We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
HELP, Friend lent me money and now wants to take my house.
Options
RobW1977
Posts: 12 Forumite
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
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
0
Comments
-
You’ll need to get a loan from a bank sharpish
- Grocery Challenge: April £263.60 / £250
0 - Grocery Challenge: April £263.60 / £250
-
Has it been to court?::A0
-
No its not got to court yet, thats what im asking surely it does need to go to court first?0
-
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.::A0
-
Didn't need to post it twice OP, just once will do.0
-
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
-
3 timesDidn't need to post it twice OP, just once will do.
https://forums.moneysavingexpert.com/showpost.php?p=76792809&postcount=4206
https://forums.moneysavingexpert.com/discussion/comment/76793495#Comment_767934950 -
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.0 -
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.I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards