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  1. #1

    Borrowing from a friend

    Big problem in a few words

    Borrowed from a friend over a period of about four years. Let's say the total is 25k. Repaid money over time in instalments which come to, for sake of argument, 30k

    However, the friend claims around 10k still due as the money provided to me came from credit cards and loans some of which were high interest.

    I feel morally wrong stopping payments but also find it hard to keep going when I have in essence repaid the money advanced to me (and then some)

    Is it right to say that any agreement between the banks and my friend is between them. I cannot be legally responsible for that interest and charges. Though I may be morally responsible for them.

    It's a difficult situation as they did help me but it seems I'm never going to get out of this and as another friend said 'what if they got the money from a loan shark'

  2. #2
    Was this an oral agreement or was anything written down between you and your friend?

  3. #3
    Were you made aware the source of this borrowed money? - If not then I don't believe you are morally liable to pay it all back but I do believe that a diplomatic solution should be reached as this was a risk that you were both involved in and should see it out together until it is finished.

  4. #4
    Do you want your friend to end up worse off because he helped you?

    Obviously he isn't rich, because he had to borrow the money that you needed. Good that you have repaid, but obviously it cost him a fair amount to get the money to help you. After all, no commercial lender would have given you (or anyone) an interest-free loan...

  5. #5
    Ask the friend for all the statements and details of the loans etc, then you will know if they are trying it on, if they can't provide said documents then just walk away

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