what would yall do?

[SFDdelta1]

I have a guy that has been working for me for about a year. He comes to work everyday and works all day he is just horrible about managing his money and has screwed up his credit. He has not had a car in two years and someone always picks him and brings him to work. I know its hard for him to save money paying off some stupid bill and paying child support. I have tried to get him to let me hold back some money from his check and sit down with him once a month and pay his bills several times but he does not want to do this. I had to threaten him last month with fireing him if he did not stop asking to borrow money in the middle of the week. I have known him since we were kids and the only reason I hired him is his dad called me last year and asked me to help him because he was going down the wrong road.

With all that said he has asked me to help him buy a car. Now i will not cosign a note or anything like that. But what I am considering is purchasing somthing for around a thousand dollars and holding the note and insurance out of his check untill he pays it off without charging him any intrest.

I have tried to help two other people out on this and have gotten burned both times so i am really leary of doing it again. I want to help people out because its the right thing to do and People have helped me out when they did not have to.

opinions?

[sondance]

I don't mean to sound cold but I wouldn't do it. You buy him a car, then he quits your out a grand. I've been burned in simiilar ways before. I finally learned to seperate out friends, family and money. It very rarely works out.

He's got to decide he wants to have a better life. You doing it for him isn't the same as him doing it himself. I admire the fact you want to help the guy but maybe the biggest help you can provide is some straight advice.

[dukmisr2005]

if you want to buy him a car for a grand, then buy him one and dont hold it out.. if he pays you, good.. if not then you helped a friend out... remember "tho borrower is slave to the lender"... do it as friend helping a friend...

otherwise it will strain and ruin your friendship which may have already been done by hiring him.. i worked with a friend for his Dad and when i was let go from the business it did strain our friendship.. just working together did it.. also did this same similar thing with an ex-girlfirend's dad...

[RedEyed Duck]

If you do this you must be prepared for the worst and expect that he won't pay you back. So, I would sit down and have a heart to heart talk with him and further discuss him allowing you to help him save the necessary funds to be able to purchase his own car. You could also match funds with him as an incentive or bonus if you are inclined to do so. This would provide additional incentive for him to reach the goal. If he hasn't had a car for two years a few more months (say 10 months if you both put in 50 per week) really isn't that long. If you must purchase it for him now, it has to e a gift and you have to be ok with not being re-paid as I fear if you put him on payments it will end the relationship and his employment with you at some point. Good luck with this one as its tough too.

[quack_a_tack]

I have been burned in similar situations, I say talk again with him bout helping him save to do it. I am afraid if you buy the car for him you end up regretting it. I mean you are tryin to help this guy by helping him with his fianances, at some point he must be reponsable for his own money.

[QUACKERS]

If you do, have a contract drawn up. You need to put insurance in his name so if he is ever involved in an accident that injures someone you are not liable. Once the car is payed off you sign the title over to him.

[SFDdelta1]

I am about to come clean on this and some of my friends on here that really know are proally about to burn my booty for doing this

I have loaned this guy money several times and twice I have just forgiven loans to him because it was to the point i was giving him like 20 bucks a week and the rest was going to pay his loan to me

this is why I told him if he asked me for a loan or to pay him early again he was done with me.

I hate not to help people because it feels wrong and why should folks have helped if I am not going to help others

Then where do you draw the line?

deep conversation for sunday night

E

[H20fowlkiller]

[landscaper]

I've been in similar situations, myself. It didn't take me long to learn the it was best for me to just consider it a gift if I felt lead to help someone out financially. Most of the time the "loans" never got paid back. If you do get paid back you thank and congratulate the person profusely on his responsibility. If you do that you'll get paid back the next time, too.

That being said I have also learned that it is impossible to help someone who doesn't want to be helped. They always seem to want a band-aid on their current situation, but not a solution to their problems. I always am torn between knowing that helping is the right thing to do (and it is) and knowing that I could be perpetuating someone else's irresponsibility.

That's a tough choice to make. Good luck!

[cwink]

Its hard to help someone that won't help themseleves. If your going to do the car thing.. You must be prepared to give him the car..

[mossyisland]

[jacksbuddy]

Are YOU crazy? You've already done this twice before and been burned both times. I'm sorry, but the definition of insane is doing the same thing over and over and expecting a different result. And in this instance, you already know beforehand that you will be burned because of your past experience from this guy.

As has been said before, if you want to buy this guy a car, then go ahead and do it. If you get paid back, then great. If not, then you already know exactly how much you will lose.

[SFDdelta1]

jack i know ........... and its not that he did not pay it back i just got tired of him struggling with it so i forgave the debt.


Anyway tho he made the decision for me today when he made it to work a hour late and started dictating terms to me about when he was going to work and who was going to do what. We have kicked off our busy season and we are slammed I guess he thought that I could not do without him ......... Well he found out we can. He put me in a bind this morning but I will find a replacement for him.


Thanks for all the advice and opinions ...... I just like to help people out when I can but situations like his makes ya not want to help anyone out.

E

[Steam]

My recommendation is to never do business with friends or family. In the end, BUSINESS IS ALWAYS BUSINESS. Somebody always gets the short end of the stick no matter which way you go.

[Mike Perry]

If he drinks and/or smokes, no sympathy from me.
I lend $ to my employees all the time , but no more than the net of 1 paycheck. They have to sign a pay advance receipt that allows me to keep their check if they quit or get fired.
MP