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Remus2004, Barrister
Category: Property Law
Satisfied Customers: 71140
Experience:  Over 5 years in practice.
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I made a loan to a friend hat was purpose of a

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I made a loan to a friend hat was for the purpose of a refurbishment of a house. We signed an agreement to that effect. However, the house was sold and the loan not repaid nor was I even informed of the sale. I have made numerous reasonable attempts to ask for money back / payment plan etc. However, the other party makes lots of promises, has made a few ad-hoc payments but is failing to be consistent. The last payment was over 6 months ago. What are my options ?
How much does he owe?
Customer: replied 2 years ago.
about 20,000
Ok. Does he have any legitimate income?
Customer: replied 2 years ago.
he has his own company but I'm not sure how solvent it is
It is easy enough to sue and you would get judgment. You would have to bear costs as it is a sum that exceeds the small claims court but if you can get over that then getting judgment shouldn't be a problem.The question is whether you would get the money. You didn't loan to the company so it doesn't matter if that does go under. You can pursue him personally. The question is whether he has the means to pay. The money must have gone somewhere. Even if he has sold one house he must be living somewhere and you could always get a charging order against his new property.Or an attachment to earnings. If he is self employed and has assets then you could send the bailiffs in.Can I clarify anything for you?Jo
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