January 25, 2010
- Money time – again!
Dear Mrs. Figgins:
My best friend borrowed $500 from me some time ago. He never paid the money back as promised.
Perhaps it was my fault for making it sound like the money was no big deal. I never said anything about the promised payments because he was newly married and struggling.
He’s approached me again, this time for a significant amount. The truth is I have the money and can afford to lend it to him.
However, this time, I’m afraid to because I don’t want this issue to ruin our friendship. On the other hand it may affect our friendship if I don’t loan him the money.
What advice can you give me at this point?
Marc, Victoria, Canada
Dear Marc:
A friendship should not depend on whether a friend’s loans money to another – even if one of them has the means to do so.
This said, you first need to address the fact that your friend never paid you back.
If you decide to loan money again, my advice is that you talk with a lawyer or CPA and have proper loan papers drawn up this time. The amount he still owes you, the cost to draw the loan papers, and interest if applicable, should be added to the new loan amount, along with a payment schedule.
Your friend should be grateful for your help and gladly go along with this suggestion. If he is offended by this, then rest assured – you were at risk of not being paid back “again”.
Mrs. Figgins
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