Some advice please- a loan went wrong

Glenn_Stubberfield

Focusing just on an AOE:

Would I then have a case to seek this if I won a judgement and he still neglected to pay?
As I've said, he is in full time employment and I understand I can seek an order to for the courts to check if he can pay or not and how much.

Or does an AOE not work like that?

Looking at the info on the Gov.uk site it seems straight forward enough.

Cheers

StopIt

Glenn_Stubberfield wrote: »

To StopIt:

Yeah I agree with that.
I don't know if he's done this to others or if and how much debt he owes out.
I guess if it went to court and it turned out he owed multiple thousands to to others as well, the court might throw the case out because he just can't afford it?

He was talking about holidays not that long back though and that does not come across someone who is just above water...

Does it not?


If the guy is maxing the credit cards to gamble etc, who is to say you're not the first mug he has fleeced?


It's rather like a Ponzi scheme, he'll be taking money off anyone he can, paying them back a bit from the next person he borrows from, and using a bit to live the high life off too.


It doesn't mean he isn't due a massive financial brick wall hitting him one day.


However, court action will soon flush out anything like that. If you get a judgement against him and get to the HCEO stage, any realisable assets becomes fair game. If however he is indeed up to his proverbial in debt, and then declares bankruptcy, you're out of luck.


The key thing is your risk appetite. Are you willing to lose even more money trying to get this back? If so, and know the risks, go right ahead and haul him into court. A court would never throw a valid debt out of court, but they can't get you money that doesn't exist either.