I would definately not blindly lend money and let him make of fool of me by ignoring me when its time to payback.
Such friends are just perceived to be friends and not really a FRIEND. Their only intention would be to use you. And u can do some charity but definately not get used by someone...
I would have helped him with entire 70000 and in return would have taken custody of mortgage papers from bank. Also, I could have given him more time unlike bank to repay to me - but all the while ensuring the necessity for him to pay me back. thus he also would be sensitized to pay me back. I would also explain to him that 15000 or 70000 amounts to a big money for me too and i can help him in the crisis by lending it. On the other hand, if he would have asked outright help (not lending) then i would have helped him wil smaller amount (e.g. 5000) which i would ask him NOT to repay.
Friend in need is friend in deed!! I am sure if we lend a true friend he will return it, as he will bear the same feeling of awkwardness when dealing with you again..if he really cares for realtionship, he will return the money. I do agree that one should set a limit to what one should lend..if one has disposable amount no harm!!!
So are we just talking about lending money or getting it back too because these are two different issues. Lending money is fine but at the same time one thing should always be taken into consideration that never expect it back if it is lent to a friend or family.
Now I have a question of my own, if the buddy is in need and we care of him/her, arent they supposed to reciprocate the same way? A friend in need is a friend indeed and these are indeed a friends deeds that decide if that friend is worth making any future deeds after they are the cause of disappointment hope you get the point ;)
ofcourse one should lend money when ur best buddy needs that and if without your help it is next to impossible to get rid of the situation. But one should also consider that the money lend is to get "rid" of the situation and if the situation is genuinly made by your friends such as stupid decision or anything and not a natural disaster(like some disease) then one can regret in lending the money because if one lends money in this manner then he is indirectly supporting his friends stupid decision. Thus one can take decision depending on his instinct. Also one can decide to lend a part of money asked, which is not burdensome to you.
I am in the same predicament as the writer. Only my hole is deeper by 5000 more. I suppose from now on, I'll simply point out to my "friends" that banks offer personal loans at low interest rates so he'd better approach one such Bank.
A very interesting article, i am repaying a loan of 3.5 lacs with interest for the last 2 years, all this while all of my friends jointly owe me 3 lacs. A part of this is lost forever while the remaining i can only hope to get it one day.
In spite of all this, i would still help out a friend in trouble.
