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the debt is in excess of £120,000 borrowed over four years. the purpose of the loan was paying monthly debts and use some amounts to do FOREX trading. the individual placed the interest to me in writing as 250% ( a ridiculously high amount) that was intended to be paid in teh future. he once stated 'even i pay you five years from now'; that was two years ago.
this person works as financial controller for a london based retailer now. he has been on the job only 2 months.
i understand he may not have the total of the funds to return. he has however made no attempt to contact me on this matter. i have sent numerous emails and texts trying to firm up an agreement. i have had no response.
a drastic change of his circumstances is that he just got engaged to a non EU national and i fear he may leave the country at some point soon
i think the bot***** *****ne of what i want to know is whether it is time for me to get a law firm involved for advice. the case is tenuous even in my eyes as this person and i had a very informal agreement. is it best that i consult a lawyer or do i try a mediation service for example? the amount is too big for me not to act immediately.