Do I lend him the money???

[Strawberryshortgirl]

My boyfriend of 2 years is starting up a new business and has contracts lined up to be started in the next month or so. So he should see payment by end of Q3 this year. In the meantime his savings have been used up and he’s basically ran out of money to support himself. We have both been very careful over the past year, knowing he is setting up the new business, to keep his expenses low and haven’t really done much or gone anywhere in order to save money. We don’t live together.

So now comes the hard part, he can’t afford anything at this point, can’t pay his rent or bills or child support. I have some spare savings. He wants to borrow a reasonably large amount of this until the business pays out. AIBU to hand over the cash to him for a few months? I find the entire this confusing as I’ve never lent money like this before.

No.

I think that you need to get some sort of legal agreement to protect yourself in case of a breakup or the business not making money in q3.

Think of how this would work if he was single.

Would this be a viable business? How would he live? Can he get a bank loan?

I would not lend him the money - what happens if you split up - do you think you have any chance of him prioritising paying you back?

No. Too risky. He can get a bank loan.

No.. If he can’t pay his basic living expenses he has over extended himself. This shows a lack of business acumen. You won’t see your money again.

He needs to sort himself out like an adult.

I wouldn’t see him starve but I wouldn’t give him a large amount of your savings.

How serious is it? You don’t live together and he’s now struggling to pay for his kids! Big nope from me

No. Please don't.

Money for food maybe, but his rent, CM and business would be a no go zone for me.

Only if you do it formally so that it would be recoverable in court

He isn’t able to get a bank loan as he can’t show income for the past year.

Absolutely not.

No I wouldn't lend him any money,it's not secure enough as running a businesses is like taking a risk.If you are willing to take that risk then it's up to you ,I personally wouldn't as you stated it's quiet a large sum of money.

I can only speak for myself, but I wouldn’t, and I definitely wouldn’t without some sort of legally binding agreement in place. Even then, that might not be worth the paper it’s written if he just has no money to claim on - your savings could be disappearing off down a black hole, never to be seen again.

Just don’t.

How much are we talking about?

I think it's very important how he reacts when you say 'no' to him over this.

Will he wheedle/bully or just accept your decision gracefully?

Even if you do it formally, if he has no money you won't be able to get anything back if his business fails/ he overspends his personal finances (which it sounds like he does on a regular basis)

Are you crazy? Of course not. You’ve already been subsidising him for a year.

If I don’t give him the living costs he will surely end up being evicted and get a bad credit rating. I put myself in his situation and I suppose I would like to know my boyfriend would help me out if I’m ever in a difficult patch.

No... definitely do not do this.

Not a chance!

He clearly didn't plan that well if it's got to the point he can't pay rent or child support this quickly.

He needs to go and get a part time job to cover his bills, not ransack your savings.

How much does he want?
Is he prepared to have a solicitor draw up a loan agreement and repayment schedule?

Why can't his parents/siblings loan him the money?

He needs to claim universal credit as a self employed person until the business starts paying out.

Why can't he just get a job?

Can he not claim universal credit for the time being?

Equal business partners maybe yes. Regular gf handing over cash ? Definitely no.