Lent money to a Friend

JCB1967

No - absolutely not. I have it in black and white with the amount he required, what he would repay me and the date he would repay me and this all confirmed by my bank statements. There was no mention of the repayment being dependant on the success of the project. I also know for a fact that he recouped his investment and made a small profit by selling his share. He then went on to give his brother my share of this money who needed it for a new website!!!!!! Needless to say when I discovered this my language cannot be repeated on this forum.
The really frustrating aspect of this is he acts like he hasn't done anything wrong and gets annoyed with me when I chase him for payment. Like I'm unreasonable even though he;s now 2 years late!

By my reckoning I have him bang to rights which is why I'd be surprised if he let it get as far as the small claims court as I don;t think he can risk having a CCJ against his name.

Cakeguts

This person is not a friend. I don't think there is much chance of you getting any of his money back. The stories that you are getting about what it was used for are probably just stories. I would suspect that all of the money has gone on gambling or something similar. The French bit was just so that you couldn't find out what he was doing with it.

StopIt

JCB1967 wrote: »

No - absolutely not. I have it in black and white with the amount he required, what he would repay me and the date he would repay me and this all confirmed by my bank statements. There was no mention of the repayment being dependant on the success of the project. I also know for a fact that he recouped his investment and made a small profit by selling his share. He then went on to give his brother my share of this money who needed it for a new website!!!!!! Needless to say when I discovered this my language cannot be repeated on this forum.
The really frustrating aspect of this is he acts like he hasn't done anything wrong and gets annoyed with me when I chase him for payment. Like I'm unreasonable even though he;s now 2 years late!

By my reckoning I have him bang to rights which is why I'd be surprised if he let it get as far as the small claims court as I don;t think he can risk having a CCJ against his name.

The send a Letter Before Action threatening a court claim.


It's required to make a claim valid anyway, and if you think the threat of court action will get him to pay, happy days.

Sarastro

You absolutely should take him to small claims court. The email discussion will provide evidence that it was not a gift and that you have offered him the option to pay by instalments. I think you will not see the profit element, unless you have it in writing that this is how he was going to repay the loan, then you might have a chance with a court. Otherwise, it will be the original debt but, when I did this with money we loaned to a failed business venture, you can add interest which helps as it was a few years ago.
It's very unfortunate about the damage done to the relationship but that was done when he broke the promise to repay the loan.