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  • FIRST POST
    • robotrobo
    • By robotrobo 10th Mar 17, 7:05 AM
    • 814Posts
    • 688Thanks
    robotrobo
    lending money to family
    • #1
    • 10th Mar 17, 7:05 AM
    lending money to family 10th Mar 17 at 7:05 AM
    My nieces partner asked me if i would loan him £2000 ! , he said that he was waiting for money coming in from various big jobs that he was on with, so i voluntered to lend him the money.
    He signed a i.o.u , also a date that the money would be repaid by, while i never thought that this date would be exceeded , it as gone by, with no communication from him at all.
    can anyone advise me what the next course of action i take ?, or do i just wait more time out & leave it with him for a while ?.
    The loan i gave him was also interest free!, which i also stated on the i.o.u, while i am not panicking yet, i just need to prepare myself if the inevitable happens. thankyou.
Page 1
    • zx81
    • By zx81 10th Mar 17, 7:11 AM
    • 11,243 Posts
    • 11,214 Thanks
    zx81
    • #2
    • 10th Mar 17, 7:11 AM
    • #2
    • 10th Mar 17, 7:11 AM
    First thing to do is to assume it's gone for good.

    Following that, it's a question of how much you want to push for it to be repaid. You should certainly drop him a line/text/email asking what the status is.

    If that gets ignored, it's down to your family dynamics and personal preference as to whether you let it go, press him further, or drag it through the courts.
    • -taff
    • By -taff 10th Mar 17, 8:02 AM
    • 7,021 Posts
    • 4,436 Thanks
    -taff
    • #3
    • 10th Mar 17, 8:02 AM
    • #3
    • 10th Mar 17, 8:02 AM
    Ask him for it.
    If he doesnt pay, ask whim when he is going to pay. If he doesn't take him to the small clams court.

    Or accept it's gone forever if he doesn't pay.
    • Money Rollercoaster
    • By Money Rollercoaster 10th Mar 17, 8:32 AM
    • 238 Posts
    • 550 Thanks
    Money Rollercoaster
    • #4
    • 10th Mar 17, 8:32 AM
    • #4
    • 10th Mar 17, 8:32 AM
    Yes, ask him for it. Give him a short window of time to pay and then advise him that you're taking steps to recover the loan + interest + fees ...


    https://www.gov.uk/make-money-claim-online


    Making a money claim is pretty simple and unless your Niece's partner is a complete waster, there's a good chance that a court claim will get him to cough up.
    Living Life @ 174 BPM >> CC Balance (0%) -£1,950 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£20,264.29 - Target DFD Oct 2020
    • PeacefulWaters
    • By PeacefulWaters 10th Mar 17, 9:07 AM
    • 6,049 Posts
    • 7,333 Thanks
    PeacefulWaters
    • #5
    • 10th Mar 17, 9:07 AM
    • #5
    • 10th Mar 17, 9:07 AM
    Ring Judge Rinder. You'll get on telly and stuff.

    The camp Judge has been known to rule against the lender if efforts to pursue debt are non-existent. Chase the money in writing and keep copies of everything, as well as notes of any verbal conversations.
    • ReadingTim
    • By ReadingTim 10th Mar 17, 9:17 AM
    • 1,396 Posts
    • 1,957 Thanks
    ReadingTim
    • #6
    • 10th Mar 17, 9:17 AM
    • #6
    • 10th Mar 17, 9:17 AM
    ...while i am not panicking yet, i just need to prepare myself if the inevitable happens.
    Originally posted by robotrobo
    Sadly, these things are inevitable. And it has happened.
    • BrianJohns
    • By BrianJohns 10th Mar 17, 9:59 AM
    • 9 Posts
    • 0 Thanks
    BrianJohns
    • #7
    • 10th Mar 17, 9:59 AM
    • #7
    • 10th Mar 17, 9:59 AM
    When was the deadline date
    • robotrobo
    • By robotrobo 10th Mar 17, 11:07 AM
    • 814 Posts
    • 688 Thanks
    robotrobo
    • #8
    • 10th Mar 17, 11:07 AM
    • #8
    • 10th Mar 17, 11:07 AM
    When was the deadline date
    Originally posted by BrianJohns
    Today, my birthday
    • Money Rollercoaster
    • By Money Rollercoaster 10th Mar 17, 1:58 PM
    • 238 Posts
    • 550 Thanks
    Money Rollercoaster
    • #9
    • 10th Mar 17, 1:58 PM
    • #9
    • 10th Mar 17, 1:58 PM
    Happy Birthday!
    Living Life @ 174 BPM >> CC Balance (0%) -£1,950 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£20,264.29 - Target DFD Oct 2020
    • paddyrg
    • By paddyrg 10th Mar 17, 2:43 PM
    • 12,880 Posts
    • 10,968 Thanks
    paddyrg
    There's a few hours left...let's see if he comes through in the next 9h then tomorrow go round to collect it...
    • zippygeorgeandben
    • By zippygeorgeandben 12th Mar 17, 10:06 PM
    • 485 Posts
    • 535 Thanks
    zippygeorgeandben
    He's playing on your kindness here. Taking advantage. Do not show you are weak by extending deadlines. OK, maybe I would extend a deadline once, but once reached then I'd take further action and make sure to get as much written proof as possible.
    End Sep 2016 End April 2017 £8236.57 £6670.91(Tesco 4.8%) £6185.75 £1779.78 (Zopa 4.0%) £5344.50 £3394 (Sainsburys 0% until 06/19) Sister £2000 (0%) Total debt £19.766.82 £13,844.69Original DFD May 2019.
    • DCFC79
    • By DCFC79 12th Mar 17, 11:10 PM
    • 28,991 Posts
    • 18,300 Thanks
    DCFC79
    Any news OP ?

    Id be leaning on the niece even though its not her fault she can get her partner to hurry up, well if shes willing to prevent going to small claims court.
    Je Suis Charlie
    • waamo
    • By waamo 12th Mar 17, 11:19 PM
    • 1,081 Posts
    • 1,084 Thanks
    waamo
    My nieces partner asked me if i would loan him £2000 ! , he said that he was waiting for money coming in from various big jobs that he was on with, so i voluntered to lend him the money.
    He signed a i.o.u , also a date that the money would be repaid by, while i never thought that this date would be exceeded , it as gone by, with no communication from him at all.
    can anyone advise me what the next course of action i take ?, or do i just wait more time out & leave it with him for a while ?.
    The loan i gave him was also interest free!, which i also stated on the i.o.u, while i am not panicking yet, i just need to prepare myself if the inevitable happens. thankyou.
    Originally posted by robotrobo
    To sort of answer the question you actually asked I need to ask a question. What action do you want to take?
    This space for hire.
    • Ben8282
    • By Ben8282 12th Mar 17, 11:45 PM
    • 1,694 Posts
    • 689 Thanks
    Ben8282
    There is very little you can do.
    The IOU is worthless as a legally binding credit agreement.
    Take him to court if you want.
    Beware of trying to charge interest as you may be accused of being a loan shark and illegal money lending.
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