How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70187
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

I have three loan agreements with my friends limited company

Customer Question

I have three loan agreements with my friends limited company and it has been four years since the agreements were drawn up. The return of the loan was for 12 months, on a daily basis I chase it up but always get promises but not delivered my funds. The agreements were drafted by a solicitor, however they are not secure. I desperately need the money back and resisted in taking legal action as they are long lasting friends. It has come to point that I need to push something towards them to make sure they start returning what they promised.
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
Hi.

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

How can I help with this please?
Customer: replied 3 years ago.
Just need advice on trying to send a letter from a lawyer to push them to return the funds
Expert:  Jo C. replied 3 years ago.
Ok.

Are you asking the cost?

What would you like to know about this?
Customer: replied 3 years ago.
Return the original loan amount. Do I have any legal standing
Expert:  Jo C. replied 3 years ago.
Thanks.

You can get a solicitor to write to them easily enough. There will be cost in that and it doesn't add anything in law to your position. The only benefit in a solicitors letter is that it might place pressure on them to pay.

Ultimately if you want to secure this up the only way to do that is to sue. I realise that is unattractive but if you need the funds and they refuse to pay then you will need a CCJ to take any enforcement action against them.

You can do that easily enough here

www.moneyclaim.gov.uk

Its probably a small claims court sum and so it will be cheap and quick to issue against them.

In the meantime its worth sending them a letter before action warning them that you will sue if you don't get paid within 14 days.

Hope this helps. Please let me know if you need more information.

Jo