Friend has asked to borrow money but I’m not sure

[sunrisesunshine]

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:

1. 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.
2. 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.
3. 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.

No!!

There is endless money threads on here and they very rarely get the money back.

It’s a terrible idea. Don’t do it.

This would be a no from me. You can’t give away 40% of your savings. Which is what you would be doing. Return the awkwardness to sender.

They won’t be able to afford to pay you back.

You think that because they HAVE put you in a crappy situation. Say no - 2k is wild and I would argue the 5k is probably all needed in case of an emergency, therefore isn’t ‘spare’ at all. And if they get funny with you for saying no, dump the friendship.

Say no unless you can really afford it

Absolutely not. No way. Many threads on here about this kind of thing. It ends friendships, as they’re not responsible with money.

Do they know how much you have in savings?

Based on No.2 alone I’d be saying no. Anyone who has 22K and doesn’t think to save some of it for emergencies is someone who makes poor decisions. Personally I doubt you’d get the money back, so unless you’re willing to write it off as a gift instead of a loan then I’d say no. You can always use the excuse that you might need it yourself soon for some repairs or something if you don’t feel comfortable giving a flat out No.

I would say no. Sorry, I'm not in a position to lend any money (No further explanation). Hope you can get something sorted.

They sound like people who wouldn't pay it back.

It might feel tricky but it's always a bad idea to lend money to friends. Better to have awkward conversation now than a major fall out later when they don't pay you back.

Big hard NO

Just say you can’t afford it either.

you won’t get this back

No, No, Nope, No, No!!

Do not even consider it.

They don't work, the spunked £22k in a year, you feel uncomfortable to say no - how and why are you even friends with these people?

Say no. They can’t get credit for a reason. They are a terrible risk. Unless you are willing to give them the money as a gift, don’t do it.

Don’t you may never see it back

No way … they blew through 22k !!! You don’t have a massive amount of savings

I would be saying sorry don’t have the funds - which really you don’t have- it’s for your emergencies not some else’s

"sorry friend, I can't afford to lend you any money. Hope you get it sorted"

Only ever lend money you’re happy to never see again…

2K when you only have 5K saved is a huge chunk.

How can they afford to pay you back with poor credit, debt and no savings?

You would be a massive fool in my opinion to lend them money.

Absolutely not. She shouldn’t know how much money you have in savings- just tell her you don’t have it. If for some reason she knows you have savings tell her it is in a locked savings account and you can’t access it until it matures

Don’t do it….you'll lose the money and the friendship. Best just to lose the friendship if they don’t understand why you won’t lend the money. To lose both will be galling!

And don’t let people know you have savings. You can just say No that doesn’t work for me or if you feel the need to explain…the money is tied up in a high interest savings and has to have 60 days notice, or you need the money for your new kitchen / underpinning / whatever. Although you don’t have to justify why not, they’re CF with NO MONEY TO PAY YOU BACK. And they know that.

It would be a straight no from me
You don’t have to justify your reply or think about their circumstances,
2K is a hell of an ask.

Just no. It’s a complete sentence remember. Say you can’t afford it, say it’s earmarked for other things, or don’t explain at all. They should never have asked - so cheeky.

They have blown 22k, they are extremely bad with money. You would be very irresponsible to lend them ANY money. They are a couple with double the earning power should they choose to work, as opposed to you, being single. They should be ashamed to ask you. Say no, and don't lend a penny.

No way, say it’s tied up. They should have saved some of the £22k. How do they even propose to pay you back?