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Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 4640
Experience:  Solicitor
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In 2001 I made an arrangement with a 'friend' whereby I lent

Resolved Question:

In 2001 I made an arrangement with a 'friend' whereby I lent to him a sum of money in exchange for a monthly return. I never received any money and the 'friend' disappeared despite efforts on my part to trace him. The agreement was open ended with an option for me to give 21 days notice to cancel the agreement and ask for the return of my loan. I was never able to do this as I couldn't make contact with him.
I have now discovered that he made himself bankrupt in 2011 but did not include me in his list of creditors. May I ask:
Does this preclude me from making a claim against him (I have now found him again )
If so can I claim for the monthly return since his bankruptcy plus my original loan?
If not what are my options?Kind regardsD Lane
Submitted: 28 days ago.
Category: Law
Expert:  Jamie-Law replied 28 days ago.

Hello my name is ***** ***** I will help you with this.

Just to be clear, he breached the agreement from day one?

Customer: replied 28 days ago.
Expert:  Jamie-Law replied 28 days ago.

Thanks. It's bad news I am afraid, you have six years from date of breach to bring a claim in court under the Limitation Act 1980.

This is extended to twelve years if signed under a deed. But given this breach happened in 2001 I am sorry to say the debt is statute barred. That means you can not take any action on it.

Even if it was then under insolvency rules if it was a debt capable of being included in the bankruptcy then it will be treated as if it was.

I am so sorry that this is not the answer I want to give you, nor the one you want, but I have a duty to be honest.

Can I clairfy anything for you about this today please?

Jamie-Law and 2 other Law Specialists are ready to help you
Customer: replied 28 days ago.
Thank you, ***** ***** hoping or better news but must accept that my £10,000 has gone foreverKind regardsDon Lane