This is a purchase agreement like any other. It happens to be verbal but nonetheless, it is just as enforceable.
The fact that they may have financial hardship is not relevant. They agreed to pay £38,000 over a period of time and that is what they must do.
Assuming there is no dispute over the amount owed, you can either take them to court and get judgement against them which will affect their ability to practice or you could issue a statutory demand for the money, making it payable with the 21 days and if they don’t pay or apply to set the demand aside, petition for their personal bankruptcy.
Can I clarify anything else for you?
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It depends whether you want a few lines or whether you want a really robust letter.
If you really want a robust letter, I can give you exactly the wording for that, in the strongest terms, but there is an extra cost.
I can do a few lines for you to insert in your letter on this thread at no cost.
It really depends on how firm and threatening you want to be with them.
I don’t know what the payment terms were or how much is already overdue. It seems the agreement was to finish in December 2016
I will submit a Premium Services proposal for you with regard to the robust letter.
Meanwhile, something along these lines “in respect of your purchase of my share of the practice, it was agreed that you would pay £3000 per month (£1500 each) monthly from July 2015 until December 2016 with the balance being paid thereafter.
In spite of agreeing this, you have failed to make any payment since May 2016 and the £5000 promised at that date has not materialised.
Whilst I hear what you say with regard to financial difficulties, that is not an issue.
You are now in breach of the agreement and whilst I would rather not have to instigate legal proceedings, it is beginning to look like I have no choice.
To avoid any unpleasantness, and to move this forward as quickly as possible, can you please make sure that you let me have all the payments up-to-date, by return and also let me have post dated cheques in respect of the remaining payments and the full balance due from now until December.
Can you please get back to me no later than this Friday, 12 August.