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Does anyone have any experience taking a loan from a family member? How did it work, did you sign formal paperwork? Any advice?
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Posted : 26/02/2007 12:43 pm
Re: Family money
We did and it was awkward. If you are successful, they invaribly want a piece of the business if you are not you have to make sure you pay the money back before anything or anyone else.
Posted : 28/02/2007 3:03 pm
Re: Family money
We did it and it worked out fine but we treated it as a business transaction and had a promissary note and other related documents so there was no confusion.
Posted : 13/03/2007 3:08 pm
Re: Family money
tella;31118 wrote: We did it and it worked out fine but we treated it as a business transaction and had a promissary note and other related documents so there was no confusion.
I agree we did the same thing and it helped avoid some confusion at the start in terms of a start date and ending date and I think it gave our uncle a peace of mind that we were treating it as such.
Posted : 15/03/2007 11:52 am
Re: Family money
Wedding Role;31054 wrote: My advice is do not do it there are plenty of other resources to get capital and your family should be your last resort it is only the people who have never borrowed from there family that say you should do it.
I agree we borrowed from a relative and it was a disaster they wanted their money back before the time period was up and it created problems for us
Posted : 21/03/2007 10:02 am
Re: Family money
I wouldn't do it - too much scope for bad feeling if it goes wrong.
Posted : 25/03/2007 12:20 pm
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