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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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If I lost money of my friend in an investment they made with

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If I lost money of my friend in an investment they made with me, then I agreed to pay it back and put in writing that I owe them the money, and was subsequently unable to pay, what is my liability?
The investment was not personally guaranteed.
Alex Watts :

Hello my name is ***** ***** I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Why did you agree to repay it please?

Customer: Because it is the right thing to do, but also because I have been threatened.
Alex Watts :

And that was in writing?

Customer: No.
Alex Watts :

You said: "I agreed to pay it back and put in writing that I owe them the money, "

Customer: Oh yes indeed.
Customer: Sorry.
Alex Watts :

If you agreed in writing then its bad news - you are liable

Alex Watts :

If you had not agreed to pay it back then you would not be liable

Alex Watts :

But because you have this in writing this is a promise and they can sue on this

Alex Watts :

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Customer: hmmmmm I see.
Customer: That's not so good.
Alex Watts :

I am sorry its not better news

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

Please bookmark my profile if you wish for future help:

Customer: Thanks.
Alex Watts :

Have a good weekend

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