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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am lending somebody some money and they have sent a letter

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I am lending somebody some money and they have sent a letter to confirm that they are receiving this money and that they will repay the loan within 60 banking days. Could you check the wording before I sign it please?

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

How many pages is the document?

Customer: replied 1 year ago.
two, in the form of a letter
Customer: replied 1 year ago.
Did you get my reply?

Ok, if they are short it will be a slight additional cost.

Customer: replied 1 year ago.
I have already paid the £34 and have had confirmation e-mail.

Yes that is to ask a question. If you would like additional work done (which is what review of documents are, or a telephone call for example) it is an extra cost

Customer: replied 1 year ago.
In that case, I think I will have to ask for my money back. If I had realised that my first approach was a "question", I would have worded it differently. How do I go about getting the money refunded please? Regards, Judith

How long are the two pages?

Customer: replied 1 year ago.
Terms:The loan will be paid back in full within 60 banking days from receipt of funds. It is the intention of the borrowers to pay the amount back as soon as they have available funds but note a 60 banking day period for the purposes of this loan agreement.
Repayment of the total amount of £ will be made to the bank coordinates provided by the Lender (insert banking details). The amount will be paid back with any costs associated with the issuance of said funds (please note the costs).In the event of accident or death of the Lender, the borrowers will nevertheless be obliged to deposit the borrowed funds to the coordinates provided, with costs, in favour of the Lender’s estate.Signed, [to be signed by all three parties to agreement]

Is there a clarification of what banking days are? Do you mean working days?

Customer: replied 1 year ago.
I would imagine so. I can change this if necessary.

Yes I would change this to working days.

It does not say what happens if its not repaid, a payment missed or if one party wants to terminate the agreement.

You should also specify which country laws apply to the contract, ie England and Wales.
Save for that it is fine.

Can I clarify anything for you about this today please?

Customer: replied 1 year ago.
I will change the wording. If the loan is not repaid, I will stand little chance of getting it back, but as it is family I am prepared to take that risk. The law is a bit of a grey area. The borrowers are resident in the Republic of Eire. Would this have any substantial impact on the agreement?

No, you could still enforce there but I would still put the laws of England and Wales apply.

Does that clarify?

Customer: replied 1 year ago.
Could you give me a form of words to insert this condition please?

Just that - this agreement is governed by the laws of England and Wales and both parties shall submit to its exclusive jurisdiction

Does that clarify?

Customer: replied 1 year ago.
Wonderful! Thank you so much for your help.

If this answers your question could I invite you to rate my answer before you go today, otherwise the site doesn’t pay me for the time spent with you. Thanks in advance and good luck.

Ash and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.