Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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I agree with all the posters who say give it as a gift....
Hopefully your sibling will be grateful, and always think of you in a good light, plus there are your nieces/nephews involved I presume....
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Is there a way you can prevent them from getting luxurues like cable, eating out, and vacations until everyone has been paid back?
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Thanks for also sharing your story from the other side. That's interesting perspective, "I started feeling very guilty and started avoiding him." I can see that happening in my own situation. ...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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x2
A gift is a gift. "Here you go bro/sis, love you...do what you want." No strings or conditions. If he/she shows up with some new toys or goes on a surprise vaca, you have to bite your tongue.
...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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My sibling's family house got foreclosed. They filed for bankruptcy. Obviously, they can't get a loan. They would like to rent a house. The initial cost (first and last months rent; and security...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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definitely outlay terms, interest, etc.
when my wife and I got married, I was a student and she was a first year teacher. needless to say we didn't rake in the cash. her grandfather loaned us...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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i lent my sibling 5k without thinking twice. that might have not been a smart move actually...lol
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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In my opinion give them two options. 1.) Consider this a gift from us and if you want to pay it back that's fine. Also consider this the LAST gift.
2.) This is a loan and you need to make small...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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+1
It seems unlikely that your sibling isn't already aware that you don't really need the money and/or need it back. That is, assuming you have a reasonable close relationship as implied by the...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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You mention this is for rental of a house. Maybe they are living outside of their means and should consider a different place to live if you'll feel this way if you help..
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Have to agree with a lot of the above posters. Loaning money to family can be bad for relations with them later. You either get resentful of them not paying you back or they get ashamed and stay away...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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At first I wondered why it was so important to you that you be repaid. But it seems like the reason is because you may feel like you're being taken advantage of. That is certainly understandable. ...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Wow. Perspective from the other side. That's good. Thank you!
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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If you set it up as a loan I think you must adhere to the IRS minimum interest rate for it to be a loan rather than a gift. If I were you (and this was my sister) I'd set it up exactly like a loan,...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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as much as I hate doing it to a family member, interest is a repayment incentive, and I suggest you do as hAvAAck said - you can also offer reduced payments/etc. if she has tough times but has been...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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I think like may others they got caught up in the housing bubble. They both have jobs. They haven't been laid off. It's just that they couldn't keep up with the mortgage, along with everything...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Give them the money and don't expect repayment.
If you cant go this route or have reservations then you are not financially secure enough to be giving money to family.
For the people considering...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Next it will be co-signing for a car. Nip this in the bud.
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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We have been asked by siblings for loans over the years (big and small amts) and we have given them freely with no strings attached. We've been fortunate in that we were repaid in full, but honestly...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Pick a minimum monthly payment amount and set up automatic monthly payments through online banking if possible.
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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$1/yr for the next 1000 years sounds reasonable?
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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adapted from the $1 million russian lottery
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Loan them $1k. Charge them the minimum IRS interest. Gift them back the interest.
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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I would have the sibling write up the contract, it will at least bring a sense of responsibility to it, and show that you do want and expect the cash back.
I would also stay away from saying...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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If they pay it back, keep it in a fund for their kids when they are older.
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Save yourself a lot of headaches.
Just give them the money. No strings.
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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^ I like it.
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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I have a couple of rules when it comes to family and friends and money:
1. I NEVER lend family or friends money.
2. I will give a family member or friend money, but I have a "one time and...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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don't mix business with family... never turns out good and it could possibly turn into Judge Judy... with that said, if you can take the hit, loan it (afterall family) and understand when you can...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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Yeah, my sibling is aware I could probably do without the money. I don't have a family of my own. No mortgage. Just credit card bill.
Yeah, not sure how the IRS fits into all this. I Googled...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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When I was younger, I borrowed a couple thousand dollars from my brother. I needed it, he had it, and we both knew I wouldn't be able to pay him back for at least a while. But more and more time...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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First degree family, never loan money, just give it.
If you don't have the means to give away the money, then don't do it. But never ever expect or ask for it back.
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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I too take the Dave Ramsey approach on this. You can say "pay me back whenever" if pride is on the line, but when you give it never ask for it back. Sours relations until it's dealt with.
Unless...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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How about taking 4-5 signed checks this time and actually cashing them? Tell them up front, you'll just keep them on you, and you'll cash them once every 4-6 months.
They're moving into a rental...
Loan sibling money: How to get "paid" back? When you don't need to be paid back.
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Thread created 07-02-2012 by Samwise Gamgee
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The problem with many is they are buying more house or car then they can truely afford on True wages (after taxes, and taken into account work expenses, commute times, and the 50% energy levels after...
