50 - How to Say No to People Asking for Financial Help
Lending money to family or friends is tricky terrain to navigate both financially and personally. Before co-signing that loan or writing that cheque, make sure you take measures to reduce your financial risk and avoid lasting damages to the relationship. If your efforts to help someone you care about lead to disagreements or put your own finances in disarray, then saying ‘no’ is the right thing to do. Licensed Insolvency Trustee, Matthew Fader, sees people who have had lasting consequences when co-signed loans have defaulted or money has not been paid back. He gives his advice on:
- How to protect yourself when lending money or co-signing loans
- What to can do when the money you lend is not paid back
- The percentage of the loan you are liable for when you co-sign
- When a request for money gives you an opportunity to get involved with their finances
- Possible lasting consequences to your finances when things go sideways
If you are in financial trouble, speak with a Licensed Insolvency Trustee. They are federally regulated and approved by the Canadian government. With their extensive knowledge of financial services, they will give you honest advice and help you find a solution to your debt problem.
About Matthew Fader
Matthew has worked in the insolvency field since 2005 and joined Allan Marshall and Associates in 2017. His positive outlook helps reassure his clients with any financial insecurities they may have. Matt’s goal is to ensure that everyone has the best possible experience and is treated with respect.