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Friends and family loan nightmare

Late last year I borrowed a sum of money from a friend of mine when I had fallen on some hard times. There was nothing written at that time but we did have a loose verbal agreement that I would repay the loan when I was back on my feet financially.

So I commenced repaying by instalments. However, I recently received a message somewhat out of the blue asking for the full amount to be repaid immediately.

I am not in a position to do this and indeed if I had the full sum sitting in my bank account the first thing I would have done was to repay the loan in full.

In my mind I have done as we agreed and the goal posts have now shifted and it seems a bit unreasonable in the circumstances. My intention is to pay back every penny.

Any advice on how I deal with this and what rights I have would be most appreciated.

Thanks very much.
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Comments

  • How much do you owe ?
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Maybe your opinion of being back on your feet is different to theirs.

    e.g. if you borrowed £250 and have since paid back £60, but are all over Facebook showing off your new boots, great new nails and looking forward to your weekend away.... then they might consider you're taking the p155... and they'd be right.
  • CHR15
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    To be fair, taking over a year to get back on your feet after falling on some hard times does seem excessive. Did you really have zero Christmas last year and not purchased anything throughout this year?

    The statement of "loose agreement" doesn't sound like it's something you consider important
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    CHR15 wrote: »
    To be fair, taking over a year to get back on your feet after falling on some hard times does seem excessive.

    Where did you get that from?
  • It says late last year.
  • CHR15
    CHR15 Posts: 5,193 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    ViolaLass wrote: »
    Where did you get that from?

    It's now late this year
  • stator
    stator Posts: 7,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Just explain that you are not in a position to repay immediately and that you will repay as soon as you can.
    It may upset your relationship but I don't see what they can do about it.
    Changing the world, one sarcastic comment at a time.
  • DevCoder
    DevCoder Posts: 3,361 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Well if they have some proof of an agreement then they could technically go the MCOL route, attachment of earnings, petition bankruptcy (if more than £750).

    Note thats all technically, chances of bankruptcy route etc is minimal.
  • ViolaLass
    ViolaLass Posts: 5,764 Forumite
    CHR15 wrote: »
    It's now late this year

    OK, let's look at the details. They borrowed the money at most a year ago, at least 10 months ago, and then started repayments at an unknown time between then and now. Your statement that they took 'over a year' to get back on their feet still doesn't stack up (leaving aside the fact that you don't know the details and chose to assume).
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The OP didn't actually say 'when' he started the repayments though.....
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
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