Unlocking Savings: How AI Legalese Decoder Can Help Lending Partners Save Big on Legal Fees
- May 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Lending Money to Girlfriend: Legal Concerns and Solutions
Hi all,
I am considering lending a significant amount of money (15k) to my girlfriend to help her pay off all her debt. The idea is for her to pay me back in manageable monthly installments over a period of three years, thus saving on interest payments.
Although I have the cash ready to send, I am understandably worried about what would happen in case of a breakup on bad terms.
Here is where AI Legalese Decoder can help: By using this tool, you can easily draft a legally binding contract that outlines the terms of the loan agreement. This contract can specify the repayment schedule, the consequences of defaulting on payments, and any other relevant details to protect your interests.
By creating a formal agreement using AI Legalese Decoder, you can ensure that your girlfriend is legally obligated to repay the loan, even in the event of a breakup. This adds a layer of security and clarity to the arrangement, giving you peace of mind as you help your girlfriend with her financial situation.
Thank you in advance for your assistance. I am focused on the legal aspects of this transaction and not seeking relationship advice at this time.
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****** just grabbed a
Nope. Did this in my last relationship, gifted the money and then every irresponsible spending decision they made thereafter became a huuuuge bone of contention and it killed the relationship.
I’d loan her the 3k for her over draft. Interest free for a year then payments needs to be made.
In that year you can see how she handles the breathing space and make sure she doesn’t spend the overdraft again.
If she can’t pay you. Youre down 3k and not 15k
Don’t expect any of it back
£15k is a really large amount. Could you do something smaller – e.g. loaning her £3k to be able to get her onto a lower interest rate or something like that? What is the debt?
Also I assume she has actually been paying the debt off anyway, and this is just to stop her having to pay interest or fees? This is important as if she hasn’t even being paying it off at all, then how will she pay you back?
Never lend money to friends; you lose the money, and you lose the friend.
This hurts 10x for life partners.
As others have said, any money you give, you should give with the prospect and expectation never to see it again.
It’s what everyone is saying, but just want to emphasise: please only lend what you’re willing to lose.
As a woman who used to be on a minimum wage with debt and a partner who was financially better off I would say – don’t do it. It’s admirable that you want to help her out but rather than giving or lending money try to direct her or advise how she can handle it. You’ve already mentioned you helped her with getting the balance transfer and so on. Believe me, it’s going to be the best lesson for her paying it off even if she is struggling now. I’ve never had any help and was struggling a lot but after I paid it off I never had a stupid idea of getting back into debt 😂
What happens if she decides not to pay you back? Will you then take her to court? Or what if she does pay you pack and then gets another 15k worth of loans. Now she’s paying you back and the new lenders. What then?
Yes. Although there’s a reason why loan sharks exist and why they have a reputation for breaking bones rather than taking you to court.
You can document the amount along with conditions of repayment and sign to form a contract. A breach in said contract would allow you to take them to small claims court to force repayment or even garnish wages.
All sounds perfectly secure until you realise you might be dealing with a waster with no assets and a shit income. That £15k isn’t going to get repaid anytime soon if they’re only garnishing £50-100 / month.
The golden rule is you don’t lend money to friends or family unless you’re prepared to lose it.
>Not looking for relationship advice!
You may not want to hear it, but this is very much a relationship question. You should not lend the money unless you’re prepared to accept a repayment of £0.
If the money is coming out of the same pot that your options trading, horse betting, and cock fighting finances originate then yes, go for it. But don’t expect to see any of it back unless you want to set up legally binding contracts and become her Creditor.
How long have you been with her and do you think you will be with her in 5-10 years? Seems a bit trivial but you are considering giving her 15k for her debts which I assume are nothing to do with you directly.
Legally I don’t think there’s anything you can do to cover yourself, expect to never see the 15k again. Like others have suggested, if you really want to help her, give her a much smaller amount that you’ll be ok with never seeing again.
