Recovering lent money

surreysaver

But don't you need a licence to lend someone money? In which case the contract will be unenforcible? As you are acting unlawfully by lending them money in the first place?

poppasmurf_bewdley

surreysaver wrote: »

But don't you need a licence to lend someone money? In which case the contract will be unenforcible? As you are acting unlawfully by lending them money in the first place?

Complete and utter rubbish.

DavidP24

Never lend money to friends unless you want to lose them, just give money to them or don't if you can't afford.

You can say SIM was stolen and ask for a replacement which will cancel old one, also ask for restrictions on line so receive only, but you are an adult you entered into contract.

You can take to small claims Court but a bit pointless as they do not have money, cheap ro wait till you know theu have money.

You were given bad advice above, the statute runs out after six years, it can only be reset if he acknoledges the debt again.

You really should not be blaming him, as I said, only GIVE money away if you can afford it.

Clearly your friendship was not worth much to him and you are better off without this person in your life.

Learn a lesson an walk away.

Wyndham

surreysaver wrote: »

But don't you need a licence to lend someone money? In which case the contract will be unenforcible? As you are acting unlawfully by lending them money in the first place?

No, you don't need a licence to lend money, but you do need a licence to then charge interest on it.

Gaz83

surreysaver wrote: »

But don't you need a licence to lend someone money? In which case the contract will be unenforcible? As you are acting unlawfully by lending them money in the first place?

No.

There's a poster on here (can't remember his name) who comes up with this drivel every couple of months.

Shame to see that people are apparently believing him.

surreysaver

Was only asking. Hence the question marks.

Ben8282

In all honesty I think there is very little that you can do about this. Unless the amount of money is substantial AND you know that he has the ability to pay it will not be worth the time and effort.
Obviously though you need the phone blocked. Simplest way will be to report phone lost or stolen (but don't go making any false insurance claim for the phone!) then a replacement SIM card will be sent to you to do with as you wish.

Lazarus_Blackstar

surreysaver wrote: »

But don't you need a licence to lend someone money? In which case the contract will be unenforcible? As you are acting unlawfully by lending them money in the first place?

Eh? So if my husband or mother lent me some money to get me out of the 5hit they'd have to have a "licence"?
Licence from where?

What a load of tosh.

dresdendave

surreysaver wrote: »

But don't you need a licence to lend someone money? In which case the contract will be unenforcible? As you are acting unlawfully by lending them money in the first place?

I lent a mate £20 yesterday, so I have broken the law? Would it be best for me to voluntarily confess to the police or just wait for the inevitable knock on the door when they track me down?

DavidP24

Tis daft but maybe they were refering to usury, in which case we need to hang, draw and quarter the bankers.

I don't think too many would object!