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Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Was the promissory note an "all monies" note or did it only reference the £140k. Is this individual trying to pursue you for the additional borrowings that your husband drew down under the terms of the promissory note? Kind regards AJ
Thank you. The bot***** *****ne your assets are not liable for the additional £70k - the Statute of Frauds states that you can only accept liability for another persons debt if you do so in writing. The promissory note is only for a fixed so he cannot unilaterally add to the promissory note a capital without your consent. Does he have a charge on your property? Kind regards AJ
Hi, Thank you. You should not agree to a charge over your share of the property for the £70k - unless you accept liability for that in writing you are not liable. The debt only becomes statute barred (this would be the balance of the original promissory note) if six years go by without a demand. When did he last make a demand for the original balance - not the further monies advanced to your husband?
Hi, Thank you. To be clear he will be able to enforce the existing £70k against your husbands share of the property. If you want to put the brakes on you could offer him a charge over the property (with your consent) and in return ask for a forbearance agreement, this would be forbearance against being sued or having any enforcement proceedings being take. When will you expect to receive any compensation?
Hi, Thank you. For a debt to become statute barred, you need to go 6 years without there being any demand for payment - every time a demand for payment is made this period will reset. Sorry if I have misunderstood this point but to confirm the £70k is your husbands debt only?
Hi, Thank you. ***** can assist any further please do not hesitate to contact. In the mean time I would be most grateful if you would rate my answers on this thread? Kind regards AJ
Thank you. To clarify two points, did the solicitor issue the demand? Did they give a deadline by which they would issue a court claim?
Hi, Thank you. This sounds like they sent you a statutory demand, this is not a court claim but is a way of putting pressure on people to pay. In theory they could petition for bankruptcy if you did not pay within 21 days. I would write to them and ask them to withdraw the demand as soon as possible, are you any closer to knowing when any compensation will be paid in the mean time?
Thank you. I am happy to still assist. My apologies for the delay in responding. Are they waiting for 4 months to see the outcome of your settlement?
Hi, Thank you. The charge wont stop you from being able to sell the house, but obviously they would have to consent to the removal of the charge. Are they asking you
to consent and accept the part of the debt that is statute barred? Kind regards AJ
Thank you. If it is ok that would be helpful, can you post them into this link? Kind regards AJ
Thank you. I have received these. I am travelling today so will review them tonight. Kind regards AJ
Thank you. My apologies for the delay. Can clarify one thing - the last letter refers to their version of events being that the loan was paid to both of you - did you ever actually accept this debt in writing? Would a way forward be offering a charge for a fixed sum - that is automatically released if the funds from the bank compensation come through? Kind regards AJ