HELP - i lent £10k to a friend who wont pay it back? What can i do legally

Louisa28

Hi all,

I stupidly lent a 'friend' 10k over a year ago because they promised that id get £500 interest back from doing it in 4 months time ( all workd of mouth). This friend i only knew for a year and i know he has lots of properties and a business. I know where his previously partner and kids live. his mum and dad and where he lives. Why i lent it to him god knows as he made out he was a millionaire but anyway i was in a bad place at the time and i stupidly did it......

2 months ago he paid me back 3k and earlier this year (January) £1,500. All the transitions were electronic so i have evidence. He promised me the rest back only a month ago as ive recently moved house, i have e-mail proof of this, but hes now gone on the missing list. Refuses to answer the phone or e-mails and texts.

I've sent one text to try and make him feel bad saying how it was my life savings for my family to be...etc..... it hasent worked.

I have spoken to a dept collection agency who can threaten bankruptcy.... but im worried that im going to fork out £400 for nothing. They said i might have to obtain a court order if he doesn’t play ball which is another £250 on top as well. What i don’t want to do is waste anymore of my money on this idiot but i want my £5,500 back.

Has anyone experienced this before and has anyone ever won in court or by threating to make someone bankrupt...?

The only thing my evidence doesent say is the amount what he still owes me, it just says im sorting the rest for u should have it in your account Wednesday. Apparently he could turn around and say he only owes me another £1000 and the rest was a gift, but surely hed had to get proff of this, no????. i mean i have to prove he owes it to me so wouldn’t he have to prove that he doesent. Even if he said he gave it to me in cash surley hed had to prove that we meet to hand it over and that hes got the cash from somewhere to give to me?

It makes me feel sick to the stomach that hes done this to me. hes a 40 year old man with 4 kids and i trusted him. im 27 with no kids and ive also just lost my father, ud think hed have a heart hey?

Thanks for any help anyone can give me.... i dont know what action is best?

aimingforadebtfreelife

Ignore the debt collection agency.... unless you have a written agreement what is owed and payments due back signed by both parties then they will take your money, write him a couple of letters but cant enforce anything.

I'm afraid its the lack of paperwork which is the biggest hold back. To be honest and this is what you don't want to hear in the eyes of the law unless it is signed and in writing there is nothing to force him to pay. Sorry.

Louisa28

Thank you

The dept agency said they can make him bankrupt? are they lieing then?

Even with the electonic proff that i lent it and hes paid me back some? and also written e-mails saying he will get me the rest soon? is this not enough proff.....?

somethingcorporate

No, not nearly enough proof unfortunately.

The debt company will say whatever it takes to get you to part with your cash - they are trying to make a fast buck out of you just like your "friend".

A lesson learned the hard way

Louisa28

Makes you feel sick doesent it........ look like id jsut have to wreck his car then ha ha

Louisa28

ill just make sure his kids and rest of his family and friends know what hes really like.......... some people have no heart it has to be said!

molerat

Ask yourself a simple question, why did he not borrow from the bank. The answer will be that he is not credit worthy and probably has a history of being unable or unwilling to pay his debts. These habitual debtors / liars are also very clever at removing any assets from their ownership. Not much help to you I am afraid but a warning to others.

Gothicfairy

Only the court can make someone bankrupt.

Have you looked at the small claims court option as that can be done online and is cheaper then most options ( you might lose some money but right now you have nothing anyway)

Louisa28

i did consider small claims option but dont see the point if i dont have a leg to stand on with my evidence? id rather persnally hulimate him i think

Thanks ALL xx

ihateyes

i would think the email and the fact he has made electronic payments would make a money path.

Did you transfer the money to him electronically?

I would speak to a solicitor, and bring all bank statements that shows him paying you, and your statement showing 10K paid to him. while there is no agreement, he acknowledges you gave him money by paying you back!

somethingcorporate

ihateyes wrote: »

i would think the email and the fact he has made electronic payments would make a money path.

Did you transfer the money to him electronically?

I would speak to a solicitor, and bring all bank statements that shows him paying you, and your statement showing 10K paid to him. while there is no agreement, he acknowledges you gave him money by paying you back!

This would be one uphill battle and without any actual documentary evidence it was a loan it would likely be throwing good money after bad.

OP, if you do feel compelled to take this route see if you have legal cover on your home insurance or get a free 30 minutes with a solicitor to see if they think you have a case (try and do things the MSE way!).