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LondonlawyerJ, Advocate
Category: Law
Satisfied Customers: 818
Experience:  Solicitor with over 15 years experience.
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I invested with my nephews company 90k for 7 years and its

Customer Question

I invested with my nephews company 90k for 7 years and it's been 8 years now but had no agreement just a verbele agreement that would pay me 180k back and they are not paying me anything as they say we have nothing in writing and on purposely caused an argument with me and don't take my calls or anything but the only proof I have is that I transferred the funds into their solicitors to complete on a property the only proof I have is thier solicitors completion statement asking for the balance and my bank transfere statement which shows the exact amount to the penny need for completion which corresponds to the date. The property was purchased for 290k and they borrowed 200k from thier bank and I paid the 90k which was the deposite required and various arctect fees after.their company is worth around 1.4m
Would I have any chance of winning this case if I sued the director of the company at that time would be my witness of what the agreement was of whom they have sacked some 4 years ago
Submitted: 3 years ago.
Category: Law
Expert:  LondonlawyerJ replied 3 years ago.

LondonlawyerJ :

hello I am a lawyer with over 15 years experience. I will try to help you with this. A contract does not need to be in writing to be enforceable in law. There will be issues surrounding proving the existence of the contract without a written agreement. However it is not impossible to do so. You have the solid fact rhat you contributed £90.000 to purchase what I take to be the business premises and yu have a witness to the formation of the contract.

LondonlawyerJ :

Are there no documents at all about this agreement, no letters or emails where this loan is discussed? Any letters or emails to your nephew's parents or other family members? Also why does your nephew say they got rid of the director? This would be relevant to his credibility as a witness? What did your witness actually see and hear?

JACUSTOMER-jyljfg12- : I have only the completion statement from his solicitor asking for the balance of the property to which I transferred from my bank direct to his solicitor the exact amount,other witness is my secretary who new what I had invested with his company.the director was changed about 2/3 years after that period
LondonlawyerJ :

Ok thankyou for that. I think yo have a decent chance of claiming the payment of the money yuou lent plus most/all of the interest promsed.

LondonlawyerJ :

You might think the right thing to do is to contact your witness the former director and see what he remembers about the arrangement and to check his willingness to help. He is a key witness obviously. Your next step will be to send a letter to your nephew reminding him of the arrangement and politely requesting payment of all the money owed. If there i sno saroisfactory reponse you shoudlsend a letter referrign to the ealrier one repeating your cliam and theratenogn legal actrion if he does not respond wihtihn a set priod of time (say 21 days). If there is no response then you should start proceedings to recover the debt. If you follow this link and go to Annex A you will see guidance on drafting such letters.

LondonlawyerJ :

Although you are able to bring an actin your self and send letters yourself it would be a very good idea in this case, bearing in mind the amount of money at stake and the apparent trickiness/dishonesty of your nephew to instruct a solicitor in the orthodox face to face way to help you with this. This way you would avoid the risk of making technical errors that might cost you in the long run. Follow this link to find an appropriate lawyer local to you.

LondonlawyerJ :

The strength of your argument is that there will be irrefutable evidence that you provided funds to assist in the business. Your assertion that you would receive consideration for this is a reasonable one. You will also hopefully have the help of a witness.

LondonlawyerJ :

I hope this answer is helpful but if you need any more information then please let me know.

Customer: replied 3 years ago.
1/this question may sound silly but, I was told that a person has 6 years to claim from the day that the money was given i assume that is not the case,
2/You say I should get a solicitor do you have any one that you can recommend who specialise with this sort of case with a good track history.

3/do you have any idea what the cost would go to as my nephew will fight to the end and pull every dirty trick possible and I can see him making false evidence up and witness etc, and how long this would take

Expert:  LondonlawyerJ replied 3 years ago.
1 There is a time limit of 6 years in which to bring a case for breach of contract but the time limit starts to run from the date of breach of contract not the date of the contract itself., So your 6 years will start to run from when he failed to pay up on the 7 year anniversary.

2 I am not allowed to recommend particular solicitors but if you follow this link you can use the Law Society Find a solicitor feature to find one in your area with expertise in breach of contract litigation.

3 The costs could be significant but do vary considerably between firms and regions. It may be that you could find a solicitor willing to do this on a no win no fee basis or if you have household insurance this may include legal costs insurance. The length of time can be variable as well from issuing proceedings through to trial could well take over a year but most disputes in civil law settle well before trial.