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Lending money to friends & family

clintus2 Posts: 11 Forumite

8 March 2007 at 11:59PM in Loans

Basically, her husband came round, told me she had MS and that they about to go to court for mortgage arrears. House is up for sale and they had a buyer. so i lent him £8000 to cover his debt with a gentlemans agreement (doh!) that whatever happened I would receive the money by Sept 15th.
Since then there has been a falling out and we have had a letter from my Fiance's sister telling us we can whistle for the money until house is sold. (previous buyer pulled out)
I have that letter and proof that the money went into their account.

A debt collection agency I have spoken to will take over the collection but will not buy the debt. and charge 20% against any monies collected (gulp)

our situation is that we have recently started our own business and have now run out of money so if we do not get the money back soon there is a chance we can lose our house!

HELP!!!

Clintus2

2950 overdrawn
3800 Visa

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