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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3882
Experience:  Solicitors 2 years plus PQE
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I invested money (£16k) with a friend in a furniture

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HiI invested money (£16k) with a friend in a furniture importing business. I was promised (in writing) a return on Investment of 25%. Unfortunately, a clear timeline was never agreed. The furniture was delivered in March. I had discussed with the friend the fact I wanted to take the full £20k back and not re-invest in any further containers of product. He has paid £10k back but is delaying (feeble excuses Paypal delays, Corp Tax etc etc). I want to know what my rights are to get the remaining £10k back. He is simply ignoring all forms of communication now.Regards

Thank you for your question and welcome. My name is ***** ***** I will assist you. Did you receive shares in a limited company for your investment? Kind regards AJ

Customer: replied 8 months ago.
No, I provided £16k investment in a 1st container last year i effect as a loan. I was given £4k return and rolled the £16k into a 2nd container. I recieved £4k return and continued....I am now invested technically in the 5th and final container that arrived in the UK in April 2017. I clarified with my friend I would need the full £20k (£16k investment and £4k profit) this time and would no longer be investing.I have recieved £10k as a gesture of good will and have had multiple promises on the remaining £10k but have no vsibility when this will be returned. I want some kind of visibility and not the continued non-truths about the remaining £10k.

Hi, Thank you. How did you pay the money to him? Was it to a business account? Or his personal account? Kind regards AJ

Customer: replied 8 months ago.
I think it was a business account but it may have been a business account. I did an online transaction from my current account.I also have an email confirming £16k investment with a promised ROI of £4k.

Thank you. Is this business account in his name or a personal name? Ultimately if this is a loan and he has not repaid with interest as agreed, it is a straightforward debt claim and you would have to consider suing him. What evidence do you have in writing to show the agreed interest rate?

Customer: replied 8 months ago.
I paid his personal name in the initial investment I believe. I then got confirmation of the investment agreement for each container in writing. I have an email (excerpt included attached).The issue is that I do not have any dates referred to for when the return was promised. I have given him many chances and I get excuses why the payment cannot be made. The excuses always are made out that I lose out. He threatened me with having to take a loss due to the product being sold for less than he expected. I want to sort it out amicabaly but it is clear I need to know my legal standing in the UK. Would I speak to the small claims for for this?

Hi, Thank you. It is a straight forward debt recovery matter, you are entitled to sue him for what you are owed. If the debt is not in dispute and you want to put pressure on him to pay you could serve him with a statutory demand - this will be cheaper than court, and will get his attention as it is a pre cursor to bankruptcy.

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Customer: replied 8 months ago.
Thank you so much. You have given me the re-assurance I was looking for. Much appreciated.Best Regards

Thank you. I wish you the best of luck. If I can assist any further please let me know. Kind regards AJ