Money lent to a friend - Not Repaid - Seemingly no intention of doing so

Gaz83

Ben8282 wrote: »

You must be very angry and I appreciate that but I'm sorry to tell you that there is nothing you can do as you do not have any sort of legally enforceable agreement.

Well, that's not *quite* true. The OP mentions that there are text messages and so on about the debt. If the ex-friend has admitted the debt, a court would use this as a basis of enforcing an agreement.

Whether or not the ex-friend has the means to repay is another matter, though.

dresdendave

mither wrote: »

Hello All,



My situation:
Lent a friend £700.

I will get the cash back one way or another

Unlikely based on the hundreds of posts on here of a similar nature.

FabiaUnie

As my close friend, and I do not borrow on credit do not give

mither_2

Thanks all for the input. Mentally I've written it off so if I do get any of it back it is a bonus. That I've mentally written it off largely removes any stress or anxiety about not getting the cash back.


I don't expect any court to force her to pay but she would shame him into paying or pay herself. His mum also owns a very successful business in the area so I may pop in for a chat next time I'm in town. If nothing else it will make him think twice about doing it to somebody else.


I've just send him a message saying very subtly that since he keeps messing it up at the bank I should just message her with the details. I've resumed the phone calls too. They will be daily for the next week.


I've decided to gibe him until the 20th to pay. At this point I'm contacting his wife directly. I've just been on her company website and so I'll e-mail if she doesn't reply to my linked in message.


As one of the posters wrote I have learned this lesson the hard way. I'll never lend a friend any cash again. Could have been a much larger figure I suppose.


Is there any way of going to the small claims court without incurring any charges? If it is just my time then I will do it. I don't want to throw good money after bad however. If I know its possible then this would be useful in my negotiations with him.


Thanks all again. I'm not the first and sadly won't be the last......

Gaz83

mither wrote: »

Thanks all for the input. Mentally I've written it off so if I do get any of it back it is a bonus. That I've mentally written it off largely removes any stress or anxiety about not getting the cash back.

This is a sensible attitude to have.

mither wrote: »

I don't expect any court to force her to pay but she would shame him into paying or pay herself. His mum also owns a very successful business in the area so I may pop in for a chat next time I'm in town. If nothing else it will make him think twice about doing it to somebody else.

I've just send him a message saying very subtly that since he keeps messing it up at the bank I should just message her with the details. I've resumed the phone calls too. They will be daily for the next week.

I've decided to gibe him until the 20th to pay. At this point I'm contacting his wife directly. I've just been on her company website and so I'll e-mail if she doesn't reply to my linked in message.[/quote]
This, however, is not.

You loaned him the money. Not his wife, not his mum. Pestering them for something that, legally at least, is nothing to do with them might end up with them claiming you're harassing them.

What's it got to do with his mum anyway?

mither wrote: »

Is there any way of going to the small claims court without incurring any charges? If it is just my time then I will do it. I don't want to throw good money after bad however. If I know its possible then this would be useful in my negotiations with him.

No, there's not.

Marktheshark

The law in this country states very clearly you must have a licence to lend money.
Lending money is defined as loaning out money and demanding it be repaid.
Without a licence you can gift money and they can gift you back goodwill payments.
Contacting his wife demanding payment puts you very on the wrong side of the Loan shark legalisation and possibly in serious trouble.
This forum has very little if any understanding on the legalisation regarding money lending and licensing and to what legal recourse you have if you lend money without a licence from the FCA under the consumer credit act.
The law applies to everyone, even people on MSE.

Gaz83

Marktheshark wrote: »

The law in this country states very clearly you must have a licence to lend money.
Lending money is defined as loaning out money and demanding it be repaid.
Without a licence you can gift money and they can gift you back goodwill payments.
Contacting his wife demanding payment puts you very on the wrong side of the Loan shark legalisation and possibly in serious trouble.
This forum has very little if any understanding on the legalisation regarding money lending and licensing and to what legal recourse you have if you lend money without a licence from the FCA under the consumer credit act.
The law applies to everyone, even people on MSE.

Can you "very clearly" say which law "states very clearly you must have a licence to lend money", please?

mither_2

No intention of harassing them. But sending them one message letting them know what he has been up to seems reasonable to me. They may pester him to pay. If they don't then I've lost nothing by messaging them.


Clearly then I have very little recourse. I'm not one for just letting him walk away from this as though it never happened. If nothing else if people know what he is like then they won't make the same mistake.

Gaz83

mither wrote: »

No intention of harassing them. But sending them one message letting them know what he has been up to seems reasonable to me. They may pester him to pay. If they don't then I've lost nothing by messaging them.


Clearly then I have very little recourse. I'm not one for just letting him walk away from this as though it never happened. If nothing else if people know what he is like then they won't make the same mistake.

It doesn't matter if you have no intention of harassing them. If they perceive you to be harassing them, that's what's important.

Going into his mother's business for something that has absolutely nothing to do with her is a foolish idea.

You acknowledge yourself that you suspect his wife doesn't know.

Your argument is with him. Not them.

mither_2

In response to the lending license bit I would think that applies to lending to make a profit? I also think there is a big difference between informing someone and/or politely asking for their help and threatening/harassing them.