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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 23730
Experience:  Senior Partner at Berkson Wallace
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I took out a lone with a friend of mine 28 years again. Lone

Customer Question

Hi,
JA: Hi. How can I help?
Customer: I took out a lone with a friend of mine 28 years again. Lone was £115000. I have being paying him around £1000 every month since then. Works out at around £330000 repaid. The loan seems to be ongoing, he reckons that I still owe in excess of £100000. I am due to be made redundant and will not be able to afford the repayments. Do you have any advice.
JA: Where are you? It matters because laws vary by location.
Customer: I am presently residence in France
JA: What steps have you taken so far?
Customer: He is in the U.K.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I don’t think so
Submitted: 10 days ago.
Category: Law
Expert:  Stuart J replied 10 days ago.

Hello. Thank you for the question. It is my pleasure to assist you with this today.

Please bear with me as I will be online and off-line from time to time and therefore, may be delayed getting back to you. You will receive an email when I reply.

I will try to help but i need to ask the following -

what was the repayment terms that you agreed to?

and was it made in UK?

have you asked him why he thinks you still owe £100k?

Customer: replied 10 days ago.
I know that it seems daft now but I don’t really remember and I don’t have a copy of it. I remember that he “commuted” his airforce pension to get hold of the money. It seems to me that he has been getting me to pay what would have been his pension had he not commuted it. I know that this seems vague. He used to send me an annual statement but I haven’t seen one of those for years.
Expert:  Stuart J replied 10 days ago.

I cannot see how you could borrow GBP115,000, pay GBP1000 per month for 28 years, a total of GBP330,000 but still owe almost as much as you borrowed in the first place.

My personal view was that I would tell him that you have now taken legal advice and that you have more than paid the loan and that you won’t be paying any more and that if he feels differently, he will have to take you to court, prove how much you owe and you will show the court how much you have paid.

The fact that he may have put this money into a pension and got a similar amount of money is not relevant.

Thank you for letting me assist you with your legal question.  I am glad that I was able to help.

I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.

It will be my pleasure to help you again either further with this or any future questions you have

Kind regards