Loaned money to a guy, promise of great returns...

Apples2

shedhead55 wrote: »

just remember the old adage "you can't get blood out of a stone"

But you can get money out of a plank.

societys_child

Erm, I've got a bridge for sale if your interested . .

DCFC79

Lol just lol you guys:rotfl:

MABLE

Adam900 wrote: »

I met a guy a long time ago, who needed a £1k investment for a project he wanted to do. I transferred £800 by bank, and £200 in cash.

The deal was, I gave him £1,000 in December 2011, and starting from March 2012, I'd receive £1,000 a month while the shop that he was using my money to invest in was running.

I've received nothing and he's dodging all my calls/txts. I know where he lives but that's about it. He doesn't answer the door to me.

What can I do? I understand taking him to small claims may work but would they understand and recognise that the debt is no longer £1k, but is indeed £7k?

It's also got to a stage where I really need the cash - how long does the process usually take?

Thanks in advance

I took a gamble on something similar a few years ago and it paid off.

If anyone now asks for financial help I advise their best port of call is their bank.

Also before taking anyone to court you need to make sure they have assets otherwise a waste of time.

Voyager2002

To the people who said that without a signed contract the OP has no chance, remember that civil courts make decision on the balance of probabilities. So unless the borrower is a very convincing liar, the court would probably listen to both parties and conclude that there really was such an agreement in place, and the OP really did hand over the full thousand pounds.

The rate of return promised is of course ridiculous, but probably no higher than that charged by Wonga.

Note that a claim for just the thousand pounds back (plus costs) would go through the 'small claims' track, which is designed to be accessible to the ordinary person without lawyers. A claim for seven thousand would be above the limit for small claims, and then the process would be highly technical.

ILW

Assuming OP is not a wind up, he does not even seem to know whether it was a loan or an investment.

Idiophreak

opinions4u wrote: »

They could easily say that, as an investment, you knew the risks of losing money.

You'd like to think, though, that the court would realise there's a difference between the risk of losing money because the venture fails and the risk of losing money because the party you invest with shafts you...it's not exactly the same thing...

hoppo,p

Obviously you don't feel investment in small businesses can reap rewards as big as I was promised? Seems odd.

Hahahahahahahahahahahahahahahahaha, priceless (well almost £1000)

Oldfatgrumpy

Maybe £1000/month is unrealistic, but if OP can show this was indeed an investment in the business, he should be getting some return.

opinions4u

Oldfatgrumpy wrote: »

Maybe £1000/month is unrealistic, but if OP can show this was indeed an investment in the business, he should be getting some return.

A bit like investors in Northern Rock got?