Serious Question/ Serious response please: LOAN

**Nastyfoot** · 09-17-2007, 07:53 AM

A guy at work from my dept. called me this morning (It's my day off) and asked me if I would consider co-signing a loan for him for $10,000.00 dollars.

Here is a little back ground. He makes about 80 grand a year as a "team leader" in my dept. I, myself am a Senior Supervisor in the dept. so obviously I make more.

This person is going through a nasty divorce and has a new girlfriend of maybe 6 mos. who he lives with now. They are getting a new place to live (rent).

He took out a ten grand loan from our works 401k plan, to pay for the down payment, etc.. for the new place,but they sent the check to his soon to be ex-wifes house, whom promptly turned over to her lawyer. The courts have now tied up this money.

I figure this guy has credit issues because he needs a co-signer. I haven't told him no because I said I wanted to think about it first. There is NO WAY IN HELL I plan on doing this for him. I have been around long enough to know what money loans and freindship causes.

Any way, does any one have any suggestions on how I can let him down easy without affecting our freindship?

Any thoughts or ideas would be greatly appreciated. Thanks in advance

**Chaos** · 09-17-2007, 07:59 AM

Just tell him that you have a long term financial goal and you really don't want to mess with your own credit. You are planning on buying some property and need it to be in tip top shape etc...something like that.

**rbob93** · 09-17-2007, 08:07 AM

"I won't be able to help you."

Direct, honest, leaves no room for assumption.

Isn't that how you supervise??

**Spaz** · 09-17-2007, 08:18 AM

be straight forward and honest... it will get you more respect... if he gets mad he gets mad...

**ztrouble** · 09-17-2007, 08:28 AM

I agree with spaz and rbob, no reason for a run around. obviously if he has credit issues it is a serious risk. Offer to help him some other way maybe, see if you can help him find a different loan company etc....

**theGeneral** · 09-17-2007, 08:33 AM

ack. I would never co-sign with anyone. . . Just tell him you have had a firm stance for quite a while that you do not co-sign, not even with your mother.

**Spaz** · 09-17-2007, 08:43 AM

on a not serious note...

strike a deal with him... sex with his wife... when ever, how ever, and where ever you want...

**tnthub** · 09-17-2007, 08:45 AM

Money = business and has nothing to do with friendship.

Over the years I have seen a lot of smart people get screwed or screw themselves when going through a divorce.

The fact that the divorce isn't final and he has a girlfriend is one obvious warning flare. The fact that he makes 80k a year and needs a ten thousand dollar loan is another flare. How bad can a person's credit be when you can't borrow 10k on an 80k income?

He will say his soon to be ex screwed his credit but don't buy it... He failed to properly protect himself and if he isn't smart enough to take care of his credit how smart do you think he will be with you as a co-signer?

As a co-signer... If he misses a payment, depending on the situation, it could end up on YOUR credit.

You can politely say that is isn't personal but the answer is "no". You are not in the banking or co-signing business.

Doesn't your friend have some "toys" he could sell on ebay? Could he downgrade his car? Couldn't he secure his loan from a bank with something else he may own outright? Why doesn't he ask his girlfriend to apply for a loan?

You shouldn't get mixed up with this in my opinion...

**KyleLs1** · 09-17-2007, 08:57 AM

tell him your credit is worse than his is

**67CamaroRSSS** · 09-17-2007, 09:04 AM

Just tell him flat out, "Sorry, but no." Lending or co-signing for $$$ = problems down the road.

**Nastyfoot** · 09-17-2007, 09:55 AM

All good advice.Especially Spaz's. His G/F is a semi-nude model.

Thanks everyone. Just never been hit with that type of request before.

**snaggeltooth** · 09-17-2007, 10:04 AM

Just sayNo ... dont act like you would help or look sad just say .. ' I dont do that"...

**Spaz** · 09-17-2007, 10:09 AM

Originally Posted by Nastyfoot

All good advice.Especially Spaz's. His G/F is a semi-nude model.

Thanks everyone. Just never been hit with that type of request before.

yeah... tell him you are already co-signed on another loan...

**FasstChevys** · 09-17-2007, 10:20 AM

The best response........."man, I would really love to help you, but I just can't right now, I really do have to put my own financial responsibilities first".........

**SSwt00SS** · 09-17-2007, 01:04 PM

Originally Posted by rbob93

"I won't be able to help you."

Direct, honest, leaves no room for assumption.

Isn't that how you supervise??

this man has said it best...

**Bottesini** · 09-17-2007, 01:36 PM

As said before just be direct and to the point. Personally I would say "Sorry, I am not comfortable with that." After all you are his boss, or so I gathered from your post.