The best thing is always get something in writing on how much you loaned them and what the expected payment terms are and have them sign it at least. If they arent willing to do that then they wont get any money from me. If they feel like you at least have some paperwork for recourse they are more likely to hold up their end of the deal. My parents wouldn't even let me borrow money without doing this.

12/4/2013 12:20:08 PM

haha, yeah, my folks always did the same thing. even if they gave me money, it usually came with some sort of obligation i had to uphold. about 10 years ago, i got a laptop for christmas, but i had to sign an agreement that i would take care of it and lock it up anytime i wasn't using it. if i was found to be ignoring these instructions, the lap-top would be confiscated.

12/4/2013 12:32:02 PM

Do you have an Amazon account? Does he, and does he have one credit card that isn't maxed out to the tune of 1k in credit left? He can wait until his cycle is over, and then send you 1k over amazon with his cc, you get it and then send him back the 1k. This, in essence, becomes an 8 week interest free cash advance of 1k. If he has two grand in available credit and two friends with amazon accounts, he can solve his problem (at any point in time over 48-72 hours) and still have a minimum of 3 weeks to cover it. If my job was on the line, even a high interest rate CC for a few weeks wouldn't stop me from doing everything I could.

But as others have said, guy is in finance with the big four and doesn't have 2k in an emergency fund......shady.

12/4/2013 1:36:00 PM

Why doesn't he just sell his car for himself?

12/5/2013 9:33:53 AM

That can easily take more than a month (unless he takes a huge hit) and I assume D day for this guy is no longer than a billing cycle.

12/5/2013 10:06:55 AM

Quote :

"I think the change in policy is them taking away the card. The problem is he has been using it for personal expenses and obviously they let him keep track of it, which was a boneheaded move on their part. Now if he doesnt pay the balance off before they take the card back they are gonna wonder why there is 2k of shit on it and then he is gonna get fired. "

Could be something like that. For a little while I had an amex corporate when I worked for the university, but I was responsible for paying the bill myself. Anything I charged on the card I was responsible for submitting receipts/expense report and then they'd cut me a check. I wasn't supposed to be charging non-work expenses (and I didn't) but they never saw the statements.

Quote :

"He has a job as an accountant for a big 4 accounting firm (thus knows he has income) and supposedly going to be able to return a majority of the money after he sells his second car. "

Unless he's making payments on 2 cars (why an unmarried person would do this is beyond me and would show much larger money management issues) take that shit to Carmax. He probably won't get private party value but not getting fired is definitey worth taking a hit on the value. Problem solved.

12/5/2013 10:50:28 AM

^or hollingsworth auto... isn't he the guy nearby who gives better prices than carmax?

12/5/2013 11:03:19 AM

it's your money, use it when YOU need it! send that bum to the check cashing place

12/6/2013 6:42:37 AM

Quote :

"think the change in policy is them taking away the card. The problem is he has been using it for personal expenses and obviously they let him keep track of it, which was a boneheaded move on their part. Now if he doesnt pay the balance off before they take the card back they are gonna wonder why there is 2k of shit on it and then he is gonna get fired. "

yep

Quote :

"it's your money, use it when YOU need it! send that bum to the check cashing place "

or that ... I know 2 different people working for big 4's


if he was in good enough standing to get hired there's no reason he shouldn't just take out a private loan even at a huge rate to pay it off now...

he can lump sum pay it off in a paycheck or two and not lose much money to interest

12/8/2013 3:51:00 AM

Lend money to Barry !!!!!

12/8/2013 11:07:47 AM

Can guarantee with 100% certainty that no Big 4 job says it's "ok to charge personal stuff to the corporate card" for any reason.

Was told with no uncertainty that corporate cards were to be used only for approved corporate purchases when I got mine. Any purchase I make has to go through at least 3 levels of approval - my direct manager, the head of the facility, and the head of the business org in London/NYC. Every purchase over like $25 has to have a receipt & legitimate business rationale attached. A manager on my team took his directs out for a nice end-of-year dinner to celebrate and ended up getting reamed out & had to pay for it out of pocket because it was not approved.

If it's like that at an investment bank, I'd imagine it would be much the same at any Accounting firm, so it is shady as hell to me that this guy is asking for this. My gut feeling is really that he was in a tight spot to begin with, came up 2k short for something, put it on the corp card, and now wants to pay it off before someone 'sees' it. The 'policies changed' story is total horseshit.

12/8/2013 11:58:15 AM

^It depends a bit on your job role though. I have a corp card and also have VERY strict policies to use it, as do most all engineering roles. But sales force, marketing, and executives have quite a bit more leniency, and its for good reason. There's a lot of gray area when courting clients (even though most large businesses have pretty strict regulations).

12/9/2013 2:51:33 AM

As far as lending a friend money is concerned don't do it unless you convince yourself it's a gift.

You'll never get payed back and if you do you'll be much more grateful if you considered the money gone in the first place.

Now as far as these company card arguments go... You haven't had restrictions until you've had to worry about you expenses being public record.

12/9/2013 7:19:21 AM

Quote :

"apparently what happened is he charged $2K of personal expenses to his company credit card. Now due to change in corporate policy they are taking away his corporate card and doesn't have the cash to pay the balance before his company discovers what he's been doing...."

Do not loan someone money who is about to get fired.

Tell him to go to a ghetto finance company while he still has a job and get a loan. (CitiFinancial, OneMain, WesternSky, etc) They will give anyone with pay stubs an installment loan at like 20%, he can just tell them he needs a transmission repair or something. If he really has a second car that is paid off to sell he can give them the title to make it easier. The terms suck but you are not in the business of loaning money and they are, if he really has a plan to pay this money back he can pay it early and save a shit ton on the interest.

That is the best way to preserve your friendship. Unless your the type of person who will write off $2,000 for the sake of a friendship this is not a good idea.

12/9/2013 12:50:16 PM

He should be fired for using the company card for personal purchases. Stupid tax.

12/9/2013 1:46:41 PM

Quote :

"WesternSky"

that made me LOL

12/9/2013 2:45:17 PM

http://www.westernsky.com/General/Rates.aspx

I can not believe they closed Western Sky down. Their APR is only between 89.68% - 342.86%.

12/9/2013 2:56:22 PM

Isn't that usury lol

12/9/2013 5:34:30 PM

Apparently. But at least they are disclosing it in plain English on the website.

12/11/2013 8:18:42 PM