Originally Posted by Mojodmonky1
So yesterday one of my buddies texts me and says that our mutual friend (mutual friend = my best friend/bestman at my wedding) would be willing to change his name in exchange for a loan to cover a month long vacation to Spain.
I said that poor people do not deserve to take 1 month long vacations to Spain. That being said, I would be willing to negotiate and make an offer that we might both be agreeable to.
My offer was this:
I will loan him $7,500 interest free which shall be paid back in monthly installments of $350/month until its paid in full (just short of 2 years). I figured this would be enough to cover a 1 week vacation to Spain, maybe 2 weeks if he stretches his money.
The stipulations of the loan calls for him to do the following:
1. He must legally change his name to Chris Ismymaster (my name is Chris).
2. He must address me at all times only as Master. Any questions must be responded to with a "yes/no/maybe, master". If he decides not to continue with the yes master/no master then the balance of the loan will be accelerated and will be due in full at that time.
3. He will be responsible for all costs associated with the name change.
4. Once the loan is paid back in full he no longer has to abide by the rules of the agreement and can change his name back to normal if he so chooses.
Since he is cash poor right now, I told him I would pre-advance him $500 to cover the costs of the legal name change and also his new passport application (since he will need a new passport with his new name to travel abroad). The 1st payment will be due within 30 days of the $500 advance. The $7,000 balance will be paid only in the form of a cashiers check made out to "Chris Ismymaster" so that only he can cash it.
To protect my interest we will have a formal agreement drafted, signed, and notarized. In addition to the signed agreement I told him that I would also be filing a UCC-1 security interest filing with the Secretary of State to place a blanket lien against all of his assets. I will also hold title to his car. Upon full payment of the loan I will return said title and release my blanket lien.
So this "joke" seems to have gotten some traction and my best friend is seriously considering the offer. If he agrees to it, I will put my money where my mouth is and front him the money. Am I a bad friend for "taking advantage" of my boy by causing him to endure ridicule for the next 2 years?