Lending money to friends
+ The latest research shows 63% of people who lend money don’t get repaid.
+ Worse still, 57% of friendships end over this very issue.
Lawyer Paul Brennan and Psychologist Jo Lamble joined us on Sunrise today to discuss lending money to friends.
Mr Brennan says it’s not really a good idea to lend money.
"If you are going to lend it, don’t expect to get it back," he says.
Brennan adds that every few months he gets asked from clients about lending money to friends. Usually, he says, he talks the client out of lending the money.
Excuses to avoid lending money
* You don't have the extra money
* Your partner won't let you
* Blame your lawyer
Safeguards to have in place
* Draft a legal loan document
* Mortgage against a property or charge against an asset
* Ask for post dated cheques
Paul Brennan's book
Do you think it is safe to lend money to friends? Have any strategies? Tell us below...
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