Legal document question

Mr.Wrong

Hi all, me again...

Just a quick question,
I took out a guarantor Loan last December and my friend who agreed to be my guarantor wanted some sort of assurance that I would pay and he wouldn’t be out of pocket so I let him hold onto my grandads watch with an estimated worth of £1300-£2200 for the duration of the Loan (not in writing, just verbally agreed)

I am clearing the loan balance in full in a few months (24month contract paid early) and would like my watch back off my friend but he wants some assurance still.

I have written up a contract stating everything that has happened and will happen as well as assurances that he will be paid in full within 24 hours of any payment leaving his bank should something prevent me making a payment on time.

The questions are -
Do I need whiteness’ to sign the documents to make them legally binding?

How many whiteness’ do I need? I was told 2

Do they need to be all present at the same time?

Thank you in advance!

bris

No you don't need witnesses for a small claims action which this would be. Just both of you sign and date it.


Small claims court is a lot more user friendly, its designed for this type of case and is simplified so the general public cans use it without legal help.

[Deleted User]

When you have proof that the loan is settled in full ask for the watch back....simples

Nasqueron

And next time you want to borrow money get your friend to do it as he'll get much better rates if he's good enough credit to act as a guarantor

davidwood681

Nasqueron wrote: »

And next time you want to borrow money get your friend to do it as he'll get much better rates if he's good enough credit to act as a guarantor

If his mate has any sense he'll do the exact opposite to your advice

Nasqueron

davidwood681 wrote: »

If his mate has any sense he'll do the exact opposite to your advice

Clearly he doesn't as he acted as a guarantor for someone which means a) he doesn't know why people would need such a loan (i.e. history of not paying debts) and b) doesn't realise how much it would cost.

If the friend is willing to be a guarantor then he's effectively borrowed the money anyway, at least if he gets the loan the rates will be better

jonesMUFCforever

At last, a guarantor with some common sense.
Would pawning the watch not have been cheaper?

Clive_Woody

Why not let him hang onto the watch until the loan is paid in full. Sounds like this should be done very soon, so what's a couple more months without the watch. You can pick up a cheap Casio from Amazon fro £10 if you are in need of a temporary timepiece.

BrassicWoman

you had an agreement he could keep the watch until the loan was paid. Why are you ducking out of that now?



I'd be really nervous if I were your friend.They have done a nice thing to help you; just let them keep the watch for the few months it will take you to pay off the loan. If I were your friend I would not sleep well until the loan was gone!

dld2s

Like Brassic I would be very nervous if I was your friend and you now wanted the watch back before loan is cleared.




My thought would be, just because you sign a agreement doesn't mean you will pay the loan and your friend could end up with a debt to pay and possibly no way of getting the cash from you, and even the hassle of going through the courts may not help (you may have no cash and no property that the Sheriffs could sell) Do the decent thing stick to your original agreement, it's not fair putting this type of pressure on a friend, it could all end in tears