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Receiving a loan from a friend

  • 16-01-2008 3:41pm
    #1
    Tom182_1
    Closed Accounts Posts: 4 ✭


    Hi,

    I wonder if someone can help me with this. I'm in alot of debt at the moment, and have tried getting a consolidation loan, but have been refused due to my bad credit rating! A friend has offered me a substantial amount of money (interest free!!) to clear my credit card and relieve some of the pressure I'm under.

    I'm kind of hesitant to take it, but know it will make my life alot more manageable so just wondering are there any documents that can be downloaded to make it a legal binding contract. We did talk about getting solicitors involved, but don't know where to start.

    I know borrowing money from family or friends does enter a whole grey area, so would welcome any feedback.

    Thanks

    Tom


Comments

  • #2
    NoQuarter
    Registered Users, Registered Users 2 Posts: 4,632 ✭✭✭NoQuarter


    borrowing from family may be a grey area but i dont think borrowing from friends is.

    just write up a contract on the computer yourself, make it fully clear that it is a business contract and it is meant to be legally binding. Offer some consideration on your part also, doesnt have to be monetary, just something of sufficient value!


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