Loaning Money: My $30,000 Loan to My Son and the Need for Repayment

Friday, 16 August 2024, 09:30

Loaning money to family for a house can lead to complications. After lending my son $30,000 in 2012, he claims the five-year repayment window closed. Now, I face financial constraints and need the funds back for home upgrades. This article explores options for recovering the loan.
MarketWatch
Loaning Money: My $30,000 Loan to My Son and the Need for Repayment

Loaning Money to Family: Understanding Expectations

When loaning money to family, clarity in terms is crucial. It's easy to assume goodwill will govern repayments, but circumstances change.

The Situation Unfolds

  • In 2012, I loaned my son $30,000 to assist with his home purchase.
  • Now, he asserts the repayment period has lapsed.
  • I rely on a limited income from my pension and Social Security.

For financial stability, it's vital to address this matter promptly.

Next Steps: Pursuing Repayment

  1. Communicate openly with your son about the loan.
  2. Review any written agreements regarding repayment terms.
  3. Consider alternative solutions for recovering the loan if he refuses to pay.

Seeking legal advice might also be beneficial if necessary.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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