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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 47889
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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I personally lent a business associate £4500 back in april

Resolved Question:

I personally lent a business associate £4500 back in april 2014, he paid £1000 back and now has refused to pay any more back. I lent this to him in good faith via bank transfer but no documents were drawn up. How do I get this money back?
Submitted: 1 year ago.
Category: Law
Expert:  Ben Jones replied 1 year ago.
Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today. Why has he refused to pay it back?
Customer: replied 1 year ago.
Because he thinks that because his other company signed a guarantee for £20k for me he is responsible for that. What is not known is he delayed for over a year before being made to register the guarantee and will fold the company not to pay it. He has absolutely no intention of paying anything and will duck and dive to avoid.
Expert:  Ben Jones replied 1 year ago.
Even if no documents were drawn up it does not remove the fact that the money was lent. You can get evidence in the form of bank statements for example and any other correspondence such as emails, assuming you discussed it in that way. As far as pursuing the person, whenever a dispute arises over money owed by one party to another, the debtor can be pursued through the civil courts for recovery of the debt. As legal action should always be seen as a last resort, there are certain actions that should be taken initially to try and resolve this matter informally and without having to involve the courts. It is recommended that the process follows these steps: 1. Reminder letter – if no reminders have been sent yet, one should be sent first to allow the debtor to voluntarily pay what is due. 2. Letter before action – if informal reminders have been sent but these have been ignored, the debtor must be sent a formal letter asking them to repay the debt, or at least make arrangements for its repayment, within a specified period of time. A reasonable period to demand a response by would be 10 days. They should be advised that if they fail to do contact you in order to resolve this matter, formal legal proceedings will be commenced to recover the debt. This letter serves as a ‘final warning’ and gives the other side the opportunity to resolve this matter without the need for legal action. 3. If they fail to pay or at least make contact to try and resolve this, formal legal proceedings can be initiated. A claim can be commenced online by going to www.moneyclaim.gov.uk. Once the claim form is completed it will be sent to the debtor and they will have a limited time to defend it. If they are aware legal proceedings have commenced it could also prompt them to reconsider their position and perhaps force them to contact you to try and resolve this. Whatever correspondence is sent, it is always advisable to keep copies and use recorded delivery so that there is proof of delivery and a paper trail. The court may need to refer to these if it gets that far. I hope this has answered your query. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you
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