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Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

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Hi

 

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Only if there is a written contract.

 

Thank you for your reply. He signed something towards the end of last year to confirm he owes me money. Does this confirm anything.

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If it was notarized or witnessed. There may be some legality if you and he both signed it, but im not too clued up in that regard. Thats why it is always a good idea to get independent witnesses to sign and view it if its a large amount of money, or get a solicitor to agree it.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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If it was notarized or witnessed. There may be some legality if you and he both signed it, but im not too clued up in that regard. Thats why it is always a good idea to get independent witnesses to sign and view it if its a large amount of money, or get a solicitor to agree it.

 

We both signed, but no other witness..

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Hello Consumer Dude.

 

I've moved your thread to the legal forum because I think the guys will be able to give you help here.

 

My best, HB


Illegitimi non carborundum

 

 

 

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The short answer is yes. Lending money to a friend will generally create a legally enforceable contract.

 

As long as the agreement is non-commercial, it falls outside Part V of the Consumer Credit Act 1974. This means you do not have need to have a written contract or a witness or anything else. Obviously if you have a written contract that helps you prove the debt in court.

 

If your friend tries to argue that the money was a gift then the law will help you. The general rule is that where money is paid the law will assume it was intended as a loan rather than a gift, unless there is evidence to the contrary. The only exception is where you have a very close family relationship (marriage or parent/child - friendship doesn't count). You can read about a case where this issue was discussed here: http://huddersfield.yorkshirelawyer.co.uk/tag/presumption-of-advancement/. As long as you can prove that the money was paid to your friend, it would be up to your friend to prove that it was a gift and not up to you to prove that it was a loan. It would be difficult for him to do this if he signed something acknowledging that he owes you money.


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The short answer is yes. Lending money to a friend will generally create a legally enforceable contract.

 

As long as the agreement is non-commercial, it falls outside Part V of the Consumer Credit Act 1974. This means you do not have need to have a written contract or a witness or anything else. Obviously if you have a written contract that helps you prove the debt in court.

 

If your friend tries to argue that the money was a gift then the law will help you. The general rule is that where money is paid the law will assume it was intended as a loan rather than a gift, unless there is evidence to the contrary. The only exception is where you have a very close family relationship (marriage or parent/child - friendship doesn't count). You can read about a case where this issue was discussed here: http://huddersfield.yorkshirelawyer.co.uk/tag/presumption-of-advancement/. As long as you can prove that the money was paid to your friend, it would be up to your friend to prove that it was a gift and not up to you to prove that it was a loan. It would be difficult for him to do this if he signed something acknowledging that he owes you money.

 

Thank you, your post was very helpful. The amount was lent over time and not as one lump sum. I am due to phone him today to discuss the issue..

 

No answer when I phoned. I left a message the other day as well but he not replied.I don't think his wife knows about the money I lent. I could always tell her if he doesn't make contact. What do others think ?

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I would keep it between you and him. First thing to do now, is write a formal letter to him detailing the issue and for him to make contact with you. If he doesnt reply within 7/14/21 days, let him know you will not hesitate to make a claim against him.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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I would keep it between you and him. First thing to do now, is write a formal letter to him detailing the issue and for him to make contact with you. If he doesnt reply within 7/14/21 days, let him know you will not hesitate to make a claim against him.

 

I am grateful for your advice. I think your right. I don't however want to make it worse, the problem might be is if I send a letter to him, his wife might get to the letter before him and might even open the letter and possibly will question him so much as they have a relationship that is often strained to say the least. He is often weak in his decisions and will often lean on others. I will somehow meet up with him and will continue this week to try to contact him by phone. Many thanks..

 

Have just spoke to the wife. Just said ask him to phone me..

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Meeting with friend and his wife to hopefully come to an agreement about paying me back. He had given me his credit card to off set what he was owning me but he has stopped the use of that now. Am I now entitled to demand the full amount with immediate effect..

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Thats up for you to decide. Read what you wrote again. He gave you payment on the CC, then stopped. Somethings not quite right here. I know he;s your friend, but if you really want the amount back, you need to speak to a mediator, or go through small claims. You've given him plenty of chances, so he would only have himself to blame.


Any advice i give is my own and is based solely on personal experience. If in any doubt about a situation , please contact a certified legal representative or debt counsellor..

 

 

If my advice helps you, click the star icon at the bottom of my post and feel free to say thanks

:D

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Thats up for you to decide. Read what you wrote again. He gave you payment on the CC, then stopped. Somethings not quite right here. I know he;s your friend, but if you really want the amount back, you need to speak to a mediator, or go through small claims. You've given him plenty of chances, so he would only have himself to blame.

 

What he had owed me, there was an arrangement of sort to use his credit card to reduce the amount slowly. His wife found out and the card was blocked so was no longer able to use that method. There is no question he owes me the money. I will see how the meet up goes which is planned for this weekend..

 

We had a meeting yesterday, that was the guy and his wife. She was accusing me of all sorts of things which I allowed her to rant. What I have is a signature from my friend to confirm the amount he owes me at the end of December 2012. I will give a grace period and then send an invoice to him for what I can show he owes me. Could I demand the full amount now payable, say within 28 days ? Does that sound reasonable ? I am infact willing to agreed a longer period, say six months to settle the loan providing he comes to a formal agreement. What do others think ?

 

How should I serve an invoice and be satisfied that this has been served without there being any misunderstanding..

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" I am in fact willing to agreed a longer period, say six months to settle the loan providing he comes to a formal agreement. What do others think ?"

 

Depends on the amount and if he is willing to adhere to further payment plan CD.

 

Regards

 

Andy


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" I am in fact willing to agreed a longer period, say six months to settle the loan providing he comes to a formal agreement. What do others think ?"

 

 

Depends on the amount and if he is willing to adhere to further payment plan CD.

 

Regards

 

Andy

 

Thanks for your reply. The amount is just over five thousand. I definitely am seeking confirmation from the guy that he owes me the money and then I would consider a formal payment plan over a longer period. Does that sound reasonable ?

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Very but make it clear any default will be followed by legal proceedings.


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how could I serve an invoice and any other correspondence to be sure of service. I don't think a recorded delivery will be signed for if I choose that method..

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how could I serve an invoice and any other correspondence to be sure of service. I don't think a recorded delivery will be signed for if I choose that method..

 

Special Delivery - Process Server ?


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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

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Special Delivery - Process Server ?

 

I am aware of special delivery but what is process server ? My point is if a period refuses to sign on delivery..

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Hi CD

 

Look if you think delivering an invoice is so doubtful and he will not sign then a payment plan will be pointless....commence proceedings.

 

Regards

 

Andy


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I am aware of special delivery but what is process server ? My point is if a period refuses to sign on delivery..

 

They would normally issue warrants/Summons/stat demands etc on behalf of solicitors/banks/DCAs.


Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy -

HERE

2: Take back control of your finances -

Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors?

Read Here

4: Staying Calm About Debt

Read Here

5: Forum rules - These have been updated -

Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

 

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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I will send an invoice and a copy of what was signed as owning. Could I demand full payment within 28 days ?

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Just sent statement/invoice for full amount payable within 28 days. This is going to put the cat amongst the pigeons but its a huge amount..

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