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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70719
Experience:  Over 5 years in practice
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Hello, I lent the son of a friend £10,000 three years ago

Resolved Question:

Hello,
I lent the son of a friend £10,000 three years ago on the friendly understanding it would be repaid when convienient but within 5 years. I have a signed and dated receipt by the son , his mother his partner for this money. I need the money back to help a member of my family. He says he will pay me when he sells his house which has not been advertised for sale yet. How should I proceed to pressing for the return of the money?
Thanks
Submitted: 4 years ago.
Category: Law
Expert:  Jo C. replied 4 years ago.
Hi.

Thank you for your question. My name is XXXXX XXXXX I will try to help with this.

Has he made any payments?

Does the agreement say that he has to pay within 5 years ?
Customer: replied 4 years ago.


Yes, the agreement dated 15th January 2012 stated the payment must be made within 5 years. The money was lent to allow him and his partner to buy a house in France which they have done and have moved there.


He has not made any payments or offered to so far. Do you think I should charge interest on the loan and possibly retrospectively? Should I give a date the money must be paid back?


Thanks

Expert:  Jo C. replied 4 years ago.
Thank you.

I'm really sorry but I'm not sure I can give you any good news.

If the facts are you say then he has until 15 January 2017 to pay this loan. He is not in breach yet. Until he is in breach I cannot see on what basis you could claim against him at court.

Similarly, unless you agreed that interest would be applied you cannot claim it now unless, of course, he falls into breach and then you would get the County Court act sum.

In relation to a date, I'm afraid that it seems to me you have given a date and that is 15 January 2017.

If the agreement sets down something different then that will be different of course. However, on the fact you were describing no payment is due yet.

I'm sorry this isn't the answer you wanted but it is the position that you face and I have a duty to inform you truthfully.

Hope this helps. Please let me know if you need more information.
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Expert:  Jo C. replied 4 years ago.
Thank you for the positive rating and remember that I am always available to help with your questions. For future information, please start your question with ‘FOR JO C’