Lending Money to friends

hardy11

Hi, This is the first time I have used this site and have just been reading the last thread with interest and hope I might someone might be able to offer me some advice. I'll try and keep it simple

My partner took a loan out with his bank (Natwest) for a friend 2 years ago.. so that they could purchase a car (We weren't together then or I would have told him to get something in writing)

The funds are showing on his bank statement as being transferred into his friends bank account as the exact amount that was borrowed from the NatWest.

Payments of £272 are also shown monthly on his bank account for the last 2 years coming in from his friends bank account and then the exact same being taken via DD from Natwest 2 days later. This is the montly amount agreed on the NatWest loan agreement.

The so called friend (fell out over a year ago) has now stopped paying so I am wondering if it looks like we have a good enough paper trail for proof.

Also what would be the best way about going about this ie to use a solicitor or direct to court ourselves.

Any help would be greatly appreciated as this could affect whether we can maintain mortgage payments at the mo

Hope all that makes some kind of sense

prowla

You should only lend to friends what you can afford to lose.
It's funny how a friend in need can lose interest after they've got what they wanted.

jonesMUFCforever

Sorry to be bearer of bad news - this debt is now your debt.
You may well feel that you have enough proof to take a case to court but it won't help you in your present situation.

If you have any sense make the mortgage payment and try to negotiate a lower payment on the loan perhaps by extending the term.

CocoLoco_3

Your partner is stuck with making the loan repayments, but it's worth asking the CAB for help on making a claim through the small claims procedure against the former friend for the money they owe your partner.
There's some info on
http://www.adviceguide.org.uk/index/your_rights/legal_system/faq_index_legal_matters/faq_legal_matters_court_action__to_claim_money_owed.htm