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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70003
Experience:  Over 5 years in practice
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Im about to lend a friend £13,000, happy to do sosas the person

Customer Question

I'm about to lend a friend £13,000, happy to do sosas the person in question has done the same for me.
He's prepared to sign any agreement on the basis he'll pay me back £700 pounds a month over 2 years.
Where do I stand legally as can I get a contract/agreement drawn up by a solicitor?
Whst would you suggest as the best coyrsr of action?
Submitted: 2 years ago.
Category: Law
Expert:  Jo C. replied 2 years ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
Are you concerned that he won't repay?
Customer: replied 2 years ago.

Yes I am concerned and wanted to know what my best course of action would be?

He's happy to sign any agreement just need some advise.

Expert:  Jo C. replied 2 years ago.
Thanks. I will type up an answer now.
Customer: replied 2 years ago.

Thank you

Expert:  Jo C. replied 2 years ago.

You can have this drawn up as a formal agreement by a solicitor who would probably charge between £500 and £1000 for the agreement.

Alternatively and probably a better option is a simple letter from the friend to you stating exactly what is going to be paid over how long and what will happen if it does not get paid such as if it does not get paid, the whole amount becomes due immediately.

If someone does not pay you either because they don't want to repay you or because they cannot repay you, all the agreements and all the terms and conditions in the world will not get the money from them.

You need to do to make a binding agreement is to have an offer and acceptance. If there is an offer and an acceptance there is an agreement which is legally binding. The reason for having it in writing is so that the terms of the agreement are not in dispute.

It is also important to have something in writing with regard to the intention to repay so that at some stage in the future he does not allege that it was a gift.

So a simple letter will do this but you do need to put in, in simple terms, exactly what has been agreed between you.

There is one thing that you need to do and that is to include the following phrase: "this is a formal agreement intending to create legal relations and to be enforceable through the court if necessary"

The reason for including the last bit is that the courts are reluctant to enforce informal arrangements between family members or friends.

Can I clarify anything for you?

Jo C., Barrister
Category: Law
Satisfied Customers: 70003
Experience: Over 5 years in practice
Jo C. and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Really appreciate all your help and will be recommending a few people I know about the service.

Expert:  Jo C. replied 2 years ago.
No problem and all the best.

Remember that I am always available to help with your questions. Even if I am in Court I will usually pick up a question within 12 hours. For future information, please start your question with ‘For Jo C’.

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