Lent $8k to boyfriend

**Ima saver** · 01-12-2006, 06:02 AM

Re: Lent $8k to boyfriend

You can probably buy something in an office supply store. He should start making payments to you right away.

**avery217** · 01-12-2006, 06:13 AM

Re: Lent $8k to boyfriend

Also, since lending him this money, I have maxed out all of my credit cards. Is there a way to determine interest that he should pay me based on the funds that came from my credit cards?

**Ima saver** · 01-12-2006, 06:19 AM

Re: Lent $8k to boyfriend

What interest rates are you paying on your credit cards? I am worried that you have gotten yourself in a very bad situation. I don't believe in loaning money.

**sweeps** · 01-12-2006, 06:26 AM

Re: Lent $8k to boyfriend

I don't want to seem rude here, but there are some serious problems with this situation. First, if you had to dip into credit cards in order to lend money to your boyfriend, then you really didn't have the money to begin with. Why couldn't he use credit cards to tide him over until he gets paid? Second, I'm concerned that you're creating a contract AFTER you've already lent him the money. This is the kind of thing that ends up on Judge Judy.

Having said that, there should be no need to buy a formal contract from a store. Just type up the terms of the agreement in a Word document, both of you sign it (and having a witness sign would be a bonus), and then both of you keep copies. Be sure to state that the money is a loan and not a gift.

EDIT: Also, document every payment that you give to him. Write him a check instead of giving him cash, for example.

**PRICEPLUS** · 01-12-2006, 06:30 AM

Re: Lent $8k to boyfriend

Sweepsplayer is right. You are lending money you don't have.

**Ima saver** · 01-12-2006, 06:30 AM

Re: Lent $8k to boyfriend

Good advice sweepsplayer! Don't ever loan money you don't have!

**avery217** · 01-12-2006, 06:53 AM

Re: Lent $8k to boyfriend

Thank you for the advice.... You're right that I didn't really have the money to give-- because my interest rates for two of my credit cards are 29.99%. Also I lent him money from a CD I had that was accumulating interest. Should we get the document signed by a notary? or is a witness sufficient enough?
I have not even been dating this guy for six months and I cannot believe the money I have lent him has added up so quickly.

**Ima saver** · 01-12-2006, 07:02 AM

Re: Lent $8k to boyfriend

Wow, 30% interest. A notary would be nice, but you still need a witness!

**Fern** · 01-12-2006, 07:45 AM

Re: Lent $8k to boyfriend

Originally posted by Sweepsplayer

I don't want to seem rude here, but there are some serious problems with this situation. First, if you had to dip into credit cards in order to lend money to your boyfriend, then you really didn't have the money to begin with. Why couldn't he use credit cards to tide him over until he gets paid? Second, I'm concerned that you're creating a contract AFTER you've already lent him the money. This is the kind of thing that ends up on Judge Judy.

EDIT: Also, document every payment that you give to him. Write him a check instead of giving him cash, for example.

My sentiments exactly. A rule to live by: Never loan $$ to relatives or friends. The time to draw up a contract is before the $ is loaned.

Of course you love him, but things happen all the time and relationships end. I surely wouldn't wish that on you, but when it comes to money, be prudent and protect your own best interests.

PS I watch Judge Alex regularly.

**sweeps** · 01-12-2006, 07:45 AM

Re: Lent $8k to boyfriend

Originally posted by avery217

Should we get the document signed by a notary? or is a witness sufficient enough?

Getting the document notarized is a good idea, but probably is not necessary. What it really boils down to is -- in the remote chance you had to take him to court -- would the judge be convinced that the contract was legitimately entered into by both of you. Best of luck -- I hope everything works out and this just turns out to be a good lesson.

**tashab** · 01-15-2006, 02:07 PM

Re: Lent $8k to boyfriend

good luck on this...i lent money to a male friend of mine 6 years ago and got screwed..luckily it was only $800 which was still alot to me at the time but could have been worse like your situation...never saw him or the $ again...hope you get your situation worked out!

**Tree0164** · 01-16-2006, 02:47 AM

Re: Lent $8k to boyfriend

I wish you came here before you lent him the money. You can have him sign something but he may or may not pay you back. I hope he pays you back. Did you set up a payment plan?

I don't lend money to family or friends either.

Good luck

**Ima saver** · 01-16-2006, 04:39 AM

Re: Lent $8k to boyfriend

I don't lend anymore either.

**PRICEPLUS** · 01-19-2006, 09:12 AM

Re: Lent $8k to boyfriend

neither a borrower nor a lender be - Shakepeare

Still good advice!

Lent $8k to boyfriend