Can someone that lent money to me ask for the money back early?

dmthomson

Hi, I'm new here.

I borrowed £300 from a close friend and promised to pay £100 per month. I've paid £100 on time last month and will pay the same this week with £100 left to pay. She is now demanding that I pay the whole amount early (£200 this week). I don't have the spare cash to meet this request and she doesn't care that it would leave me short.

Can she do anything like small claims court? I'd imagine she could only do that If I was not paying her on what was agreed. I'm keeping up with my side of the agreement.

AnotherJoe

Can she do anything like small claims court?
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Not really. She could go to small claims court but since you are sticking to the terms you (informally agreed ? - anything written down?) she'd lose, but in any case since by the time anything was set up vs a court you'd have paid her in full anyway, it would be pointless.

Is any of this documented? The loan? Payment receipts?

What happened when you told her you cant pay both installments in one go as you haven't the money? Is it actually about the money? Is she now in dire straits and really needs the money or perhaps does she think you might not return the loan? Has someone advised here this was a bad idea and she is panicking you wont pay her?

Assuming you cant borrow £100 from someone who trusts you like a relative (hopefully not another friend) for 5 weeks to get shot of her, you've only got 5 weeks to go, carry on as you were and treat this as a lesson. Not just on borrowing but on getting your finances sorted. Look at the debt free wannabee forum.

Browntoa

By the time it got to small claims court it will be another month at least do not much she can do about it , if you cannot pay it then don't

Br prepared to lose said friend or at least never be able to borrow from her again

Dobbibill

Legally......no!

Morally......I would wonder why they need it in such a rush, perhaps something has happened for them to need it all back a month early. A washing machine breaking down or boiler etc

Lesson here is to get yourself an emergency fund and don't borrow off friends again. It ruins so many friendships.

robatwork

Yes she can ask.
No you don't need to pay.
This will never go to court.
She's not your friend.

undaunted

AnotherJoe wrote: »

Can she do anything like small claims court?
======
Not really. She could go to small claims court but since you are sticking to the terms you (informally agreed ? - anything written down?) she'd lose, but in any case since by the time anything was set up vs a court you'd have paid her in full anyway, it would be pointless.

Is any of this documented? The loan? Payment receipts?

What happened when you told her you cant pay both installments in one go as you haven't the money? Is it actually about the money? Is she now in dire straits and really needs the money or perhaps does she think you might not return the loan? Has someone advised here this was a bad idea and she is panicking you wont pay her?

Assuming you cant borrow £100 from someone who trusts you like a relative (hopefully not another friend) for 5 weeks to get shot of her, you've only got 5 weeks to go, carry on as you were and treat this as a lesson. Not just on borrowing but on getting your finances sorted. Look at the debt free wannabee forum.

Save for the bit about she's not your friend (which may or may not be true) I'd tend to agree with most of the above posts & particularly the one quoted above. If she's hit hard times & you're both struggling try & find a compromise that helps you both / maintains the friendship - she did help you out after all - but if you've just fallen out or something then just tell her that you can stick to the agreed terms & that's all then forget about it - there's nothing much she can do about that.