Posted by: Sam | 2008/11/13

Loaning money to a friend

Hi guys,

Last week I loaned a friend R40 000 but I he gave me someone else' s account number to put the money in coz if I put it in his account debtors would take it. Now I have no proof that I gave the money to him. I am thinking of having him sign an acknowledgement of debt - will that be a bad thing to do to a friend. I do trust him but I have no proof that I gave him the money as I deposited it into someone else' s account. And really R40 000 is a lot of money to me, I feel that I need to be sure that I can be in a position to claim it back someday. I have the document ready but I am too " scared"  to send it. What do you guys think- would you be angry if a friend made you sign such a document.

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Our expert says:
Expert ImageCyberShrink

Sorry, Sam, I'm sure you meant well --- but I cannot imagine loaning R 40,000 to anyone without proper documentation and the ability to guarantee its return. If he was actually a friend, he wouldn't have suggested such an arrangement in the first place, and would have given you a signed acknowledgement of debt from the start. You probably don't even have proof that the other person received the money, or your friend ; and need an acknowledgement of debt signed by the other guy, too. I wouldn't be angry if a friend asked me to sign the right sort of papers to protect her --- I'd be disappointed at myself for not insisting on it in the first place..
Sorry, but above all, it sounds as though you have been HAD.

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Our users say:
Posted by: Fancy | 2008/11/13

you should have at least written him a cheque?!? then he would have had to cash it himself and obviously the bank was going to request a copy of his ID! see what i mean? Let' s hope that he will sign my dear friend....

Reply to Fancy
Posted by: slr | 2008/11/13

never loan money that you are not able to give as a gift.

Reply to slr
Posted by: op | 2008/11/13

I think that you should get him to sign the doc. It is business and if you dont do this you will never see your money. I agree with the Doc that if he was a true friend he would not put you in such a position. He should have also discussed how he would pay you back

Reply to op
Posted by: Maria | 2008/11/13

To be honest I think loaning money to a friend, especially such a big amount, is a recipe for disaster. Your friend appears to be in financial trouble and one has to wonder how he will be able to repay the money. By all means ask him to sign the document, it' s a pity you didn' t do so in the first place. Good luck, I hope you get your money back and keep your friend.

Reply to Maria

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