Not Florida related but difficult situation

[buryboy]

You have no reason to feel awful
You should be proud of yourself
You have made the right decision for yourself but more importantly the right decision for your brother
No need to make up any false reasons , just tell him that you are doing it for his benefit
And make sure your parents know not to give or guarantee anything

[ROBBOTOO]

I don’t think you’ve been too hasty in saying no at all.

You work long hours, have no luxuries, so why would you put your family and life at risk.

What loan does your brother need anyway if he’s living with his new partner.

It may be a difficult discussion, but I too would be talking to your parents to make sure they don’t lend money either.

It’s hard saying no to family at times, but I’d have done the same too.

[Talland 2016]

Originally Posted by EssexSue

You have made the right decision, well done it can't have been easy.

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This is exactly what I was about to say
Don't beat yourself up about it
I think there are very few of us who would have spare funds to pay some one else's defaulted loan

[Shedank]

Sometimes the right thing isn't easy. And think about this way:

If he's already struggling without a loan to pay, it'll be harder once the extra bill is added to monthly expenses. The interest is more wasted money he doesn't have. Bailing him out is just postponement, the financial strain inevitably will bubble up again and then what? Best for him to face it now and figure out to get his finances in order.

Stay strong sis. If you're able and it makes you feel better, maybe give him $200 or whatever you can spare. I can't do loans... any money I've ever agreed to loan was instantly marked 'gift' in my head. This way I'm not disappointed when not repaid.

[Gingerlife]

You only to have to watch the sherrif/bailiff programmes to know that if he defaults on payments they will come to you to either pay it or take goods to the value of the outstanding debt.
There was a girl who allowed this to happen to her parents on one of these programmes recently and it was heartbreaking to watch them go through that.
I think you have done the right thing but I understand why you are feeling like you are. It's always difficult when it's family.

[SquishTheWhale]

Absolutely do not be a guarantor on the loan. As others have said its essentially you taking out that loan- and if your brother doesn't pay it you could end up owing it plus many fees on top.

DH's brother was always terrible with money, living a lifestyle he couldn't afford despite having good jobs. Endless bail outs via his parents, including some unwittingly from DH. He would be asked for money by his parents and didn't realise it was going straight to his brother. Over about 5 years he managed to blow £30k+ of his parents money leaving them in a very bad situation mortgage wise.
He'd also run up loads of credit card debt and was using pay day loans to fund day to day spending. Despite this he was booking expensive luxury holidays.

Once DH realised what was happening (the parents were secretive about money so it took a while) he stepped in. The worst debt like the payday loans was paid off for him and he was told he was now on his own. If he did it again and ended up on the street that was his own fault and no help would be forthcoming.

What do you know, hes now doing fine on his own two feet in a good job and (as far as we know..) manageable debts. He even pays his mum back a little money monthly. Tough love works, endless bail outs to people with bad financial habits does not!

[taylaboo]

You did the right thing. It must have been difficult but your brother needs to face reality and sort himself out. If you or your parents keep bailing him out he will never learn.

[Andybear]

You've done the right thing. He's an adult and needs to start taking responsibility for his own actions.