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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 8974
Experience:  I have been practising for 30 years.
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I was in a relationship with man for several years which I

Customer Question

Hi there
I was in a relationship with man for several years which I ended in May. However, he lent me £20,000, which I agreed to pay back once the property I owned was sold. Unfortunately for me the property has only just sold. However, this morning I have received a letter from this man stating that he wants the money back immediately and is requesting that I take out a loan.
I don't have the funds to repay this amount until I receive the money from my property.
What has disappointed me is this man is worth over £500,000, and he is more that aware of my honesty and verbal agreement to repay once said property is sold.
Apologies for going on. My question as there was no written agreement only verbal, does he have any legal claim. I did and have always stated that he would have the money returned to him.
Submitted: 5 months ago.
Category: Law
Expert:  F E Smith replied 5 months ago.

As the property has only just sold, presumably you are waiting for the conveyancing process to complete. Is that we only delay?

It appears that you admit borrowing the money and you admit that you agreed to pay him back and hence, it doesn’t matter whether you have a written agreement or not, a verbal agreement is binding provided there is no dispute over the substance of the agreement which there doesn’t seem to be.

However even if he would issue legal proceedings this week, it would be months before this got to court. What you might want to do is get your solicitor to write to him telling him that house has been sold, but it’s awaiting completion and that the solicitor will send the money to him when the matter completes.

Can I clarify anything for you? Please rate the service positive so that I get paid. We can still exchange emails. Best wishes. FES.

F E Smith, Advocate
Category: Law
Satisfied Customers: 8974
Experience: I have been practising for 30 years.
F E Smith and other Law Specialists are ready to help you
Customer: replied 5 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  F E Smith replied 5 months ago.

I have submitted the live telephone call proposal. Please let me know if I can be of any further assistance.

Customer: replied 5 months ago.
Hi thereThank you for your reply. Sorry I can't afford the phone call charges as well. Yes, you are correct I am waiting for completion. I am concerned that he may request interest for the period of the loan. Can he do this, as this was originally a straight forward loan, no interest was discussed, and there was no length of time stipulated. However, as the relationship no longer exists, I feel he may attempt to change the original agreement. Knowing this man as I do. My Mother has agreed to loan £5,000 as a gesture that I do intend to repay this money.
Expert:  F E Smith replied 5 months ago.

He can only claim interest from when he demands repayment or from when the original payment was due unless there was an agreement that the loan would bear interest also.

In this case, that would mean that he can only claim interest from when he asked for repayment because there was no provision for the loan to be repaid

Customer: replied 5 months ago.
he can ask for interest from the date of this letter as he is asking for immediate repayment? Although as I said no interest was ever discussed or a time stipulated. He agreed to accept repayment as and when completion of my sold property. Can I hold him to this? At no time have I ever disputed or indicated that the loan would not be repaid.
Expert:  F E Smith replied 5 months ago.

That is correct.

No interest was ever discussed or asked for and no repayment date was mentioned and hence, the repayment date would be whenever he asked for it which is now.

It’s not guaranteed that he would get interest and you would have course oppose any claim he makes for it but what you have is the general legal situation. Would be up to the judge whether it was awarded or not.

If he he previously said that he would accept payment when the property was sold, then you can hold him to that.

Customer: replied 5 months ago.
Thank you so much for the information you have given me. It has helped a great deal. I have drafted a letter which I intend to send, assuring him that the money will be paid on completion of the sale of my property, and the cheque for £5,000. Thanks again. Eve
Expert:  F E Smith replied 5 months ago.

I am pleased to have helped.

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