Lending money to a friend.

[ThedaBara]

Thanks for that. I perfer to be paid by cheque, he wants to pay by direct transfer from bank to bank. Am I obliged to acceot his terms or is it his responsibility to make sure payment arrives on time, re the court order ?

 

Direct Debit might be better as you would receive it on the same day each month and you'd know straight away if he defaulted and could then bring further action… TB

[honeybee13]

I thought only companies could set up a direct debit, TB. I suppose a standing order could work, but he still has the option to cancel it, with consequences for him, of course.

 

HB

[Guest]

It sounds too complicated and I would like to avoid a mental breakdown..

that seems all that wld be left, if all else has failed, re enforcing a CO. the CO is there because the prior court order/judgment cldnt be enforced by other means.

it wld require from you the court fee for the sale application, plus then the cost of formally selling the house if sale ordered. but then they might object to a sale application, which may result in a hearing...

[determindator]

An interest paying account ? If I can find one. Lol..

 

 

 

Although TSB and Nationwide have accounts which pay 5% and 3%, you have to pay in a set amount each month so maybe not what you are after if the account is just for his payments.

[determindator]

Maybe something like this http://www.tescobank.com/savings/flexible/instant-access/index.html

[ThedaBara]

I understand the options, however the order is for the defendant to pay as re the order so if I prefer a cheque because for example I may be overdrawn when any amount is transferred on line then I might be hit for charges so at least with a cheque I can present that in my own time..

 

Don't understand this bit, CD…

 

 

TB

[Consumer dude]

First payment was made by cheque, and there was discussion to possibly pay further payments by electronic transfer but has not yet happened. If payment is not made on time before an alternative method of payment is agreed between the parties, will the defendant still be in default of the court order..

[determindator]

I thought he wanted to make auto pymnts? Is it because the account details not given to him yet? If pymnt due he needs to give you a cheque if no tfr made and I believe he would be in default if he fails to do so.

[Consumer dude]

I thought he wanted to make auto paymnts? Is it because the account details not given to him yet? If payment due he needs to give you a cheque if no tfr made and I believe he would be in default if he fails to do so.

 

I am more then happy to enter into electronic transfer but not set up yet. I had sent him a letter asking him to send me a cheque and also requesting a meet up to discuss. Am I correct in thinking that he needs to get payment to me regardless of the method of payment..

[determindator]

Best get a cheque sent to you, no reason he can't as he can get from post office if he has an issue with his bank. He will be charged 12.50% of the face value.

[Consumer dude]

He will be in default by the end of tomorrow..

[Consumer dude]

Latest payment sent by defendant but to my other account and not the one I sent him for the purpose of these payments and doesn't make a lot of sense and is very strange. Any ideas ?..

[BazzaS]

Latest payment sent by defendant but to my other account and not the one I sent him for the purpose of these payments and doesn't make a lot of sense and is very strange. Any ideas ?..

 

Has he paid the full amount?

Do you incur additional charges / costs because he used the different account?

 

If "yes" to the first and "no" to the second : who cares?

The court certainly wouldn't!

[Consumer dude]

Ok, just as well the other account wasn't closed, not sure what would have happened in that case. Its strange in the sense that the first payment was paid correctly to the correct details I gave him..

[Consumer dude]

Am curious more then anything as to how an electronic transfer can be made to an account that wasn't authorised.

[hachette]

Hi I am not an expert but the same happened to me. My friend borrowed £3000 of me and said it was until her mother's house was sold. 2 years and long time after her mothers house was sold she still did not pay me back. When I asked her about she said sha has invested the money. Very funny. I took a claim against her with Money claim on Line, can't remember how much it cost me but you add this amount to what they own you anyway. I had no written agreement with her but could show that I have transfered that money to her account. Anyway the bottom line is she has paid me back. Getting all these documents from court did the trick.

 

Hope you can to this in friendly way but if not go for it. Hope this helps.

[Consumer dude]

The defendant has so far paid four instalments, one payment was late and another payment was paid into a wrong account. Is he in default ?. On the other issue the agreement is coming up for review and hopefully an increase in payments. What's my next move regarding this in the absence of ourselves agreeing a mutually agreeable way forward, would I need to apply to the court for an examination of his income ?..

[Consumer dude]

I think my next move could be to request his current income as he has not confirmed any meet up to discuss the issue further. is there a court form I need to fill in to request his attendance to declare his income under oath if indeed..

[Ganymede]

The defendant has so far paid four instalments, one payment was late and another payment was paid into a wrong account. Is he in default ?

 

I think the Court would say no.

 

What does the Court Order say about reviewing the payment amount?

[Consumer dude]

The current order order is for six months by mutual agreement and to be reviewed if requested by either one of us..

[Consumer dude]

The judge was aware that I was reasonable and attempts are still on going to arrage a mutualy way forward without the need to return to court, however the defendant is so far appearing to delay any such discussion.The order was for six months paid four weekly, he has paid four instalments so by the time of the six instalment is made, this will be over the six month calendar period..

[Consumer dude]

After the current agreement is up, who's responsibility is it to make further contact. It seems I have been doing more of the chasing around..

[Consumer dude]

At what stage can I add the statutory 8% interest ?..

[BazzaS]

At what stage can I add the statutory 8% interest ?..

 

Did you ask for it in your claim? Up until date of judgement and thereafter on a daily rate?

Did the court award it in the court's order?

[Consumer dude]

Interest to one side at the moment, when the current payment arrangement ends which is six months at payments at four weekly intervals could I request the defendant to attend court under oath so his income comes under more strident scrutiny..