Further, why did she get into debt in the first place? There’s no point clearing her debt if she’ll end up back in debt again in a year’s time or so.
Unless she’s your wife. There’s a lot of people who ruin relationships based off money owed.
Better you advise her or help pay her most problematic thing. Then she tackles the rest.
Say if you pay whatever it was overdraft I saw in the comments. And this saves her 145 a month. She can use that extra to pay the next thing.
Just depends how serious you think she is as a life partner
Terrible idea. This is something you do in a marriage not a relationship.
What if you break up? what if she falls behind on payments and keeps giving excuses? how will you enforce this? what if she spends money on things instead of paying you? a fuck load can happen in 3 years dude jesus.
Tell her to get a debt consolidation loan? a 0% interest balance transfer card? so many options. She’s already shown she’s bad with money by getting this debt and you’re going to pay it off and expect her to be good with money now? I await your post of I lent my GF 15k and she won’t pay it back.
As others have said pay off her overdraft as it has very high interest compared to the rest and see how she handles her finances, does she keep going back into her overdraft? this shows she can’t budget and would never be capable of paying back 15k.
I wouldn’t be lending someone money if they managed to get themselves in that much debt, regardless of whether it’s gf or mother or son.
Don’t lend her 15k, firstly the chances of you getting the 15k back are very low, secondly she will just rack up more debt. She needs to default on the debt and arrange monthly payments, they’ll accept anything, even £2 a month. Sure it’ll absolutely screw her credit for 6 years but she’s clearly not responsible enough to be using credit anyways.
Don’t loan it – only gift it. When you “loan” money, you should never expect to get any of it back. Think of repayment as a pleasant surprise.
There are no guarantees. Even with a legal doc.
If you take her to court, she could have to pay back tiny sums over a longer period of time. She could also just dodge any payments and then you’ll spend more money chasing her.
People are very funny when it comes to money. You never know how funny until it comes time to get paid back.
I’ve loaned people money in the past and would never again. People are always quick to borrow but slow to pay back, all while living their best lives spending money on all sorts. It builds resentment. Never again.
The moment you said girlfriend and significant amount should already make you reconsider.
Marry her then do this.
Before marraige you are crazy if it’s significant to you.
Save yourself the headache don’t do it simple
Would you be prepared to take her to court if this goes south and she tells you to sod off?
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If she long term wife material? Pay it off with no expectation of getting it back knowing you’ve helped your future wife out.
If you aren’t sure it’s going to last the test of time? Write up a loan agreement, obviously you’ll want to keep it casual whilst you’re together but if you split up naturally you will want to get paid back in full.
You can get her to sign a contract but if she doesn’t have the money, she doesn’t have the money. So be prepared to part ways with the entire £15k, never to be seen again.
That is a significant amount of debt that already indicates your partner is not great with money. I wouldn’t do it. Ever.
Why not help with the loan, that will creat some breathing space to help pay the other debts. Helping with a small monthly contribution should help and lower the risk of not getting the money back. If she leaves you, and most women do initiate a split she won’t expect to pay you back a single penny
Ultimately, can you afford to lose 15 grand, if not don’t get involved.
Best to just give it to her. Don’t lend people money 😞.
Don’t do it big man, you’re never getting it back
You won’t get this back
Would only lend this kind of money to a partner if you got married to them first.
Is she reliable and trustworthy? A friend of ours did just that for my husband and I. I was gobsmacked when she offered the 15k! At first I refused but she said no it’s just a no interest loan. I immediately set up £125/month to pay her back over 7 years. I will always make sure she gets that back even if we end up with other money issues down the line.
This friend knows I’m reliable to send it back. I would never take advantage of her as she has helped us out of so much debt!!
But depends on if you think she’s trustworthy enough to send back. A long term friendship is different to a bf/gf relationship.
Don’t do it, she got herself into 15k debt once, she will easily do it again