Co-Workers Borrowing Money....

Miscellaneous and Personal Stuff I Must Share
1

… and “forgetting” to repay me.

It started off just as a 20-30 dollar thing, but somehow word has gotten around that I’m an “easy touch” and now more of them are hitting me up, and the latest one wants to borrow $200.00 “just until next month”.

Of course I said “no”, and gave him the reason (“payback amnesia”), but he apparently has to pay a fine of some kind, has a family and a wife who is out of work due to illness, and yadda, yadda, yadda…

For those who don’t know me, I work in a hospital and so I work in close proximity with these folks. It must really be uncomfortable for them to see me on a nightly basis and know they owe me money, and I know I have every right to “dun” them for it, but dammit, I shouldn’t have to, should I?

The guy who wants to borrow the $200.00 happens to be a very good lab tech, who has helped me out a few times when I needed to stick an artery that was hard to find, so I guess that fact is “lurking” in the background of this impending transaction, although I am hoping it isn’t.

So I have been kicking around the idea of instead of just saying “no”, telling them that since I have become a private lending institution, that sure, I will lend them the money, but with interest added, hoping this will deter them from even asking anymore.

Can I do this legally, and if so, I guess I’d need them to sign a promissory note, right? I know that usury laws will keep me from charging too much “vigorish” (Damn! Listen to me, already sounding like a loan shark! :eek: ), but I see this mostly as a deterrent than anything else.

What do y’all think?

And I already know I’m a schmuck for lending the money in the first place, so spare me that, okay?

Thanks

Q

2

Why bother? That sounds like a whole lot of work, and you clearly don’t intend to actually take anyone to task for it.

Personally, I’ll gladly lend a friend $20 once. If they don’t pay me back, I consider it a really cheap lesson in not trusting that person. But I don’t make 'em sign anything, because, what’s the point?

3

I’d lend a coworker a few bucks if they forgot their lunch money, but that’s about the extent of it. I might consider lending a family member a larger amount, but it would have to be a pretty extreme situation. With or without a promissory note, I think lending money to friends is a very bad idea.

I know this sounds cold, but you don’t owe anyone anything. Even if they bring you a warm donut and hot coffee every single day, never expecting repayment, you have no obligation to be Bank of Quasimodem. You can sympathize, perhaps offer them a number for your favorite bank or a credit counseling service, but keep your wallet in your pocket. Money changes the dynamic, mostly in bad ways.

But if you’re not going to take my advice, could you spot me a couple hundred?? I saw the cutest sweater and it’s ON SALE!!! :smiley:

4

Since when did you become responsible for your co-workers’ financial situations?

The only thing that will deter them from continuing to ask for loans is to stop giving loans.

5

It’s probably the fact that you’re an easy touch.

You’re a schmuck for lending them money in the first place. I think you need to keep hearing that until you get it.

6

Whatever.

Just tried to put myself in their place, you know?

But thanks for your, uh… insight

7

So you’d expect a co-worker to lend you $200 if you, like, really needed it?

8

Hey, you like being taken advantage of, knock yourself out. Just don’t be kidding yourself that you’re actually helping these people, or that they appreciate it. They’ll just go find the next easy touch if the Bank of Quasimodem dries up.

9

I am not close enough to my co-workers to ask them for money, but if there’s a need and I can help, then I do. If someone tells me it’s a loan, then that is what I have to go by.

Featherlou… I wish you a pleasant night. That’s about as nice as I can be to you.

Q

10

Getting back to your original question, IANALaway, but I suspect you could ‘charge interest’ as much as you like, but if you wanted to be able to enforce the loan, you’d need to have it in writing, i.e.

"I, sandra_nz, agree to pay Quasimodem the sum of $250 by 1 November 2006

<signature>"

It won’t deter anyone, though. If you haven’t historically followed up on repayment of the original amount, then you’re not going to follow up on repayment of any interest.

11

IANALaway?

IANALawyer!

