VoiceofReason
Registered User
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- 29
In that case you probably shouldn't lend it as circumstances may never allow.However I do need to ensure that I can receive it back in the future when circumstances allow
@VoiceofReason Does this person have any dependants or natural next of kin? What age is the person relative to yourself?
For example, if this is a sibling with no partner or children then it is a very different position to a cousin with kids of their own.
I agree with the posters above. You need to loan this money with the intention of writing it off. If it is repaid at any point you should consider this as a bonus.
If it was me (depending on the relationship), I would suggest paying a minimum of 10 euro a week (assume they are on social welfare or pension), but if they get a job this will need to change. This is more to remind them the loan is still there, as otherwise they are likely to forget about it. You can call this interest only if you wish!
I would also agree a formal charge on the property to the value of 20k, so in the event the person passes away, you can claim the 20k out of the proceeds. So in essence you get paid when they pass away
However, this does depend on the closeness of the relationship and their dependants, if any.
Sibling, 2 years younger than me with 1 grown up son living abroad.
Don't give it. If the person is not working, they are unlikely to have the funds to repay it at a later date. This seems like a really low value house, and one which the donee can't even afford him/herself. If they cannot afford it now - then how will they afford it later? From social welfare, no chance.
I would plead inability to pay, or prior commitment if they know you have the funds e.g. a Revenue tax-bill you didn't know you had as your employer (or a previous employer) didn't deduct enough PAYE etc.
If you do give it, and are not even expecting it back - the donee may even resent your kindness ... (not unknown!)
Sibling, 2 years younger than me with 1 grown up son living abroad.
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