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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 69997
Experience:  Over 5 years in practice
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I would like some advice on the enforceability of a loan agreement.

Resolved Question:

i would like some advice on the enforceability of a loan agreement. happy to pay for the advice, please can you advise.
Submitted: 1 year ago.
Category: Law
Expert:  Jo C. replied 1 year ago.
Hi.
Thank you for your question. My name is ***** ***** I will try to help with this.
-Could you explain your situation a little more?
Customer: replied 1 year ago.

Hi Jo,

can i send you the loan agreement? it is 6 pages long. I am due money from someone that I loaned money to, but they have not paid back and I am now considering legal action to recover the money due.

please let me know how we can proceed.

thanks

Gavin

Expert:  Jo C. replied 1 year ago.
OK.
If you have lent them money then what is your concern about the loan agreement?
You are not a professional lender I presume?
Customer: replied 1 year ago.

no, not a professional lender - i am a Chartered Accountant by trade and have my own accounting firm. One of my contacts required a loan so I loaned him money and we signed a loan agreement. But he is not able to make the repayment yet as he is waiting for some money to come in.

Are you able to assist in cases relating to contract law and enforcability of loan agreements?

thanks

Gavin

Expert:  Jo C. replied 1 year ago.
Yes, this is a simple contractual point.
You have lent him money and he has to repay it. Even if you didn't have an agreement at all then that would be the presumption of the court. If you can show a transfer of funds of some kind then that is going to be a loan. That just isn't the type of thing that amounts to a gift.
You are not a professional lender so not regulated by the Financial Services Authority so the provisions of the CCA will not apply to you.
The only issue that I can see immediately is whether this is a breach. Then you would have to have agreed a particular payback date or schedule or event. If that time has passed then he is in breach and you can sue. If not then that is a challenge to overcome.
If you lent him money though then a court is going to find a way of ensuring that you recover.
All you need to do is send a letter before action giving him a set period of time to make payment or propose a schedule and in default making clear that you will sue.
If that fails then just issue against him.
Can I clarify anything for you?
Jo
Customer: replied 1 year ago.

Thanks Jo, that is great.

Just wondering if you practice "in the real world" and if you would assist with acting for me and what your charges are?

thanks

Gavin

Expert:  Jo C. replied 1 year ago.
I do practice in the real world but we are not allowed to accept instructions from this site.
How much is the loan?
Customer: replied 1 year ago.

loan amount was £60,000 and amount he promised back (as I did it at short notice) was £96,000.

my e mail is *****@******.*** if you are able to send me an e mail, that would be great.

thanks

Gavin

Expert:  Jo C. replied 1 year ago.
Ok. Then you do need a solicitor realistically.
Any high street solicitor will be able to do this type of work. Costs are an issue but start with a letter before action and see what that achieves.
Jo C., Barrister
Category: Law
Satisfied Customers: 69997
Experience: Over 5 years in practice
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