Lent a friend money

Adam_Fox

- Use a meditation service more info is available on Gov UK website
If that fails - start legal action.
- consult solicitor chances are they will send a letter to the debtor to try and resolve the issue.
If this fails chances are the solicitor will recommend legal action CCJ. Again if the debtor is irresponsible enough not to show up on the court date the court will award the case in your favour. After this, I would escalate the situation to high courts as county court enforcement agents have fewer powers than high court enforcement officers.

More info on Gov website.
FYI Keep receipts of legal costs and costs incurred as you may be able to recover these costs.

In future never lend money to any family member or friends.

custardy

Samuel12345 wrote: »

Evening guys,

Long time reader of the forum, first time poster.

I’ll keep it as short as possible. I’ve lent a friend £40k and have since discovered that he has wasted this money and not used it for its intended purpose. This was meant to be a short term loan.

I have messages and bank transactions as proof. He has agreed to pay me back £500 a month, but obviously there is no guarantee of this. Is there anything that can be done legally? He is in full time employment, I’ve read up on CCJs but I’m not sure what the process is.

Any help/advice is appreciated.

Thanks

ciderboy2009 wrote: »

OP - has your friend actually defaulted on the original repayment agreement? It's not clear if the £500 per month was agreed before or after the loan had been made.

If the only reason you're loking to take it to ourt is because they didn't use it for its intended purpose then you're unlikely to get a judgment against them.

From memory, Money Claim Online can only be used for claims of up to £10,000. You'll therefore need to issue a claim directly in the County Court.

As you are well above the claim limit for the Small Claims track then there is the possibility of costs being claimed by whichever party wins the case.

Because of this I would strongly advise you to take legal advice before you attempt to issue anything.

I would say its after the loan given it was described as a 'short term loan'.