I appreciate your response on this.
There was never anything in writing that specifically said we would pay it back when we could afford it.
It was mostly verbal discussions. The conversations mostly went along the lines of "Martin, we want to pay this money back as soon as we are financially able to"... and his response was always "don't worry about the money, it's fine".
This was quite a long time ago, there may also have been emails that said basically the same thing. I'm assuming one of these is the aforementioned promissory note.
But there was never any promissory note signed by either party, of that I am certain. Having looked again at the note provided by his solicitor, it is not even an email, it is a word document, unsigned, dated 12 May 2007, saying we would repay the money with 5 years of the date of the letter, there is also no mention of interest, and I have no recollection of this document.
Our original hope was to pay the money back as soon as possible, regardless of Martins feeling about the money hopefully within 5 years, however that was just before the current finiancial depression, and the house prices dropped quite significantly. They are only now starting to recover, but we can't now re-mortgage because of the CCJ.
I am not sure if Martin will go, or is already bankrupt, I do know he not working and hasn't worked for a number of years, so I can see no way for him to pay any of his bills.I assume this is the reason this is all getting nasty now, as he needs the money.
We have done our best to get this money repaid, and even with the threat from his solicitor to take us to court, it is still our intention to repay it, as it's the right thing to do. But short of printing the money myself I don't see what other options I have right now.
There is no mention of any interest that would be paid in regards ***** ***** money, either in writing or verbally, but I would have paid him something in appreciation for the help.. however the solicitors letter I have received is saying that the £50000 attracted a fee of 25% so the total amount he is requesting is £62500.
I was unaware of any fees attached to this money at the time.
So this promissory note is not enforceable ? .. does a promissory note need to have a handwritten signature to be binding ?
Apparently I must reply within 14 days, either to contest this or satisfy the debt, if they don't hear from me within that time they will "afford me the opportunity to file a formal defence at court".
sorry, I missed your reply.
No - no proceedings as yet, they want to know if i will contest this, or give a proposal to settle the debt.
If I don't reply within 14 days - they will start proceedings, at least that is what I understand from the solicitors letter.
However, I have already told Martin, what the situation is, we are trying to re-mortgage the house. Not sure how many times I need to tell him this.