Friend to Friend Loan

Clive_Woody

Not sure what your friend would take you to court for, not breach of contract as you have repaid according to the agreed terms. Unless there is a term in the contract saying that he/she can demand repayment in full at any time or payment terms can be varied without notice then I suspect they are simply trying it on.

WalterTravolta

John1993 wrote: »

Ah, that changes things...

Maybe your friend has realised that you are winding up to attempting to do this, and is panicking, as he or she can't afford to take the reduced payment.

May I ask, if your friend lent you money in your time of need, and now seems to have a need for the money, why wouldn't you pay them back early?

It wasn't a time of need just for me, it was a mutual reason for lending the money. It isn't as easy as just paying back, in January this is a possibility, but not right now.

There is no reduced payment?! I am paying back a decent amount per month. They have instigated the contact discussing taking me to court

I appreciate the note, however, I am just looking for my legal stance not the lecture on 'Friends lending from Friends' it already is the worst decision I have made

WalterTravolta

Clive_Woody wrote: »

Not sure what your friend would take you to court for, not breach of contract as you have repaid according to the agreed terms. Unless there is a term in the contract saying that he/she can demand repayment in full at any time or payment terms can be varied without notice then I suspect they are simply trying it on.

I hope so. Just a shame really. There is no breach of contract, if anything they are in breach for demanding it back early, as per the terms and conditions

John1993_2

WalterTravolta wrote: »

There is no reduced payment?! I am paying back a decent amount per month.

You said above that you will look to offer a reduced settlement next year. Is this not what you meant?

WalterTravolta

Yes, as in, if I pay back the loan a year early, it would be unfair for me to pay interest added originally

Sorry I misunderstood what you said

John1993_2

OK, sorry, I'd misunderstood. On this forum, when people mention "reduced settlement", they often mean paying back an amount less than that which was borrowed.

WalterTravolta

AH ok I get you, I am still new to the terminology! I will get there haha

Apples2

WalterTravolta wrote: »

AH ok I get you, I am still new to the terminology! I will get there haha

I think you should still work hard at the friendship between you, he was, afterall, your saviour when in need.
If his circumstances have changed and it is indeed him in need now, you should pay more if possible. How deep is your love between you? assume you have been close friends

That said, a contractual obligation is just that so he should stop the Jive Talking about Courts and accept he signed the form as well.

If you only took the money to keep you staying alive, and you are maintaining payments as agreed simply tell him, you should be dancing, you are paying more than a woman would pay. You can't just say open sesame and all of a sudden you have plenty of cash to spend. :cool:

WalterTravolta

Apples2 wrote: »

I think you should still work hard at the friendship between you, he was, afterall, your saviour when in need.
If his circumstances have changed and it is indeed him in need now, you should pay more if possible. How deep is your love between you? assume you have been close friends

That said, a contractual obligation is just that so he should stop the Jive Talking about Courts and accept he signed the form as well.

If you only took the money to keep you staying alive, and you are maintaining payments as agreed simply tell him, you should be dancing, you are paying more than a woman would pay. You can't just say open sesame and all of a sudden you have plenty of cash to spend. :cool:

I like your Travolta take, thanks you.

thanks for the advice, but as stated, I am looking for my legal stance on this, not the friendship view. I need to know that if taken to the extreme I can defend myself in court, or have to pay for a solicitor!

CLAPTON

WalterTravolta wrote: »

I like your Travolta take, thanks you.

thanks for the advice, but as stated, I am looking for my legal stance on this, not the friendship view. I need to know that if taken to the extreme I can defend myself in court, or have to pay for a solicitor!

There is nothing 'legal' you can do.

Its up to him if he wished to go to court.

So your options are

- do nothing until/if he takes court action

- refinance the deal and pay him back