HELP, Friend lent me money and now wants to take my house. 1 February 2020 at 9:02PM in Reclaiming mortgage fees, council tax, etc 9 replies 704 views

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. 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

Sallyp2

You’ll need to get a loan from a bank sharpish

Barney_Rubble_0403

Has it been to court?

RobW1977

No its not got to court yet, thats what im asking surely it does need to go to court first?

Barney_Rubble_0403

Of course it does. Loan needs to have been secured against the house and only a judge can decide if a valid contract is in place and has been broken. I wouldn't have thought that such an ambiguous agreement would result in you loosing your house.

DCFC79

Didn't need to post it twice OP, just once will do.

sourcrates

Can a board guide please close this thread, as its not the appropriate place, the OP is already active on another thread, in the correct forum, about the same issue.

molerat

DCFC79 wrote: »

Didn't need to post it twice OP, just once will do.

3 times
https://forums.moneysavingexpert.com/showpost.php?p=76792809&postcount=4206
https://forums.moneysavingexpert.com/showthread.php?p=76793495#post76793495

Voyager2002

sourcrates wrote: »

Can a board guide please close this thread, as its not the appropriate place, the OP is already active on another thread, in the correct forum, about the same issue.

Which is the correct thread please? I would like to respond but not in an inappropriate place.

sourcrates

Voyager2002 wrote: »

Which is the correct thread please? I would like to respond but not in an inappropriate place.

Well as it was a loan, the thread on the loans board seems the most appropriate place for it.