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

mcpitman

username901 wrote: »

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

A watchable Adam Sandler film is more believable than this thread.....:rotfl:

RobW1977

I’m not sure why you think this isn’t real? It is real and all I was after was advice and luckily most gave me great advice, especially on PM. So thank you.

Kiko4564

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

I'd advise reporting this to the Police on 101. If he physically turns up then you should immediately close and lock all of your doors and windows, and then call 999 for the Police as soon as you have done so. Don't make the mistake of stepping outside to "discuss the matter", if he tries to talk to you or do anything illegal, than I'd advise video and audio recording it.

foxy-stoat

RobW1977 wrote: »

I’m not sure why you think this isn’t real? It is real and all I was after was advice and luckily most gave me great advice, especially on PM. So thank you.

Because it sounds like rubbish.

Borrow £30,000, then £5,000 then £5,000 then £5,000 = £45,000 + £10,000 interest for 3 months.

You paid back £18,000, then £9,000, then £12,000 then £20,000 then £10,000 = £69,000.

Or I must be missing something.

bspm1

foxy-stoat wrote: »

Because it sounds like rubbish.

Borrow £30,000, then £5,000 then £5,000 then £5,000 = £45,000 + £10,000 interest for 3 months.

You paid back £18,000, then £9,000, then £12,000 then £20,000 then £10,000 = £69,000.

Or I must be missing something.

While not agreeing or even believing the OP yes you are missing something.

He 'borrowed' 30k with an agreement to pay back 30k plus 10k within a certain time period, he paid 20k back so still 'owes' 20k

I cannot believe I have bothered to post on here but I am bored.

Lungboy

The interest you paid on the loan qualifies for tax relief as it's for a business, so contact HMRC with his details to make sure he's been paying tax on it so you can get relief.

Sea_Shell

If this thread is true...and they are illegal money lenders (rather than a "friend"), then I'd be very worried about what other measures they'd be willing to take to try to get their money.

bspm1

username901 wrote: »

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

uncut gems by the way

fudgecat

The only business venture I can think of requiring the sorts of ready cash mentioned - and the immediate profits that would be needed for the repayments - are unlikely to be reported the tax office (though some may wish to report it to narcotics and vice)?:D

DCFC79

fudgecat wrote: »

The only business venture I can think of requiring the sorts of ready cash mentioned - and the immediate profits that would be needed for the repayments - are unlikely to be reported the tax office (though some may wish to report it to narcotics and vice)?:D

Yes there is that, would be interesting to know the business.