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When is a Gift…No Longer a Gift?

There is something in many of us, a gift giving gene, a sense of wanting to help people, be generous, and share what we have.

And if someone is in need, this just makes that gene really come to the forefront and make us want to help.

However, why is there always a “however”, or a “but”, or some different perspective ro slant on something nice??? Anyway, there is.

However, not all gifts go as planned, to the recipient of the gift. There can be times when the giver, has a change of heart; something occurs to change their generous nature.

Lending Money to Family and Friends

For some this is not a controversial topic or idea; a friend or family member needs financial help, and we help them. End of story.

However, it is not always so clear cut.

If we financially aid someone we know, is it a gift or is it a loan?

If it is a loan, are there any stipulations? Is there an agreement, written or otherwise outlining the loan, such as payments, any interest, and details that usually accompany a loan?

Is the friend or family member actually lending money, or just guaranteeing a loan to help someone?

Chances are if it is a loan between two people, there is no such agreement, it may be as simple as here is the money, pay me back when you can.

End of.

Then the world turns, and the lender after time may wonder if they are going to be paid back, and if it is a significant sum of money, they may need to be paid back.

Then agreement in place or not, things can change.

This is where the question, is it a gift or a loan becomes key.

There can be times when the recipient felt or believed it was a gift, when the lender may have felt it was a loan, or perhaps, it as a gift, and now the lender needs the money or generosity to be repaid.

Either way, things can get as they say….ugly.

Friendships and relationships can become broken and feelings can become hurt, and in general it is not a pretty picture.

That is why my philosophy and advice has been in the past, is now, and always well be….if you want to financially aid someone, do not expect to be repaid, it is a gift in the very definition of the word. You give them then money and should you be repaid, it is a bonus.

But it does not always turn out that way even in the best or worlds.

So as a lender of money to a friend or family member, what can you do to get your money back?

Without a formal written agreement, it can be difficult, however, verbal agreements have held up in courts around the world, but it can once again…get ugly.

The fact you are involving the courts a third party, the legal entity that is the courts, raises the bar on things.

Friendships and families have been broken and torn apart due to such proceedings.

This is why the beginning of the whole lending money needs to be thought of in two ways:

* You gift money to someone never expecting to be repaid.

* It is a loan with a written agreement outlining al the terms, and consequences.

An interesting take on this lending or giving is what about non-monetary gifts, such as engagement rings..

The Wedding That Never Occurred

Weddings are a big deal, a huge deal, and an important day in the lives of not just the bride and groom, but everyone involved.

And weddings are not cheap!

So to call off a wedding after it has been planned, can be costly with deposits being lost, not to mention the heartbreak involved.

In with all the expenses associated with having a wedding, is the cost of the engagement ring; cost to the groom anyway.

So if a wedding is called off, there can be a loss, a huge loss, and one must wonder, what happens to the engagement ring? Does the bride-to-be, who is no longer to be, keep it, or should she give it back???

I guess part of the answer lies in who calls off the wedding?

If the bride calls the wedding off, she may return the ring; just as the ring is a symbol of their love, unbroken…..by returning it, it can symbolise the end of the relationship.

If the perspective groom ends the relationship and calls off the wedding, are they entitled to the ring being returned?

It can depend, and once again, it can get ugly.

Especially if the arrangement needs to be looked at from a legal perspective, in legal terms.

And who thinks of these things before asking someone to marry them, or agreeing to getting married? Only if a pre-nuptial agreement is in place would it enter the minds of those in love.

So once again the question to be asked and answered is, when is a gift, no longer a gift?

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<strong>What is Our Criteria For Applying?</strong> 
Every lender on our website has their own specific criteria by the basics are mentioned below and you must have a guarantor to be eligible. Simply select the lender of your choice and you will be taken directly to their website where you can apply. You will be required to submit your details including:<li style=”text-align: center;” data-mce-style=”text-align: center;”>Name (must be over 18 as the borrow, 21 or 25 as the guarantor)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Residence (your chances will improve if your guarantor is a homeowner)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Employment status (must be employed or on a pension)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Income (earning at least £600 per month and able to make repayments)</li><br /><li style=”text-align: center;” data-mce-style=”text-align: center;”>Monthly expenses (not have too many loans open or in major debt)</li>
 
You will then be asked to include the details of your guarantor and as mentioned above, this is usually someone who you know and trust and wants to help you with your personal finances. Ideally, a guarantor with good credit will maximise your chances of being approved based on the idea of ‘if someone with good credit trusts you, well we can too.'<strong>How Much Can I Borrow From Guarantor Loans?</strong>Guarantor Loans gives applicants the chance to borrow £500 to £15,000 depending on the lender. Some lenders we feature like Buddy Loans only have a maximum loan value of £7,500 and TFS Loans is the only lender that stretches up to £15,000.Factors that can influence the amount you can borrow revolve around having a good guarantor. One that is a homeowner, with solid employment, income and good credit rating will maximise your chances of borrowing the largest drawdown possible.The lenders featured on Guarantor Loans see a homeowner as someone who has already gone through the rigorous process of credit checking and affordability and if they can afford a house, they should be able to act as a guarantor for you.By comparison, having a guarantor that is not a homeowner offers slightly less security and means that amount you can borrow is slightly less too.Higher amounts may be available to those who already have a better than average credit rating, are homeowners themselves and a repeat customer with the lender who has already paid their loan on time. To apply directly with your lender of choice see <a href=”https://www.paydaybadcredit.co.uk/direct-lender/” data-mce-href=”https://www.paydaybadcredit.co.uk/direct-lender/”>direct lenders</a>.<strong>What Does The Guarantor Have To Do?</strong>Upon completing an application, the lender will typically send you a <a href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html” data-mce-href=”https://www.handbook.fca.org.uk/handbook/CONC/4/2.html”>pre-contract loan agreement</a> and SECCI (Standard European Consumer Credit Information form) which will highlight the terms of your loan. You and your guarantor will be required to review the terms of the loan, including the loan drawdown, fees, repayment dates and responsibilities – and this can be signed via an online verification process using your email and mobile phone.The lender will usually carry out an individual phone call with you and your guarantor to ensure that you both understand the responsibilities and what is required of you – notably that if you cannot make repayment, your guarantor will be required to pay on your behalf. Further to some additional credit and affordability checks, funds can typically be transferred within 24 to 48 hours (or sometimes on the same day).<strong>Are Guarantor Loans Available For Bad Credit Customers?</strong>Yes, even if you have a history of adverse credit, <a href=”https://www.gov.uk/county-court-judgments-ccj-for-debt” data-mce-href=”https://www.gov.uk/county-court-judgments-ccj-for-debt”>CCJs</a>, bankruptcy or IVAs several years ago, you can still be eligible. The idea is that you are using your guarantor and their financial history to ‘back you up’ and give your loan extra security. However, it is noted that your guarantor should have a good credit score and consent to co-signing your loan agreement.<strong>How Soon Can I Receive Funds?</strong>Guarantor Loans works with lenders that can facilitate funds within 24 to 48 hours of approval, or sometimes on the same day.When your funds are successfully transferred, most lenders working with Guarantor Loans will send the full amount to the guarantor’s debit account first. This is a standard security measure carried out by lenders to ensure that the funds are going to the right person and confirms the involvement of the guarantor. The guarantor usually has a ‘two week cooling off period’ where they can decide to pass on the money to the main borrower or they can change their mind and return the funds with no extra charges.