Should we lend him the money?
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I expect that you are paying interest on your debts. Do you think the friend who is borrowing the money from you is going to pay any interest on the money you are lending him? The answer is probably no. He is getting a 0% interest loan from you and you while you are paying whatever interest rate back to your lender/bank.
If he phones then you can simply tell him that you cannot afford to lend him the money because you cannot afford to.
Borrowers who take along time to pay back will never change their ways. The rule is lend once and then if you have any problems, never lend to that person again.
If you want to help him and his partner, perhaps you can help in a different way. You could buy them a gift, baby clothes, offer to help around the house or some other thing they need that is not financial.
If you haven't already, you should visit the following web site:
moneysavingexpert.com
I used this web site all the time, it's free and It has loads of advice and tips on saving money, reducing debt and getting back on track and perhaps it would be useful for your friend too.
I hope I've answered you question. Please rate my answer if you found it useful.
Should we lend him the money?Don't lend it to them. Tell them that u need it all to do the work on your house. If he needs money he should try to get a loan himself, it's not up to you to sort them out.
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