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The original loan was made in 3 parts in 2010 for £6200.
The text request for re-establishing repayments was made in February 2013 and the recorded delivery letter was sent in October 2013.
He was working as a freelance, I think, in the plumbing and heating trade when I made the loan and had done several jobs for us. Subsequently he did a piece of building work for us for which I allowed him £200.
I don't know about any assets as I think he lives with his parents or other relatives.
Can you give an outline of a suitable letter giving notice ?
PS I will not be able to stay in contact for some time now as I am about to take my wife to an urgent doctor's appointment.
Would you advise I ask for him to re-start regular repayments of say £50 / month or just simply give him 28 days to pay what he owes or face proceedings against him for recovery through the small claims court ?
I would very much appreciate your comments and/or advice on the following draft letter:
Although the balance owing in June 2010 was £5758.50, interest at the agreed rate of 2% p.a. has since then increased the balance you owe to just over £6200.
I hope you will agree that I have been very patient in this matter, and I now ask you to make repayment in full within 28 days or to arrange to start making regular repayments of at least £100 per month by Standing Order. I’m sure I don’t need to point out that if you can make some large lump sum repayments it will significantly reduce future interest.
Please give this your urgent attention . If you do not pay within 28 days I will issue proceedings against you at the small claims court and claim costs and interest. Please also be advised that if you opt for regular monthly payments and a payment is missed I will then issue proceedings for the full amount without further notice.
Thank you Jo.
The date deadline is a very helpful suggestion as it gives complete clarity.