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Category: Law
Satisfied Customers: 34688
Experience:  Barrister at Self Employed Barrister
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I forwarded the sum of £25000 to a relative to start up his

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I forwarded the sum of £25000 to a relative to start up his own business. It was on the understanding he would not use it for any other purpose than starting up his own business. I have a signed Loan Agreement dated May 2017. I have recently learned he has used all of the money for holidays, paying his family Bills etc. He and his wife say I gave them the money and they could spend it as they wished. Is there any action I can take? Thank youi

Are they in breach of the loan agreement

ivorylounge and 4 other Law Specialists are ready to help you
Customer: replied 10 months ago.
The Agreement states they will return the money at anytime when requested to do so
Customer: replied 10 months ago.
I am awaiting your call, thank you
Customer: replied 10 months ago.
Why did you ask me if I wanted a phone call when there is no one there to help me? I do not understand how you work Have you taken the extra £44 from my Visa account?
Customer: replied 10 months ago.
It seems to me that you are not going to be able to assist me. I wish to cancel my Question please. and remove my telephone details How do I do that?

If the agreement states that the money will be returned at anytime then you could issue court proceedings against them for the full sum which is owed to you. You could then put a charge against there house and have financial clarification as to how much money you can get back immediately and by instalments. You need proof that they can only afford what they are offering and the court would ensure that you got this.