My husband loaned a friend of the family several amounts of money totalling £50,000. It was discussed and mutually agreed that in the event of his death the debt would be payable to me. After he passed away in 2005 a standard security was set up against the debtor's property so that the debt would be paid to me when he sold his house . In 2008 the debtor was made bankrupt and his trustee's lawyers are trying to tell me that I am forced to discharge my standard security and have tried to pay me off with an offer of £10,000 which I refused now they wish to have my security cancelled, where do I stand?
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