HELP, Friend lent me money and now wants to take my house.

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. I have 2 young kids. 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

Comments

This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards