Please confirm that this is just arrangement between parties who know each other and it’s not any kind of commercial arrangement.
If it’s not, and it’s some kind of commercial arrangement, then it would not be enforceable because it doesn’t comply with all the Consumer Credit legislation.
However, if it’s just between family members or friends then it’s a perfectly reasonable agreement no reason why you cannot enforce it in court.
Even a verbal agreement whether to pay money whatever is perfectly enforceable provided the terms of the verbal agreement are not in dispute.
What you have here is evidence that the money was lent, whom it was lent to, who by, that it was to be repaid and when.
If there is no dispute over the money being owed you could always issue a Statutory Demand which is free and then, in another 21 days, petition for the individuals bankruptcy.
That usually focuses a debtors mind. You can’t do that however if there is some kind of dispute over what the money was for or when it was to be repaid or whether it’s due the amount or any other dispute.
Can I clarify anything for you?
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