Loan

wotway

You need to go on the insolvency register and see if he HAS gone into an iva or is it a bluff. If he did not include you you need to put this to the iva company. If he is bluffing does he own a property?. He could easily say it was an unfair credit bargain, but if the debt can be proved you are entitled to your money back.This is not a straight forward process you will need a county court judgement against him first where you will have to convince the judge that the debt exists. I think you've bought a very valuable lesson in human nature.

ILW

Sounds like an informal "loan" to a friend which is unlikely to have any legal standing.
Anything you do get will be a bonus, but you need to work on a basis that the money is lost.

Also lending money (with interest payable)without a consumer credit license is illegal.

aayush

hi all

the information requested
1 I lent him £3k over 5yrs ago i have been paying £82.00 a month towards it
2)he used to give me the same as cash but then it stopped
3 ) his £15.00 offer only made in last few months but not made any payment to so far
4 )all I have is email stating loan given and once funds arrive will pay back double
5 I have no knowledge of what IVA company he owes money to as checked reg no find his name on it
6) i am not asking for int to be paid back to meas just want what is owed to as Now have family and why is he giving all is crap iva if i can not find the his name on the register


And yes I have now see the way a person can change once u lend money to him and then ask for it back
Hope have given you all the infor

mation requested

and await your favaroble respone

aayush

one last point the loan time ends in oct/nov thus £15.00 month wont be much hlep as i have coverd the loan and am covering the in payments now woukd have helped earlier

skintandscared_2

I didn't know there was a register for people on IVAs? I thought that was just for bankruptcy?

OK, when he was paying you £82 a month, how much did he pay you in total? Do you know how much of the original £3k he has paid back? I'm sorry to say this, but FORGET the interest, let alone the "double". It's not going to happen!!

The fact you are going to have to accept is that if he doesn't have the money, you are not going to get big repayments back. I know you need it now but he just hasn't got it. If you can get remotely near the £3k back that will be the best result you can hope for.

If it were me, I think I would tell him that yes I want the £15 per month, and if his circumstances change and more money starts coming in, then I want whatever extra he can afford each month. I have a horrible feeling that if you try to be added to the IVA you will have insufficient evidence to prove that he owes you this debt and you'll end up with nothing.

Take it as a lesson learned. NEVER get loans for other people no matter how much of a friend they think they are.... Good luck!