Recovering a loan I gave out to my mate..

[angel220]

I lent about £500 to one of my mates about 2 years ago at my workplace. I just know that I withdrew the money from a specific ATM machine through a Credit card as I didn't have any other money on me. She told me that it was an emergency but now she's near enough disappeared. I just had her mobile number but she’s either changed her number now or doesn’t answer the phone anymore. One of my mates told me that she regularly visits a bingo club nearby. I also heard rumours that she doesn’t live at her old address anymore either.

That was about 6 months ago. Now I need to get my money back but I am not quite sure how to go about it. For starters, would I have to know precisely when I lent the money? And do I go to the Police or do I get hold of a solicitor? I am thinking of making a Subject Access File request in order to find out the precise day I gave out the money.

Thanks ever so much.

[sailor sam]

Forget the police because its a civil matter. our first step would be to go to the bingo club to see if you can seek her out there. Do you know where she works? I'm sure that if you dig deeply enough with your circle of friends you will find out more. You should be able to pin point the transaction by going through your bank/credit card statements even if you have to order copies.

 

Your only altimate action would be a claim through the small claims court but you will need to know where she lives. However, if you manage to track her down, maybe you can come to some arrangement without taking that route.

 

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[perplexity]

Was there a consideration for the loan of the money, something given or promised in return the loan?

 

[buzby]

There would need to be proof of the loan, as if she denies it you're at square one without a paddle. An ATM receipt is no use unless someone can confirm they saw you take out the money and hand it to her.

 

If she confirms she owes it to you, you're off and running, give her 28 days to repay and chalk it up to experience. I have to say your experience is very common, but the success rate for recovery considerably less.

 

Even if court action for the issue is successful, it is only worthwhile if she has the funds to pay you back (or the assets). Without this, she gets a CCJ and you get another bill to pay.

[perplexity]

With the proof that money changed hands you'd then be up the creek perhaps but to paddle the canoe, how do you prove the promise to pay the money back if the mate says it was a gift, or a loan with no deadline to pay back?