Lending money to family

[scooby]

I've made a big boo-boo! Bailed some family out as their business was struggling (business loan, reasonable amount) after they where broken in to and the unit savaged. This was back in March and the promise was that it would be repaid by end of March.

Now we're in May, and the money is still not forthcoming. They have a customer that owes them big time (£30k+) which I've confirmed as I've seen the books. This outstanding monies has now pushed me to force them to them to withhold stock of the customer (Family are a haulage storage firm) which they have done.

The question is, what do i do now. I want my money back, and quick. Im losing confidence that they are capable of repaying. Do i start recovery proceedings? the contract I made them sign, to keep it all official etc, states i can recover the costs in any way I can. I'm tempted to take a vehicle or two to make sure the money is repaid, the "boys" can sort it...

To be fair Im past caring that they are family, I can deal with the fallout. They need to be reassuring me ASAP that I will get my money...

Suggestions?

[BrilloPad]

How close in the family are they? Brother? Cousin? In-laws?

[scooby]

How close in the family are they? Brother? Cousin? In-laws?

Cousin and Dude who rents my house (step-mums fella)...

As i said, i dont have issues being a swine, I wants me monies...

[MarillionFan]

Cousin and Dude who rents my house (step-mums fella)...

As i said, i dont have issues being a swine, I wants me monies...

A fool and his money are soon parted.

[BolshieBastard]

I've made a big boo-boo! Bailed some family out as their business was struggling (business loan, reasonable amount) after they where broken in to and the unit savaged. This was back in March and the promise was that it would be repaid by end of March.

Now we're in May, and the money is still not forthcoming. They have a customer that owes them big time (£30k+) which I've confirmed as I've seen the books. This outstanding monies has now pushed me to force them to them to withhold stock of the customer (Family are a haulage storage firm) which they have done.

The question is, what do i do now. I want my money back, and quick. Im losing confidence that they are capable of repaying. Do i start recovery proceedings? the contract I made them sign, to keep it all official etc, states i can recover the costs in any way I can. I'm tempted to take a vehicle or two to make sure the money is repaid, the "boys" can sort it...

To be fair Im past caring that they are family, I can deal with the fallout. They need to be reassuring me ASAP that I will get my money...

Suggestions?

Tell them you want the money repaying, no ifs or buts, in x days. If you havent received the amount by then, you'll start legal proceedings.

[scooby]

Tell them you want the money repaying, no ifs or buts, in x days. If you havent received the amount by then, you'll start legal proceedings.

Just been and done that. Stern conversation, face to face. lets see where this goes...

[wim121]

I've made a big boo-boo! Bailed some family out as their business was struggling (business loan, reasonable amount) after they where broken in to and the unit savaged. This was back in March and the promise was that it would be repaid by end of March.

To be fair Im past caring that they are family, I can deal with the fallout. They need to be reassuring me ASAP that I will get my money...

Suggestions?

Stop being a knob ?

Sorry, I don't think we have had a fallout or anything before, but your post really makes you seem extremely unreasonable. I feel sorry for them, for borrowing money off you with that attitude!

Now we're in May, and the money is still not forthcoming. They have a customer that owes them big time (£30k+) which I've confirmed as I've seen the books. This outstanding monies has now pushed me to force them to them to withhold stock of the customer (Family are a haulage storage firm) which they have done.

1: How much are we talking about here? Did you cover the full £30k? If it is a big loan, it would be more than reasonable to say "Look, if you cant pay me back now, just cover the interest payments please."

The question is, what do i do now. I want my money back, and quick. Im losing confidence that they are capable of repaying.

You take a risk every time you loan out money. I've loaned friends amounts under £100 before and half the time never seen the money again despite the promises. I havent gone round and kneecapped them, instead Ive just taken it as an indicator of disrespect that is prevalent in society and kept a friendship, however then I havent been as generous again to that person.

Ive loaned family money before as well. I loaned one family member I trusted a good sum in the hundreds. However they were awaiting a repayment from a family member (who was always late with repayments or never made them). I knew this risk, however I didnt want my family member to suffer. They learned who to loan to (well I hope, from what they said). There was a good chance that I could have been without the full payment at all, but that is the risk we take.

Do i start recovery proceedings? the contract I made them sign, to keep it all official etc, states i can recover the costs in any way I can. I'm tempted to take a vehicle or two to make sure the money is repaid, the "boys" can sort it...

As I said, how much money?

Anyway, no! I'm tempted to smack you on the nose with a rolled up newspaper or get a watergun out. I think it is quite barbaric you are hounding a family member for the repayment. If you used that effort in being an arse, towards their non-paying client, such as "sending the boys" to the client, that would be far more helpful and get you your money quicker.

Less than a few hundred pounds, not worth it in small claims after costs and taking time off and not worth paying someone to recover the money.

More than that amount, worth it, but remember this adage which sums up most of my post: Don't lend what you can't afford to lose.

It really is that simple.

[psychocandy]

Wim - Bollax mate.

He did his family a favour by giving them a loan in the first place. They shouldnt take the piss now.

Agree with the OP. If they continue to take the piss, time to play hard ball.

Never lend money to family. My brother got divorced years and years ago, he let all the finances slip, house was going to be repossessed, car etc.

Because he's a total bell end I went to meetings with all these people with him. Went to see car finance people and it was cough up a few hundred quid now or car goes. So I did cough up for him (not that I could afford it really - I was just out of college).

A year later, I'm struggling to save deposit for house, he's minted again all of a sudden - cheeky twat never did pay me back even though I asked him outright a few times. Wasnt impressed - got him out of the tulipe when he needed it but couldnt be arsed to pay me back. Twat.

[pmeswani]

I've made a big boo-boo! Bailed some family out as their business was struggling (business loan, reasonable amount) after they where broken in to and the unit savaged. This was back in March and the promise was that it would be repaid by end of March.

Now we're in May, and the money is still not forthcoming. They have a customer that owes them big time (£30k+) which I've confirmed as I've seen the books. This outstanding monies has now pushed me to force them to them to withhold stock of the customer (Family are a haulage storage firm) which they have done.

The question is, what do i do now. I want my money back, and quick. Im losing confidence that they are capable of repaying. Do i start recovery proceedings? the contract I made them sign, to keep it all official etc, states i can recover the costs in any way I can. I'm tempted to take a vehicle or two to make sure the money is repaid, the "boys" can sort it...

To be fair Im past caring that they are family, I can deal with the fallout. They need to be reassuring me ASAP that I will get my money...

Suggestions?

Do you have any form of contract or an audit trail with your family member with regards to the loan? Serve them with a 7 or 14 day notice to repay the loan or the debt will be passed onto a debt recovery company. Either that or bankrupt them or take them to the relevant court to recover the money.

[the_rangdo]

Always awkward with family. I'm down about £20k built up over a few years helping my parents out and stopping their house getting repo'ed.

Didn't work in the end, and I'll likely never get that money back now. In hindsight it would have been kinder to let things take their natural course.