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Friend owed money by another individual...
welshcakes
Posts: 639 Forumite
in Loans
Hi there (please move if there is a more appropriate forum)
Just a quickie hoping someone can point me to a link or template.
My friend loaned a friend of his over £3k in 2005 and has had excuse after excuse from the debtor who has used all sort of stalling techniques. He has received part payment back which is good news as it established in my mind that both parties acknowledge the money as a loan and not a gift (you see I watch Judge Judy too!).
The loan was witnessed (even though it was not written down, I understand a verbal agreement is a good as long as it is not under dispute, which it is not). The part repayment (made in 2006) was actually handed over via my OH so that acknowledgement of it being a debt is also witnessed.
My friend wants me to write an LBA to this 'friend' debtor giving him 7 days to cough up the outstanding amount (over £2k) within 10 days or face a county court claim.
The debtor is VERY well off and always throwing cash around but evidently has no conscience and my friend is extremely timid and buckles under any sort of confrontation. I guess he thinks of me as a bad !!! b**ch who is up for a challenge, so I take that as a compliment.
Any pointers, advise, infor, websites etc will be very gratefully received as my friend is a genuinely nice guy who has been supremely patient and now has a mortage that he has to finance, so getting back his money would rather take the pressure off.
The loan was interest free and theer was a verbally agreed date for repayment of the full amount which was the end of 2005. By agreement, the parties rescheduled this to April 2006. As far as I believe, this schedule marks it as a conditional loan and the debtor has failed to comply with the 'terms' of such.
Ta in anticipation for your wisedom
Just a quickie hoping someone can point me to a link or template.
My friend loaned a friend of his over £3k in 2005 and has had excuse after excuse from the debtor who has used all sort of stalling techniques. He has received part payment back which is good news as it established in my mind that both parties acknowledge the money as a loan and not a gift (you see I watch Judge Judy too!).
The loan was witnessed (even though it was not written down, I understand a verbal agreement is a good as long as it is not under dispute, which it is not). The part repayment (made in 2006) was actually handed over via my OH so that acknowledgement of it being a debt is also witnessed.
My friend wants me to write an LBA to this 'friend' debtor giving him 7 days to cough up the outstanding amount (over £2k) within 10 days or face a county court claim.
The debtor is VERY well off and always throwing cash around but evidently has no conscience and my friend is extremely timid and buckles under any sort of confrontation. I guess he thinks of me as a bad !!! b**ch who is up for a challenge, so I take that as a compliment.
Any pointers, advise, infor, websites etc will be very gratefully received as my friend is a genuinely nice guy who has been supremely patient and now has a mortage that he has to finance, so getting back his money would rather take the pressure off.
The loan was interest free and theer was a verbally agreed date for repayment of the full amount which was the end of 2005. By agreement, the parties rescheduled this to April 2006. As far as I believe, this schedule marks it as a conditional loan and the debtor has failed to comply with the 'terms' of such.
Ta in anticipation for your wisedom
Integrity is a dying art!:p
0
Comments
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Hi...id say...a verbal agreement for 3 thousand pounds might never be a good idea...never a lender nor a borrower might have resolved this before it came to anything?!...youd be suprised how friends change when money is involved mm?...Id be talking about a solicitor to reclaim my owed £...?0
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A solicitor MAY be a waste of time. If the debtor is savvy and brave enough to ignore solicitors letters what will you do? He will probably suggest suing him for the money but you could do this for yourself through the small claims online, and save on legal costs.0
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