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Loan agreements

jacquelineisitt
Posts: 1 Newbie
in Loans
My sister in law lives in the USA. She has asked to borrow money We have lent money before and it was a battle to get it back. Is there a way that a repayment plan can be drawn up that is valid between us in UK and her in USA,?
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Comments
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Even if there were such a thing, how are you going to enforce it? Pay a debt agency in the US to collect? Their fees alone might make this a waste of time, they also cannot get blood out of a stone if she can't/won't pay up.
You said it yourself, it's a struggle to get it back. Either give the money on the assumption you won't get it back or don't lend it if you want to see it again.1 -
Don’t do it.I recall a case in my Commercial banking days when we lent to a group of companies including an overseas Company, we required the borrower to get their acceptance notarised and a lawyer confirm that the loan agreement was acceptable in U.K. law and that of the foreign country. The borrower received a bill for over £5k from their lawyer.
You then have the past history of a battle to obtain repayment. Advise them to approach their own bank in the USA who lend money for a living. If they lend, problem solved. If they don’t, accept that an organisation with more experience than you have made their decision for good reason.1 -
jacquelineisitt said:My sister in law lives in the USA. She has asked to borrow money We have lent money before and it was a battle to get it back. Is there a way that a repayment plan can be drawn up that is valid between us in UK and her in USA,?
I would refer you to the previous trouble you had getting the money back from her, and advise your decision be made with that in mind.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 -
jacquelineisitt said:My sister in law lives in the USA. She has asked to borrow money We have lent money before and it was a battle to get it back. Is there a way that a repayment plan can be drawn up that is valid between us in UK and her in USA,?No free lunch, and no free laptop0
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jacquelineisitt said:We have lent money before and it was a battle to get it back.0
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