Loan

aayush

hi
need to get some help I loan some 2k in 2006 he said I would get 4 k back but he has just say cleared monthly payment which he says started in Jan 2013 and ended on Aug 19 at 50 a month

can I ask if he was to go to a bank or building a society what interested would've been charged and would the have waited this long
as the issue now as he was work colleague and family friend

[Deleted User]

If I've interpreted your post correctly, you lent a friend some money and he hasn't repaid you?

If so, do you have evidence of this? If you have, you could go via small claims. However if not, it's probably best to move on.

It doesn't matter what rate he might have got at a bank or building society because he didn't go to one.

boo_star

Deleted_User wrote: »

If I've interpreted your post correctly, you lent a friend some money and he hasn't repaid you?

If so, do you have evidence of this? If you have, you could go via small claims. However if not, it's probably best to move on.

It doesn't matter what rate he might have got at a bank or building society because he didn't go to one.

As I understand it the OP was repaid between Jan 2013 and August 2019 at £50 per month. I think the OP is a little miffed that the person took nearly 7 years to start repaying them and is looking at charging interest on this.

As the debt was repaid and I doubt they'd get anything from the small claims court, especially as there doesn't appear to be any agreement on repayment terms other than paying back twice what they borrowed.

Vikipollard

So, s/he's paid you back £50/month for 6.5 years (78 months). That totals £3900 - what's your issue? The missing £100 after 13 years?

If a bank had loaned them the money and they hadn't begun repayments within six years, it would surely have been statute barred?

Be glad you got (almost) twice your money back.

[Deleted User]

aayush wrote: »

hi
need to get some help I loan some 2k in 2006 he said I would get 4 k back but he has just say cleared monthly payment which he says started in Jan 2013 and ended on Aug 19 at 50 a month

can I ask if he was to go to a bank or building a society what interested would've been charged and would the have waited this long
as the issue now as he was work colleague and family friend

It doesn't really matter how much interest a bank/building society would have charged or what term they would have agreed because your colleague borrowed money from you, not a bank or building society.

You loaned this person £2k and you have been repaid £4k, as agreed, 80 months x £50. What term did you agree when the loan was first made? Have you declared the £2k in interest to HMRC?

Not that any of this really matters. You gave someone a loan and they paid you back, with interest. Ok it took 13 years to do it but compared to some of the horror stories on this board that is a resounding success.

aayush

Deleted_User wrote: »

If I've interpreted your post correctly, you lent a friend some money and he hasn't repaid you?

Yes as no one would lend him money as he as was up to the hilt

if I had known it was going to take this long to get it back then I would say no regardless as I had to clear the money within a set time thus my question what rate and how much he would had to pay

as think i was taken for ride as

If so, do you have evidence of this? If you have, you could go via small claims. However if not, it's probably best to move on.

It doesn't matter what rate he might have got at a bank or building society because he didn't go to on

[Deleted User]

It's still not a question which is either relevant, or possible to answer, especially as you say no one would lend to him.

Gaz83

Has he repaid you or not?

[Deleted User]

aayush wrote: »

Yes as no one would lend him money as he as was up to the hilt

if I had known it was going to take this long to get it back then I would say no regardless as I had to clear the money within a set time thus my question what rate and how much he would had to pay

as think i was taken for ride as

The crux of the issue is that you think you've been taken for a ride because this person took so long to repay you. Maybe you were, maybe you weren't. By your own admission you loaned money to someone that was already in a lot of debt. You're lucky you were paid back anything under those circumstance, never mind with interest which I am assuming you have not declared to HMRC.

Even if you had stated a term for this loan, which I doubt you did, it wouldn't have meant much. You cannot get blood out of a stone. If you had taken him to small claims court sometime between 2006 and 2012 and he had no money to repay you then you'd be no better or worse off than you were at the time. If you had taken him to small claims court more than 6 years after lending the money in the first place the debt would have been statute barred and therefore unenforceable so whilst it has taken 13 years to get the original loan plus interest back you have been very, very lucky even though it might not feel like it.

What exactly are you hoping to achieve from this post? The personal loan rates being offered by banks and building societies in 2006 is completely irrelevant to whatever issue it is you think you have now.