Loan to family member

Whitestelm

I need advice 4 years ago I gave a loan to a family member of £4100 so far I have received £700 which was 2 years ago I have asked about getting the rest back and I get abuse thrown at me and a refusal, now I don't want to take them to court if I don't have to what else can I do to get this back I have been told if I give them 28 days notice I can add interest to the money owed (I have not put any interest on it so far) I would only add it to hopefully make them realise they have to pay it back I'm at a loss on what to do. I have proof a of the payments made to them and to me I have proof they know they own the money too any help would be very much appreciated

[Deleted User]

You could try small claims. However, most loans to family members seems to end up being written off.

You probably know deep down he's not going to pay it back. I'm sure he knows it too.

StopIt

If you don't want to use the courts you have the powers to do the following:


...


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Oh, you were expecting something there.


No, there is no legal method of getting your money back. The only way to enforce a debt is via the courts, and even that isn't assured to work by any means. As ZX81 said, you are likely not to get this back, and if you're unwilling to use the courts, you are guaranteed not to get it back, unless if the debtor changes their mind. If they're not paying anything back, why would making up a higher amount make them pay it back? If anything, it'll likely backfire.

worried_jim

Kiss good bye to getting it back and chalk it down to experience and never lend money again. Never.

PeacefulWaters

You win in court.

He still refuses to pay.

What then?

DigForVictory

I'm afraid it;s a case of had you asked this 4 years ago you would have had pages of "DON'T!" or variations thereupon as replies.

Now you're getting why. Write it off. Amend your Will (leave the amount outstanding plus interest to anyone you seriously dislike?) and crack on with more interesting things.

Whitestelm

Thanks everyone just as I thought oh well we live and learn thanks again

Car1980

Depends how dogged you want to be after winning any court case eg bailiffs fees, money on income statement summons etc

Robisere

I'm not going to follow others in telling you what a mistake you made, you already knew that before you posted, I think. But as someone who saw his dad make the same mistake years ago with my brother, I feel for you. This caused a massive family fracture which was never healed before dad died.

Write it off, write the family member off and learn from the experience. My rule of thumb is to ask why the potential borrower can't get a loan from banks or other financial sources. The answer is usually instructive: they cannot afford to pay it back.

ReadingTim

Car1980 wrote: »

Depends how dogged you want to be after winning any court case eg bailiffs fees, money on income statement summons etc

This is known as "throwing good money after bad"...