12

I’m gonna agree, although perhaps a little less stridently, that it is time for the Bank of Quasimodem to close. They have been abusing your goodwill, and their financial mismanagement is not your problem. Your lab tech friend helped you out with a few needle sticks; good, isn’t that his job? So repay him with some other work-related favor, not out of your wallet.

Maybe they can borrow from the others who still have the money they owe YOU. You’ve already been more than generous.

13

Actually, that’s a brilliant idea!

“Hey Jack, you know that $50 you owe me? Can you give it to John please, cos he needs it. Oh, and Helen, can you give that $25 you owe me to John as well please. I’ll tell John to pop around this afternoon”

14

I was in a somewhat similar situation with roommates so I started a rule that I would only lend money to one person at a time. So if you really feel you can trust the $200 guy tell him you will after everyone else pays you back.

15

I’ve loaned my co-workers money, sometimes significant money. I always get it back. I’ll definitely talk to them if the money isn’t repaid when it is supposed to be. Of course, I’m a collector by trade, so it’s easier for me to talk about money.

In your case, I’d tell the guy that you can’t manage it. There are commercial payday loan places that will allow you to borrow $300 and pay back $303 (or some such amount). Let them go to a place like that.

StG

16

I appreciate all of the great responses, and that last suggestion is one I will put into practice and “lay those debts” off.

(I heard that phrase used in the film Lucky Number Slevin :smiley: )

I just hope that ol’ John doesn’t get amnesia too!

Right now, the only entity which gets my money without it being a loan is the Paulding Humane Society, and I get “payback” a hundred-fold when I know that part of what I have given has gone to save a puppy, kitten or adult pet’s life from being euthanized.

If I thought they’d actually do it, I’d ask my co-workers to pay PHS instead of me.

Again, thank you and good night.

Quasi

17

That’s a really cool idea. Want me to loan you money? Strong arm the other people who owe me money first.

I used to get taken advantage of. Not for money usually. I was the guy who would give you a ride to the airport or help you move. When it came time for me to need a ride to the airport or get some help moving, all those “friends” suddenly became really busy.

Cool. Now I know which ones are friends and which aren’t really.

It sounds weird, but this is what I’d do. Everyone you’ve loaned $20 bucks to? Wait for payday and ask them to loan you $20. Don’t ask them to pay you back. Just ask them to loan you $20. It’ll tell you a lot about your coworkers.

Charging people interest? What’s that going to accomplish? They’ll say “no thanks” and it’s exactly the same thing as you saying “no” only you’re too much a soft touch to say no. They’ll think even less of you for being a wimp who can’t simply say “no.”

No, you shouldn’t have to, and no, they don’t feel uncomfortable seeing you and knowing they owe you money. You’re the magic ATM you don’t have to pay back. You’re gifting people money, not loaning it to them.

18

How on earth is this correct: YOU are not close enough to THEM to ask them for money, but apparently THEY are close enough to YOU to ask? How the fuck does that work?

I love how you’re so angry at Featherlou when she’s just pointing out that you are a supreme, enormous, colossal pushover. And this is coming from someone who’s a pushover as well. If I say you’re being a big pushover-y sucker, it’s bad.

19

Hey, you asked in your OP “What do you think?” then got irritated at featherlou for saying what he thought? OK. Well I think the exact same thing. You’ve become known as a pushover and people will continue to ask you for money until you refuse. It doesn’t make you a bad person to refuse and giving them money doesn’t make you a good person.

It’s one thing if someone is short on lunch money and you give 'em a few bucks, but $200?

One thing I’ve done in the past (as has my husband) is said to someone “$20? Sure. I have $20. You can have it. It’s not a loan and I don’t expect you to pay it back. If you want to you can, but you don’t have to. It’s a gift to you.” and 99.9% of the time that money comes back. Hey, at least if it doesn’t there aren’t any hard feelings and no weirdness at work, right? I say if you can’t afford to give it as a gift you also can’t afford to loan it.

20

People think I’m a dude? I talk about my husband all the time! Well, I guess I could be a gay dude.

Quasi, I’m sorry that your feelings got hurt, but I’m not sorry for calling a spade a spade. But, how you spend your money really isn’t my business, so I’ll butt out.