Lent money to a Friend

JCB1967

Dear All - I foolishly lent a "friend" some money in August 2015 some money for a business venture in France. I have an email in writing proving this wasn't a gift and a statement that my "friend" promised on his honour that he would repay on or before 31/10/2015. This date came and went and despite numerous chasing (most unanswered) he did not repay. Then approx 12 months later, he contacted me again to say he needed additional funds to go to France to recover his money. Unbelievably I loaned him some more money and I know that he managed to re-coup the investment with profits in the French project. However on the date he promised to repay me, he emailed me that he'd had to spent my share of the money on his brothers internet portal development. Since then despite hundreds of promises (all technical issues with banks/accountants - the money will be with you by the latest next Monday etc etc) I still have not been repaid. I do feel incredibly stupid loaning any money to him. I've instructed a professional mediator to contact him to give 14 days notice but does anyone have any experience of using Money Claim Online or any other good advice on how to recoup these monies?
Many Thanks

DCFC79

JCB1967 wrote: »

Dear All - I foolishly lent a "friend" some money in August 2015 some money for a business venture in France. I have an email in writing proving this wasn't a gift and a statement that my "friend" promised on his honour that he would repay on or before 31/10/2015. This date came and went and despite numerous chasing (most unanswered) he did not repay. Then approx 12 months later, he contacted me again to say he needed additional funds to go to France to recover his money. Unbelievably I loaned him some more money and I know that he managed to re-coup the investment with profits in the French project. However on the date he promised to repay me, he emailed me that he'd had to spent my share of the money on his brothers internet portal development. Since then despite hundreds of promises (all technical issues with banks/accountants - the money will be with you by the latest next Monday etc etc) I still have not been repaid. I do feel incredibly stupid loaning any money to him. I've instructed a professional mediator to contact him to give 14 days notice but does anyone have any experience of using Money Claim Online or any other good advice on how to recoup these monies?
Many Thanks

How good a friend was he ?

Known him for a number of years ?

Loads of people on here have used Money Claim Online.

Candyapple

"Fool me once, shame on you; fool me twice, shame on me".

You pretty much have slim to none chance of getting your money back going through the courts, I only hope for your sake both occasions you didn't lend him large amounts. I would just draw a line underneath it all and move on.

[Deleted User]

JCB1967 wrote: »

I've instructed a professional mediator to contact him to give 14 days notice

Good money after bad very likely. How much is this "mediator" costing you?

StopIt

You have 2 hopes here.


One of them is called Bob and you should know the rest by now.

jonesMUFCforever

Smells to me of spiky danish dolls! (If you know what I mean)

LABMAN

Tears and no money is how it usually ends. My brother seems to think he remembers paying me back some of what he 'borrowed' so he's not interested. He actually hasn't repaid one penny.

arichmond64

If he's in the country, speak to a solicitor, they'll send a letter before action, and then you have to follow through with small claims court.

I've just been through the same stuff for 5k, see my thread on this forum.

JCB1967

Thanks for that. The Mediator has sent the letter today for quite a reasonable fee (for a lawyer!)

Let's see where that gets me but I will do claim on Money Claim online purely for the principal of the matter!

Candyapple

JCB1967 wrote: »

Thanks for that. The Mediator has sent the letter today for quite a reasonable fee (for a lawyer!)

Let's see where that gets me but I will do claim on Money Claim online purely for the principal of the matter!

How much money did you lend this 'friend' in total?

How much is the mediator/lawyer charging you?

JCB1967

It totalled circe 3.5K over 12 months. I was promised repayment of 1.5 times this and up to May he repaid £1200.00 but since then nada and he's gone dark. Letter emailed to him from Solicitor this morning offering mediation - Cost £90.00. I think you're expected to have tried this if you consider taking to small claims court.