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Ex Family loan for business start up
maxinedavolls
Posts: 4 Newbie
in Loans
I’m looking for advice about a loan myself and my ex made from his father. We borrowed £5200 to start a business over 3 years ago which failed. We signed a printout to say we borrowed the money and would pay it back, however since separating nothing was said. Then out of the blue, he has contacted me to say I owe £2600 and it is to be paid within 14 days. I was just wondering where I stand legally on this, as a single parent I don’t have the money and not sure how to deal with it?
Thank you in advance for any help/advice
Thank you in advance for any help/advice
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Comments
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Legally, you stand with whatever terms were agreed
If there was no schedule of repayments, all parties should look to agree something.1 -
May depend on how you dissolved your company. What kind of loan etc.0
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Yeah there are no terms or repayment plan and I left the business prior to my ex dissolving the business.0
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Well if there are no terms or repayment conditions then you can safely ignore the demand to pay in 14 days.
I would offer to pay back in 14 years as a counter.
What happened to all the business assets ? Did you get your share when liquidated ?0 -
Was the loan to you and your ex as people, or to the limited company?maxinedavolls said:Yeah there are no terms or repayment plan and I left the business prior to my ex dissolving the business.1 -
To us as people.MattMattMattUK said:
Was the loan to you and your ex as people, or to the limited company?maxinedavolls said:Yeah there are no terms or repayment plan and I left the business prior to my ex dissolving the business.0 -
I walked away from the business and took nothing, I relinquished my role and if the business would have succeeded I would have got nothing.superbigal said:Well if there are no terms or repayment conditions then you can safely ignore the demand to pay in 14 days.
I would offer to pay back in 14 years as a counter.
What happened to all the business assets ? Did you get your share when liquidated ?0
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