Advice on loan from boss

rotti163

I need some advice about a tricky situation I've got mayself into. I needed some quick money to pay my mortgage arrears. I borrowed 2k from my boss on the agreement that I pay him back a set ammount each month. This was going to plan until his business started to get into problems now he is pressuring me to pay him back in full. Obviously thats not possible. I've never signed any agreement. I just need to know where I stand. Can anyone advise me? I'm willing to pay him back the full ammount as agree'd by installments.

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paddyrg

Hmmm - on the other hand, if your boss doesn't have the money, possibly the company closes and you don't have a job to be able to repay anything with. I imagine he's just trying to keep the company afloat?

rotti163

He has money, motorbikes flash cars etc. I was hoping for something a little more constructive to be honest.

Googlewhacker

calm down, the above posters response was fairly constuctive.

can you get another loan from a bank or lending company?

Also just because you see material things doesn't mean they own them, could be HP or loaned to the hilt.

zppp

What exactly would you like to know?

If there is no written agreement, it is your word against his?

rotti163

Sorry I should have been clearer in my post. I'd just like to know if he can force the issue and try to make me pay off the remaining ammount, not that I could. I've just returned to work from a period of stress brought on from pressure at work, so I just some fact to calm my nerves. sorry for the muddle.

brokeinlondon

I THINK - but I'm no expert - that he doesn't really have a leg to stand on if there isn't a written agreement.

paddyrg

Was it a personal loan (as a friend) in that case, or an advance against wages? As I was trying to say above, I doubt he would be pressing the issue if cash wasn't a problem, so maybe you can work for free/reduced rate for a while to pay it off?

terryw

brokeinlondon wrote: »

I THINK - but I'm no expert - that he doesn't really have a leg to stand on if there isn't a written agreement.

Not quite bil. If (and this is a big if) the matter ever came to court (probably the county court) the judge has to decide on "the balance of probabilities" if there is a debt to be repaid. A written agreement will certainly be of assistance but it is not absolutely necessary to prove the debt. As the OP admits the debt, the judge would have little difficulty in deciding the case.

However, the agreement was to pay by installments and this is how it should be repaid.

terryw

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