Legal agreement for private loan

nannoo1955

I lent my brother money to help him buy a house, furnishings etc. We both want to make this legal for our peace of mind. I spoke to a solicitor who suggested a very complex (and expensive) solution, but is there any way anyone has done something like this easily?

DomRavioli

You just need something simple - a basic contract stating the amount borrowed, monthly payments, when it was loaned, and when it should be paid off.

Get it witnessed by at least one independent witness (not related to either of you, preferably someone professional - teacher etc), and make sure it is dated and you both get a copy.

forgotmyname

You can do it easily and freely, but worded badly and it may mean he doesnt need to pay you back.

Lend him the money and cross your fingers he pays you back?

nannoo1955

Can we do this without using a solicitor, DomRavioli?

jonesMUFCforever

If you have already lent him the money may I suggest it is too late for a loan agreement.

nannoo1955

Jones****, I didn't mention a loan agreement, we want a legal document that states that he owes me X amount of money, and that it will be paid back at some future date that we both agree on.

bris

forgotmyname wrote: »

You can do it easily and freely, but worded badly and it may mean he doesnt need to pay you back.

Lend him the money and cross your fingers he pays you back?

Nonsense, it doesn't even need to be done in writing, a hand shake is all that's needed to form a legally binding contract let alone fancy words.


All you need is a letter for the amount, a brief description of when and how it's to be paid back and get him to sign and date it, job done.

PeacefulWaters

nannoo1955 wrote: »

Jones****, I didn't mention a loan agreement, we want a legal document that states that he owes me X amount of money, and that it will be paid back at some future date that we both agree on.

Isn't that a form of loan agreement?