HELP, Friend lent me money and now threatening to take my house!!

RobW1977

Hi Sorry if this is the wrong thread, im new to this forum.

In Aug 2019 a "Friend" offered me a loan, 30K for 3 months in return for 40K return by the 3 month date. At the time of taking the loan i was 100% confident of being able to meet the deadline, He made me Whatsapp him that i would put my house up for collateral, I didn't have an issue with this at the time as thought wouldn't be an issue.

In between he also leant me 3 x £5k's which i paid back total of £18K and 1 x 9K and i paid back £12K it all sounds madness but i was starting a new business and needed it.

I missed the 3 month deadline by about 2 weeks but paid back £20K of the 30K plus 10K interest.

He gave me till last Friday to pay and i just haven't been able to raise the final 20K.

He is now saying he is coming to my house to change the locks and evict me. Surely it can't be that easy? im not refusing to pay im just asking for more time which he's un willing to give.

What are his options and what are my options, ive never said he won't get paid i just need more time.

Any help would be appreciated.

Thanks

fatbelly

https://www.gov.uk/report-loan-shark

DCFC79

Much better avenues for finance for a business.

Why on earth would you go to a friend, money and friends dont mix.

Back on topic, dont think he can just cjange the locks and evict you.

First of all he will need tk gain access, he gains access then hes trespassing and committing a crime.

username901

Ask him if he'll smash a kneecap instead?

sourcrates

It’s all BS, his timescales are meaningless, he cannot do anything at all without a county court judgement, he would then need to obtain a charging order, and then an order for sale, this is a lengthy legal process, and you have the opportunity to state your case at every juncture.

He cannot just walk into your house and claim it, that’s la la land, he’s relying on your lack of legal knowledge and hoping you’ll fall for it.

RobW1977

Thanks its what i thought, it obviously intimidation tactic, i have 2 young children and a wife who suffers panic attacks so trying to avoid any scenes at front door. The mad thing i keep saying he going to be paid, i just need time, he's setting deadlines which are hard to meet.

I should add one of reasons i took the loan and he offered was he was getting me investment which we both agreed would cover him, he never did.

jonesMUFCforever

Me thinks its jackanory time.

username901

I just watched 'uncut diamonds' on Netflix and thought of this thread (it's fantastic btw, an Adam Sandler film that's actually viewable)

LifesAGamble

As others have said, he would need to go through a lengthy legal process to even put a charge on your home, and it would be impossible to evict you.

Even the lengthy legal process would almost certainly fail, because at the end of the day a proper legal contract was not signed, and your friend wont have a licence and be regulated to provide secured loans!

Get him paid as soon as you can, then lose him as a friend he sounds a right nasty person!

Jonathan_Kelvin

RobW1977 wrote: »

Hi Sorry if this is the wrong thread, im new to this forum.

In Aug 2019 a "Friend" offered me a loan, 30K for 3 months in return for 40K return by the 3 month date. At the time of taking the loan i was 100% confident of being able to meet the deadline, He made me Whatsapp him that i would put my house up for collateral, I didn't have an issue with this at the time as thought wouldn't be an issue.

In between he also leant me 3 x £5k's which i paid back total of £18K and 1 x 9K and i paid back £12K it all sounds madness but i was starting a new business and needed it.

I missed the 3 month deadline by about 2 weeks but paid back £20K of the 30K plus 10K interest.

He gave me till last Friday to pay and i just haven't been able to raise the final 20K.

He is now saying he is coming to my house to change the locks and evict me. Surely it can't be that easy? im not refusing to pay im just asking for more time which he's un willing to give.

What are his options and what are my options, ive never said he won't get paid i just need more time.

Any help would be appreciated.

Thanks

Well, leaving aside the legalities here, why do you think that you should not honour the deal that you entered into with him? It sounds as though you were very happy with the terms, but have now failed to honour your side.

What was the point, in your opinion, of you putting up your house as collateral if you never intended to actually honour it.

Did you not mean it in the first place, or did you mean it then, but then decided to change your mind later?

The contract that you signed was lunacy, of course, and there’s little chance that he’ll be able,to take your house, but you need to ask yourself why you want to back out of a deal that you freely chose to enter only a short while ago.

If he’s not taking the house, what compensation are you offering him for paying late?

Jonathan_Kelvin

RobW1977 wrote: »

Thanks its what i thought, it obviously intimidation tactic, i have 2 young children and a wife who suffers panic attacks so trying to avoid any scenes at front door. The mad thing i keep saying he going to be paid, i just need time, he's setting deadlines which are hard to meet.

What do you mean by this bit? Did you not agree to the deadlines yourself up front? Are you not now the one wanting to move the deadlines?