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I've always been told that if you're going to give people money even if they say they will "pay you back" to never expect it because it can ruin relationships.
Ask him if you can "borrow" 260 pounds
never to friends or family
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When you get your money back I wouldn't talk to that "friend" again if I were you, OP.
Be careful who you loan money too... Some friends may seem sincere, but there are many selfish people out there. Still hope your friend decides to do the right thing OP!