Repayment of a loan

daft_as_a_brush

I'm new to this site so am not really sure where to post my question. I gave a loan of £17,000 to a friend in 2011 and he promised to pay me back when he sold his house.I have pestered him for updates but he said he was not getting any viewings he has now sold his house in Jan 2014 despite telling me in Feb 2014 that he had a viewing! and when I finally found out where he had moved to he says he is sorry but he has no money,no future, no prospects and will pay me back £30 a month from his benefits!
Can anyone suggest where I go from here. Any advice will be most welcome. Thank you.

freshstart11

Do you have any thing in writing regarding it?

Even if you got a court order advising to pay you back, if he cant afford it and £30 is all it is they canorder that and you would have cost yourself more xx

RichardD1970

You may get more response posting here.

Although I suspect the general consensus will be "you're stuffed".

victory

daft_as_a_brush wrote: »

I'm new to this site so am not really sure where to post my question. I gave a loan of £17,000 to a friend in 2011 and he promised to pay me back when he sold his house.I have pestered him for updates but he said he was not getting any viewings he has now sold his house in Jan 2014 despite telling me in Feb 2014 that he had a viewing! and when I finally found out where he had moved to he says he is sorry but he has no money,no future, no prospects and will pay me back £30 a month from his benefits!
Can anyone suggest where I go from here. Any advice will be most welcome. Thank you.

First thing that jumps out at me is your username;)
Next do you have a contract/ legally binding paperwork

sharp82

Doesn't sound much of a friend!

Kayalana99

freshstart11 wrote: »

Do you have any thing in writing regarding it?

Even if you got a court order advising to pay you back, if he cant afford it and £30 is all it is they canorder that and you would have cost yourself more xx

I don't know if he has money tied up in the house pretty sure a court can basically force him to pay the money back..if he didn't have a penny to his name then yea..monthly payments would probably the most likey outcome.

As above, do you have any proof that he owes you this money?

BitterAndTwisted

If you didn't have a legally-binding agreement drawn up when you made this loan you haven't got a hope in hell of seeing a penny.


If he truly is on benefits after having sold the house, even if you did have an agreement drawn up you haven't a hope in hell of being repaid. A court-order would result in a CCJ but not help you get your money.

fivetide

I assume this friend at least managed to undo your belt before having your trousers down?

I fear that the money is gone. Unless you can answer the questions already asked then I don't think there is anything more we can add at this point.

daft_as_a_brush

Thank you all for your replies. I have a hand written letter from him saying for me to trust him and be patient and that he promised he wouldn't let me down but truth is I think he saw me coming and saw my kind nature and basically knew what he was doing. I think he is on benefits but I also think he knows how to play the system because to my knowledge he still rides a top spec motorbike! I expect that you are all right when you say I don't really stand a cat in hells chance of getting my savings back and need to accept the £30 per month offered.

Thrugelmir

daft_as_a_brush wrote: »

and need to accept the £30 per month offered.

Receiving payment however small acknowledges existance of the debt. Save the £30's up, then consult a solicitor.

BigAunty

47 years to pay back that debt at that rate.

You can't get money out of someone with no employment income or capital. I guess you need to verify that he's as poor as he says he is. Perhaps he sold his original property with no profit and used to money to pay off debts or unsuccessfully stave off repossession? Perhaps he's really on benefits and if so, a court would also

If you know his address, it might be worth paying a few quid to download the land registry details to find out if he owns it? If not, chances are he's a tenant.