you take it out for the maximum loan term stick what you don't need back in it and then pay it off ASAP you'll be charged a small amount of interest for early repayment but maintain dignity and good family relations.

Just double check in the loan info whether you have to have the loan for a specific length of time before you can pay it back in full.

I would lend it in a heartbeat to my parents, my son or my ex-husband (divorced a long time, very amicable and I trust him to repay)

Not anyone else though, while I would give a friend or acquaintance a small amount such as £20 or so for something like food or petrol, I would not be able to potentially write off a larger amount.

Really depends on the person! One of my sister's or parents, or in laws? Absolutely! Literally two very close friends who are practically family's...noone outside if that tho

I wouldn't lend money to you.

You intentionally got into debt knowing you would be overspending & next year those utility prices will go up even more.

It seems likely you will overspend again on things you don't really need because you prioritise the wrong things.

You aren't a good financial bet.

No. They can surely take a loan and repay in dribs and drabs. That's the point of them.

I wouldn't lend anyone money, I'd give them some but not to cover money overspent on Christmas. I really annoys me whn people don't know the difference between lending and borrowing.