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family feud debt


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Hi all,

 

I've recently had a massive family feud, involving a more senior member of my family attempting to reclaim money that was "lent" to me after the death of another family member, from the onheritance of this senior member.

 

the person has lost all of thier money and is attempting to reclaim what they lent me. the sum is over £50,000.

 

there were no terms to the "loan", nor repayment schedule in place, and i was to repay the person in property investment, which i still intend to do, buy obviously not right awa, as i am unable due to the market being so deflated.

 

i was wondering what my legal standing is on this issue. can i get sued if there is no contract and only ever a loose verbal agreement?

 

if i can get sued, then right now, bakruptcy is my only option, meaning i will loose everything also. (currently only stagnant equity in my own property). if i go bankrupt, will i still potentially owe this money?

 

i hope someone can give me some advice on this problem,

 

kind regards,

 

deeper.

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Hi there,

 

I'm sorry that I don't have the necessary knowledge to help you but hopefully someone will come along and be of assistance.

 

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hi thanks for the reply. it would be good if someone did have the knowledge to share on this issue. as far as i can see, there seems to be no reason in low why a family matter is treated differently than a normal credit agreement, except that there is in all cases, as in this one, a lack of supporting paperwork. it would be good do find out more.

 

thanks again,

 

deeper

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You have freely admitted that you received the money so there is no dispute on that specific issue.

 

What is causing difficulty is the issue of repayment. Probably the reason the lender wants his money back is the same reason you can't pay : straitened circumstances due to the recession.

 

If the repayment/reimbursement terms were vague, and you haven't broken them, then there isn't much chance of any legal action succeeding.

 

However you do have a moral obligation, emphasised by the family connection.

Can you consider making weekly or monthly payments towards repaying the loan? This would help the lender given his circumstances, and might take the heat out of the situation.

 

A curious question : if you still plan to make a property investment you must still have the money sitting somewhere for you to do this. Why can't you just give it back now?

I really do appreciate all those 'thank you' emails - I'm glad I've been able to help. Apologies if I haven't acknowledged all of them.

You can also ding my gong if you prefer. :)

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If you have the money that he /she lended you then it would be best if you paid them back in my opinion. Times are hard enough as they are and there is no point in making unnecessary enemies over money, after all if he/she gave it to you in good faith then it would be better if you could return the money.

If you are not in a position to pay it back, try and talk to the person and maybe you can come to some sort of compromise.

 

Although its good to have a few bob here and there money is the root of all evils too. :D or is it wine:confused:! well whatever it is just pay them back.

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Hi all thanks for the interest in the thread.

 

I fully intend to honour our loose agreement, and my part of the investment is tied up in my house. I had reasonable equity at the time we did the deal, and unfortunately the housing price drop and the reluctance to lend at past equity balances have meant there is no way I can consider investing in a second property, which is how I was going to reimburse the person. This was always intended to be a very long term repayment plan.

 

We fell out over another issue, and as this person has a history of explosive and unreasonable behaviour, they demanded their money back.

 

All in all, if they try to take me to court and the court rules I must sell my house, really after agent percentages and court costs are taken into account, there will be nothing left. If however the person is patient and sticks to the original plan, when the housing market shifts again, things will move and we will make money.

 

I was just wondering really how much a court could do if it came to it.

 

Thanks again.

 

D.

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