How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

I took out a second interest only mortgage of £90k to help

Customer Question

I took out a second interest only mortgage of £90k to help my daughter's now ex partner for his business with the promise that he would re finance and pay me back within two years. He paid me the interest for the first year but for the past seven months nothing and he is ignoring my request for payment. Can I put a charge on his business which is up for sale with the hope that I can recoup the amount owing.
Submitted: 10 months ago.
Category: Law
Expert:  Alex J. replied 10 months ago.

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Did you lend the money to him personally? Is the business a limited company? Kind regards AJ

Customer: replied 10 months ago.
it is a limited company. I think the loan was part business and part personal.As far as I know the bank had a charge on the house and needed paying. His payments to me were from his business account which have now stopped.
Expert:  Alex J. replied 10 months ago.

Hi, Thank you. Did you transfer the money to his personal account? Kind regards AJ

Customer: replied 10 months ago.
Expert:  Alex J. replied 10 months ago.

Hi, Thank you. If this was money transferred to him personal, then you can pursue him personally for the debt. You would need to sue him first but once you have a Judgment you can seek an enforcement against his assets. Does he own a property as well?

Customer: replied 10 months ago.
only a mortgage on his business which is up for sale
Expert:  Alex J. replied 10 months ago.

Hi, Thank you. Does the business have any assets or value??

Customer: replied 10 months ago.
The company is up for sale at £450k and he has a £200k mortgage other than that I [email protected] know