Repayment of a loan

ukjoel

Maybe borrow the bike until he remembers.
Write him a letter saying to trust you and be patient and you wont let him down.

See if it jogs his memory.

RuthnJasper

BigAunty wrote: »

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.

Excellent advice (as ever from BA!). Here is the link to the Land Registry - https://eservices.landregistry.gov.uk/www/wps/portal/!ut/p/b1/04_SjzS0tDQwMTIxMjLXj9CPykssy0xPLMnMz0vMAfGjzOKNjSxMDA1NjDwsjM3MDTxN3dyNDUNMjQ1MjPWDU_P0c6McFQH3SLFU/

Don't use ANY site that claims to be the Land Registry but doesn't have an address ending in .gov.uk! It costs about £4.

Good luck. I bet you feel sick about it. Not that it's much consolation, but you're not the first person this has happened to and you certainly won't be the last...

All the best to you. x

RuthnJasper

ukjoel wrote: »

Maybe borrow the bike until he remembers.
Write him a letter saying to trust you and be patient and you wont let him down.

See if it jogs his memory.

Excellent; I like this idea! :beer:

peachyprice

Issue him with a statutory demand and threaten him with bankruptcy. I might not get you much of your money back, but it'll wipe the smile off his face.

pinkshoes

Have you checked Zoopla to see what he paid for the house originally along with what he sold it for? This will tell you if there is potentially any equity.

I would send a letter before action, telling him that he has 28 days to repay the money, otherwise you will take him to court for it, even if that includes bankruptcy.

I would also pay him a visit, and take photos of any assets, including motorbikes.