Loaning money to friends

[CKW]

I loaned $250 to a friend until they got their tax return. They sent me a check and I didn’t cash it right away because I forgot about it. About three weeks later I sent a message asking if it was ok to cash. They said it would bounce if I cashed it. Ok, I’m thinking when I write a check that money is no longer accessible. We play the can I cash it song and dance for several pay periods with no solid plan in place to pay me back.

I didn’t want to deal with a bounced check fee at my bank so I went to the friends bank and cashed the check. Two hours later I get a nasty text telling me what a piece of crap I am because they were going to get their kids drivers license that day. Nope not my fault.

We stopped this practice years ago when my sisters better (worse) half talked us out of a sizable amount to fund a job he was doing with the promise to pay us back when he got payed.
Come the time he was nowhere to be found. Hubby (you all know him) tracked him down and was told he could not pay us. He noticed a new set of custom wheels on his truck and a new stereo.
Needles to say things turned very ugly very fast. We eventually got our money and he tried to make us pay for the stitches in his mouth. It got ugly again.

No more.

 

[Cameramonkey]

We stopped this practice years ago when my sisters better (worse) half talked us out of a sizable amount to fund a job he was doing with the promise to pay us back when he got payed.
Come the time he was nowhere to be found. Hubby (you all know him) tracked him down and was told he could not pay us. He noticed a new set of custom wheels on his truck and a new stereo.
Needles to say things turned very ugly very fast. We eventually got our money and he tried to make us pay for the stitches in his mouth. It got ugly again.

No more.

Why would you punch him? I know CM is a kind, meek individual, so HE couldnt have done such a thing!

 

[CampingJosh]

Why would you punch him? I know CM is a kind, meek individual, so HE couldnt have done such a thing!

I'm sure there wasn't a punch. It's just that sometimes when you fast-talk too much, your mouth can't keep up and splits right open.

At least if I were a witness...

 

[IndyTim]

It's still your money. You will take a tax hit and penalty, if you are not 59 1/2, but I have never seen a 401k you could not get your money (tax hit and penalty applied) out of.

Most offer loans, etc, but maybe not all, but if one is willing to accept the tax hit and penalty, the money should be accessible for hardship withdrawal...

https://www.irs.gov/retirement-plan...-plan-participants-general-distribution-rules

KittySlayer is correct, not all 401(k) plans allow hardship distributions. I’ve seen plenty of plans that allow for neither loans nor hardships.

A 401(k) participant won’t be able to take money “just because” even if they are willing to take the penalty and tax hit. They would need to experience a distributable event. Loss of primary residence is not a distributable event.

 

[Gluemanz28]

I'm sure there wasn't a punch. It's just that sometimes when you fast-talk too much, your mouth can't keep up and splits right open.

At least if I were a witness...

I like your thinking

 

[CKW]

Why would you punch him? I know CM is a kind, meek individual, so HE couldnt have done such a thing!

In his defense this was before Ingo and it was a large amount of money. The guy got smart and paid for it. Quickly. That was the mouse in those days. Great guy just do not lie to him, steal from us and then get smart about it. Never ends well.

But he is much better now.

 

[Gluemanz28]

In his defense this was before Ingo and it was a large amount of money. The guy got smart and paid for it. Quickly. That was the mouse in those days. Great guy just do not lie to him, steal from us and then get smart about it. Never ends well.

But he is much better now.

He is a great man. I’m fortunate enough to call him a friend.

 

[fullmetaljesus]

Only give out the money you don't need back. If they don't repay, you're not out anything if they do neat extra cash.

 

[Hoosierdood]

*UPDATE*

My wife went to the mail box yesterday and there was my first check from his employer from garnishing his wages. The first check was $524, which equates to 2 pay periods, so I should expect around $250 every pay period until it is paid in full. That means that his garnishment started the last week of November. It took over 10 months, but looks like I will finally be getting my money back.

Merry Christmas to me.

 

[KittySlayer]

Merry Christmas to me.

Going to change your avatar to the Grinch?

Glad you are getting paid back.

 

[churchmouse]

Going to change your avatar to the Grinch?

Glad you are getting paid back.

Knew that was coming........He did not set the time frame.

 

[Hoosierdood]

Going to change your avatar to the Grinch?

If I must.

This could have all been avoided months ago.

 

[maxwelhse]

**UPDATE**

I never saw a dime from the guy, which I completely expected. I laid low for several months, not pursuing any legal action. Its possible that he may have even thought that I had given up and written it off. That couldn't be further from the truth.

I filed papers with the court, and served them on his employer last week to begin garnishing his wages. I waited to file for garnishment until November for a very specific reason. It should take about 3 months (maybe a little more) to pay me back the full amount which means that he will be garnished through the end of January. That means that 25% of his paycheck will be taken all through the Holidays, which will hopefully ruin his plans for Thanksgiving, Christmas, New Year's, and possibly even Valentine's Day. I want this to hurt him.

You can call me an a-hole, and maybe I am. But you take from my family, and I will rain hell on you.

Diabolical! I approve!

Now the trick is going to be whether he quits his job or not now that the garnishments have started and make you chase after him to his next employer.

 

[Alamo]

Re: Hoosierdood and the judgment/garnishment: My exterior compassionate self is sad that the human condition leads to the necessity for such action. My inner Grinch is smiling grinchily.

...but being on the edge of being evicted does not speak to responsible behavior.

I rent UHaul trucks. I am amazed at the number of people who come in and need a UHaul RIGHT NOW to move their entire household to some other city, often in another state. I don't inquire as to motivation, just as to their ability to pay for the move and a current driver's license, but...how many people wake up in the morning and decide "Hey! Let's just move the family across the country!" More than I would think, apparently.

 

[maxwelhse]

I rent UHaul trucks. I am amazed at the number of people who come in and need a UHaul RIGHT NOW to move their entire household to some other city, often in another state. I don't inquire as to motivation, just as to their ability to pay for the move and a current driver's license, but...how many people wake up in the morning and decide "Hey! Let's just move the family across the country!" More than I would think, apparently.

I have helped 2, now ex, girlfriends move and that's literally how they did it. Neither had any idea that you could reserve those trucks ahead of time and both thought you had to get up at the crack of dawn and get there first or they'd be all gone.

One of them rented the smallest truck possible and literally just threw her stuff into it in any available hole... this was the warning sign you think it was, but she was not moving in with me.

 

[Brad69]

Is this the right thread to ask for money to fund my prosperity cult?

 

[Hatin Since 87]

Is this the right thread to ask for money to fund my prosperity cult?

Hoosierdood just got a little extra, and seems willing to loan some out.

 

[Hoosierdood]

Is this the right thread to ask for money to fund my prosperity cult?

Ima need some collateral first.

 

[maxwelhse]

Ima need some collateral first.

Man... I just need a few bucks to help with my start up app!

It's money in the bank!

 

[Hatin Since 87]

Man... I just need a few bucks to help with my start up app!

It's money in the bank!

LMFAO!! That was not what I expected