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Lent money to a Friend

2

Comments

  • JCB1967
    JCB1967 Posts: 8 Forumite
    Thanks for all the replies - I know I've been an idiot - twice! but lesson well and truly learned!
  • DCFC79
    DCFC79 Posts: 40,643 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    OP I'm betting the money isnt there, do you believe he has the money to repay you ?

    If he had it or could make a start paying x amount each month he would do so.
  • JCB1967
    JCB1967 Posts: 8 Forumite
    I'm sure he has the money as he's started a new business venture that has capital (probably limited liability as well!) and he's making regular trips to Europe and Israel selling the product. One of his promises was that as soon as he had the investors share capital in, he would repay me - Guess what!!!
  • JCB1967
    JCB1967 Posts: 8 Forumite
    Yes - I did offer him the chance to repay in instalments but to no avail.
  • DCFC79
    DCFC79 Posts: 40,643 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    JCB1967 wrote: »
    I'm sure he has the money as he's started a new business venture that has capital (probably limited liability as well!) and he's making regular trips to Europe and Israel selling the product. One of his promises was that as soon as he had the investors share capital in, he would repay me - Guess what!!!

    The guy has lost a friend who helped him out.

    I hope you get it back.
  • Candyapple
    Candyapple Posts: 3,385 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    JCB1967 wrote: »
    It totalled circe 3.5K over 12 months. I was promised repayment of 1.5 times this and up to May he repaid £1200.00 but since then nada and he's gone dark. Letter emailed to him from Solicitor this morning offering mediation - Cost £90.00. I think you're expected to have tried this if you consider taking to small claims court.

    So he owes you circa £2,300?

    Does he live in the UK?
    I'm a Board Guide on the Credit Cards, Loans, Credit Files & Ratings boards. I'm a volunteer to help the boards run smoothly, and I can move and merge threads there. Any views are mine and not the official line of moneysavingexpert.com
  • StopIt
    StopIt Posts: 1,470 Forumite
    JCB1967 wrote: »
    It totalled circe 3.5K over 12 months. I was promised repayment of 1.5 times this and up to May he repaid £1200.00 but since then nada and he's gone dark. Letter emailed to him from Solicitor this morning offering mediation - Cost £90.00. I think you're expected to have tried this if you consider taking to small claims court.


    Nope, but your legal friend isn't going to tell you that while you give him money for nothing.


    If you're owed money, you send a demand for it back. If they don't pay, you issue a final demand, then a Letter Before Action. You take court action if they ignore all of this. No mediation needed. After all, all the "mediation" is going to be another party asking for the money with no legal backing, just like employing a DCA.


    This will likely end up in court. If the guy has assets, you'd be best pressing straight to the High Court once a CCJ is granted if he refuses to pay.

    In debt and looking for help? Look here for the MSE Debt Help Guide.
    Also, If you need any free and impartial debt advice, the National Debtline, Stepchange, and the CAB can help.
  • Raven42
    Raven42 Posts: 24 Forumite
    Whilst frustrating for you to watch the strength of your case is in his success. He will not want a CCJ at all and that plays in your favour if you go that route.
  • JCB1967
    JCB1967 Posts: 8 Forumite
    edited 19 September 2017 at 3:35PM
    Yes - that's the nett amount of the actual loan I made. I think I can kiss the profits of another £1600 goodbye in this instance though but just getting my original loan back at cost would suit me now.

    Unfortunately he lives 200 miles from me or I would be tempted to turn up at his doorstep. Nothing threatening that would attract the boys in blue but always feel better to resolve things face to face if possible.
  • System
    System Posts: 178,430 Community Admin
    10,000 Posts Photogenic Name Dropper
    Hang on a mo. So far everything makes it look like you making an investment with the intent of making profit. If it can be proven in court that it was an investment then you won't win any claim. Losing all your money is a risk you take when investing in a business/venture.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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