If a lender has no signed agreement from a customer, is the debt enforceable?

Gaz83

timbo58 wrote: »

Unless you have seen the loans agreement you cannot state whether it has a clause in it that covers a requirement for immediate repayment if payments are missed.

Neither can I, however it is a very commonly used clause in all types of loan or credit agreement.

Once again, the OP is asking for case law etc, opinions however valid are not required.

Your signature is pretty inappropriate, then.

Savingdad

I wonder if there is no loan agreement in place and the friend who received the money may head down the route of saying unless you can prove I took out the loan the debt is unenforceble has considered the bank agreeing completely that there is no loan agreement and as such the £16k was transfered in a banking error and needs to be repaid in full immediately.
The friend would then be in the position of having stated on record there was no loan. Agreement but he still took £16k that he clearly didn't ask for and spent it....
Wonder what a judge would rule on that ?

robatwork

If the bank had by mistake paid £16k into your account, you would still owe them the money.

So you owe them the money.

However it's my opinion that no loan has been enforced so that you don't owe them any interest on the £16k.

My mistake - your friend doesn't owe them any interest.

timbo58

Gaz83 wrote: »

Your signature is pretty inappropriate, then.

Whatever...
You miss the point I previously quoted specific and I believe very relevant information however.

boo_star

robatwork wrote: »

If the bank had by mistake paid £16k into your account, you would still owe them the money.

So you owe them the money.

However it's my opinion that no loan has been enforced so that you don't owe them any interest on the £16k.

My mistake - your friend doesn't owe them any interest.

They could claim 8% annual interest on the amount, as the courts specifically allow.

robatwork

boo_star wrote: »

They could claim 8% annual interest on the amount, as the courts specifically allow.

Can you back up that assertion?

On https://www.gov.uk/make-court-claim-for-money/work-out-interest
the 8% is only relevant "If you’re owed money by another business,"

boo_star

robatwork wrote: »

Can you back up that assertion?

On https://www.gov.uk/make-court-claim-for-money/work-out-interest
the 8% is only relevant "If you’re owed money by another business,"

No, it isn't.

3. Work out interest
You can claim interest on the money you’re owed.

If you’re owed money by another business, you can charge interest on a late commercial payment.

For other types of debt, the rate is usually 8%

bris

Simple, the money was transferred so it needs paid back. Now the op knows this was a mistake so if the op plays ignorant the bank could go for theft by finding (there is case law on customers playing ignorant to banks mistakes). The freeroll days are over, agreements in writing are nice and neat but no longer needed.

rizla_king

Not sure I am completely convinced by this but http://www.money.co.uk/article/1005023-can-you-keep-money-accidentally-paid-into-your-bank-account.htm

andyfromotley

So your 'friend' has already declined to correct the bank about the true position of this loan with all this 'i'll look into it' nonsense. Now 'your friend' is desperately searching for a way out of paying. Your 'friend' sounds like a total douche.