Comments on: Favors That Can Be Financially Fatal http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/ Bridging the gap between saving money and investing Wed, 20 Aug 2008 12:12:13 +0000 http://wordpress.org/?v=2.3.2 By: pfadvice http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-266719 pfadvice Sat, 15 Mar 2008 16:40:10 +0000 http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-266719 I don't see it putting your credit rating at risk if it is applied for under his name, but if there is ever any trouble, your address is where the collection agencies will start. I'm also not sure if it is legal putting a false address on an application - you would have to read the fine print. I don’t see it putting your credit rating at risk if it is applied for under his name, but if there is ever any trouble, your address is where the collection agencies will start. I’m also not sure if it is legal putting a false address on an application - you would have to read the fine print.

]]> By: Tod Hillman http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-266602 Tod Hillman Sat, 15 Mar 2008 12:07:40 +0000 http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-266602 If I were to let a friend use my home address to obtain a credit card because they claim it's easier to get credit in California than Utah, would that put me at risk? If I were to let a friend use my home address to obtain a credit card because they claim it’s easier to get credit in California than Utah, would that put me at risk?

]]> By: Celebrity Carnival of Personal Finance » My New Choice http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-23588 Celebrity Carnival of Personal Finance » My New Choice Tue, 27 Feb 2007 01:46:39 +0000 http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-23588 [...] Be Financially Fatal. Wrapping up my favorites this week is a post from Personal Finance Advice on fatal financial favors. I’ve avoided these mistakes myself but have seen them made enough times to know the [...] […] Be Financially Fatal. Wrapping up my favorites this week is a post from Personal Finance Advice on fatal financial favors. I’ve avoided these mistakes myself but have seen them made enough times to know the […]

]]> By: ~Dawn http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-21433 ~Dawn Mon, 19 Feb 2007 23:51:27 +0000 http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-21433 I would agree with clever dude- A contract should be used even with family members. A friend of mine got a collection agency to bug her sister to pay her back- she had a contract, that was notorized. She had told her sister that she was tired of bugging her about the money and if she didn't pay her back she would get a collection agency to do it for her and her sister didn't believe her. She paid her back just to get them to stop calling. I don't know if I could do that with family, maybe 'friends' or co-workers. I would agree with clever dude- A contract should be used even with family members.
A friend of mine got a collection agency to bug her sister to pay her back- she had a contract, that was notorized. She had told her sister that she was tired of bugging her about the money and if she didn’t pay her back she would get a collection agency to do it for her and her sister didn’t believe her.

She paid her back just to get them to stop calling.

I don’t know if I could do that with family, maybe ‘friends’ or co-workers.

]]> By: Clever Dude http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-21155 Clever Dude Mon, 19 Feb 2007 06:58:50 +0000 http://www.pfadvice.com/2007/02/18/favors-that-can-be-financially-fatal/#comment-21155 When a friend was willing to loan us some cash for our first home purchase (he offered, so we accepted), I made sure to write up a legit contract with a specific repayment term and penalty for not paying it back on time. He wanted to refuse the contract on grounds of friendship, but I made him sign it. I didn't go the extra step and get it notarized though. When a friend was willing to loan us some cash for our first home purchase (he offered, so we accepted), I made sure to write up a legit contract with a specific repayment term and penalty for not paying it back on time.

He wanted to refuse the contract on grounds of friendship, but I made him sign it. I didn’t go the extra step and get it notarized though.

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