Can people make minuscule PERSONAL loan repayments?!

Tinsley1

Posted on the loan thread but think my post got missed and need advice quite quickly if possible. I lent someone money and they kept ignoring me etc, now they are sending me a letter.

I have heard with companies like mortgage people etc if you lose your job you can say hey how about £1 a week repayment and they can't refuse or demand more because you have approached them with it?!

I am just wondering if people can do this with personal loans? It was made clear at the time it was a short term loan, I need the money back (by now!) but the only proof I have is them telling someone else I lent it to them on a public forum and my bank transfer stating its a short term loan to them.

If I get a letter by recorded post I am seriously wondering whether I should sign for it or just refuse and get down to the small claims court. Can they make tiny, tiny repayments or is that just with companies (living in hope here probably...).

Thanks anyone who has any advice!

paddyrg

They can pay (or offer to pay) whatever they like, you can accept it or not. If they offer a smallish amount, take it but make it clear you are accepting it as an interim measure and expect the normal payment schedule to resume on (date). The fact they pay you even a small amount at least shows the courts that they recognise the debt, making your proof easier if ever needed.

Clive_Woody

Tinsley1 wrote: »

Posted on the loan thread but think my post got missed and need advice quite quickly if possible. I lent someone money and they kept ignoring me etc, now they are sending me a letter.

I have heard with companies like mortgage people etc if you lose your job you can say hey how about £1 a week repayment and they can't refuse or demand more because you have approached them with it?!

I am just wondering if people can do this with personal loans? It was made clear at the time it was a short term loan, I need the money back (by now!) but the only proof I have is them telling someone else I lent it to them on a public forum and my bank transfer stating its a short term loan to them.

If I get a letter by recorded post I am seriously wondering whether I should sign for it or just refuse and get down to the small claims court. Can they make tiny, tiny repayments or is that just with companies (living in hope here probably...).

Thanks anyone who has any advice!

Keep the letter as proof that they acknowledge the loan.

If they seriously can only afford £1/month then you will be wasting your time and effort pushing for more, but if you feel they are taking the mickey making such a low offer then you are perfectly entitled to take them to court (small claims or otherwise depending on how much money you are talking about).

Tinsley1

Oh brilliant thanks both of you! So its not like I have to just accept their amount if its 5p a week I can negotiate

Good idea about keeping it as an acknowledgement of debt, wouldn't have thought of that They can afford more, I know they can, constant Facebook photo uploads of wild nights out on the town sort of thing..! They actually told me when I lent them the money they had a job (they don't) and would start paying me back in three weeks. Here I am four months later

We live and learn I guess, thanks very much for the replies

RichGold

Any payment made to you is an acknowledgment of the debt. If you're worried about proving the debt later on then get them to make small payments now, via bank transfer or any other way thats officially verifiable, as that will put you on a better footing if you take it to court later.

They may argue "I never owed this person any money" or "it was a gift"

You can counter "They have made payments on the debt and then stopped".