Comments on: What To Do With a Deadbeat Relative?

By: Until Debt Do Us Part

Until Debt Do Us Part — Wed, 17 Sep 2008 16:46:58 +0000

Good Post. Tough call as to what to do. From an neutral outsider’s point of view it is always easy to give advice and recommend a course of action but to the person who is emotionally involved in the situation then implementing those actions can be a whole different story.

If they can afford it then forgiving debt seems like the most appropriate course of action on the condition that they never come looking for money again and that they don’t come to think of you as a soft touch. Look on the money lost as a lesson learnt i.e. ‘never a borrower or lender be’.

Expensive lesson I know.

By: Loaning Money to Friends | On a Quest To Be Debt Free...

Loaning Money to Friends | On a Quest To Be Debt Free... — Tue, 12 Aug 2008 14:01:13 +0000

[...] you choose to lend someone money, treat the loan like you would any other business matter. Discuss the terms of the agreement and put the details in writing. Be sure to list both parties involved, the interest rate, due dates, payment amounts and penalty [...]

By: Don’t Let Money Come Between Friends «

Don’t Let Money Come Between Friends « — Thu, 07 Aug 2008 16:47:25 +0000

By: Bad Debt Bad Job Rough Life | The Wisdom Journal

Bad Debt Bad Job Rough Life | The Wisdom Journal — Wed, 18 Jun 2008 07:02:27 +0000

[...] him, again using his credit card. 10. He never researched his employment options. 11. He borrowed money from relatives. 12. He found himself working at dead end jobs just to make payments to his creditors. 13. [...]

By: Creditors have better memories than debtors | The Wisdom Journal

Creditors have better memories than debtors | The Wisdom Journal — Tue, 17 Jun 2008 07:32:12 +0000

[...] worry that the debt won’t be repaid. He’s a slave to sleepless nights wondering if he made the right decision. He’s a slave to wondering if he was too aggressive with the interest rate or if he left [...]

By: Marci

Marci — Thu, 29 May 2008 22:04:08 +0000

I will only loan/gift what I can afford to lose. I do NOT expect to be repaid – therefore, no hard feeling on my part. But,If it is repaid, I will gift to that person again if necessary. If it is not repaid, then that is the end of my ‘loaning’….

All my kids are still in the ‘it’s been repaid phases’ and ‘eligible for another gift/loan. As they ALL make more than dear ol’ mom, they know they shouldn’t ask unless it is really urgent, and that they need to pay it back eventually, and so far, all have.

But there are times when I say – no repayment on this one – it is a true gift, and they appreciate it all the more for it. Just cuz Moms can do that sometimes!

By: Merna

Merna — Thu, 29 May 2008 16:35:08 +0000

When I loan money to my kids, I take a check in return with the date they promised to pay it back. That way, they know I’m serious about the payback. But most of the time I just consider it a gift and don’t worry about it. Never loan money you can’t afford to live without.

By: Pete @ biblemoneymatters.com

Pete @ biblemoneymatters.com — Thu, 29 May 2008 14:04:10 +0000

I agree with some posters – never loan money to family or friends. It will often destroy the relationship!

By: 50th Birthweek Roundup | Oh My Aching Debts

50th Birthweek Roundup | Oh My Aching Debts — Thu, 29 May 2008 10:26:46 +0000

[...] Dead beat relatives are always a way to get people’s blood stirred up as Mrs. Micah discovers in this post. My personal rule is that if I give money to a relative it’s a gift. If I have it to give away, that’s fine and if I don’t I say so. [...]

By: A.J.

A.J. — Mon, 26 May 2008 21:32:34 +0000

Thanks all for the words of wisdom. It’s been a week now, and though the relative promised that the money would be “overnighted,” I still haven’t seen a check.