Parent Warned Not to Lend Cash to 'Broke' Friend Who's Terrible With Money

The internet has urged a friend not to lend money to a woman they have known for 15 years after they admitted she is "flakey" and seems "terrible with money."

Financial information site Bankrate surveyed 2,490 American adults and found that 60 percent of people have helped out a friend or family member by lending money with the expectation of being paid back, while 17 percent report having lent their credit card to another and 21 percent have co-signed for a financial product like a loan or rental.

While helping out loved ones financially can offer welcome support at a time of need, it doesn't always end well. More than a third of people say that offering financial help to loved ones has resulted in them losing money, a damaged credit score, or a harmed relationship.

After lending money to friends or family, 37 percent of respondents said that they lost money while 21 percent said that their relationship with the borrower was harmed.

In the now-viral Mumsnet post, the user explained: "I have a friend who I've known for a long time. She is lovely but occasionally flakey. Seems terrible with money. Twice she's been broke and I have offered to lend her money which she was very slow to pay back. She has sold her house and told me she put the money in an ISA."

ISA stands for Individual Savings Account and offers people in the U.K. a tax-efficient way of saving money. While an ISA can be an effective way of saving money, depending on the account there can be limits on withdrawing money and different timescales for withdrawing your savings.

"She has just asked me to loan her some more money," said the Mumsnet user: "I have young kids and she doesn't and presumably has a pot of cash but prefers not to dip into it? When I ask her she tells me it's still in the ISA."

Explaining their relationship, the poster wrote: "She keeps saying to me that she would help me out, but recently she offered to babysit so I could go to a family event. When I went to check the timings a few days before she told me she had made other plans, leaving me with no childcare at the last minute. She does things and invites say three friends but I'm never in that inner circle. I feel like I'm her plan B."

Feeling frustrated at the request, the poster took to the internet to ask for advice: "All things considered I'm thinking she needs to ask her plan A friends, or dip into her savings," they said: "I have been avoiding her since she asked. I just don't want to as I know she will pay me back slowly in dribs and drabs but most of all I don't want to be her default when cash runs out."

In more than 120 replies, Mumsnet users were quick to urge the friend not to lend the money.

One commenter said: "Do not lend it. She sounds like a user," while another wrote: "Just say no. She doesn't value you as a friend so it doesn't matter if she gets offended."

"She's not your friend," wrote another commenter.

One reply suggested that the woman should be dipping into her own savings: "She needs money now. Savings are for when you need money. She has plenty of savings. She is deliberately trying to deprive you of your money for no reason whatsoever."

Another commenter said: "You feel used because she is using you. She's not your friend, you are her back up and her cashpoint."

Newsweek was unable to verify the details of this case.