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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12284
Experience:  30 years as a practising solicitor.
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I gave an unsecured loan to tradesman who was also a family

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I gave an unsecured loan to tradesman who was also a family friend for many years, with the promise of a healthy return once he completed renovation of flats. Turns out it was to service his bank loans. This was 5+ years ago during the recession. The bank took everything, he lost his building yard and also the flats. He has been unable to pay me back. He helped with my business renovation recently with a £30k saving but still owes at least £40k. I have the bank statements where I tranfsrerred this to his account.
Question is can I take a civil action against him to recover the monies, anything would be good to get back.
I am willing to pay for advice if there is any chance.
Customer: replied 1 year ago.
For what it's worth I have a written statement with his signature agreeing the money.

Provided he has acknowledged in writing within the last five years that the debt is due you can take civil proceedings against him. My concern is that the loan was made over five years ago and that could mean it has become time barred. Assuming that is not the case you can sue him in the sheriff court. That doesn't mean you will recover the debt if he has no assets of course. You will get a bit of paper saying he owes you the money. You would then have to ascertain how you could enforce the decree and get paid. I hope that helps. Please leave a positive rating so that I am credited for my time.

JGM and 2 other Scots Law Specialists are ready to help you
Customer: replied 1 year ago.
Few things here...the only back acknowledgement as such is in texts exchanged between myself and him , which I still have. The agreement as made in Feb 2011 so not sure where that leaves me. There's a lot of ifs and buts and I guess I'm looking to establish if I should go to a solicitor vs the costs.Can I ask 'how' I would enforce any decree if it came to thatAlso can you recommend a solicitor in central Scotland who could take this up.Thanks

A text admitting the debt would do. You would enforce a decree by arrestment of earnings or bank account, inhibition against heritable property or attachment of property. Your ultimate remedy would be to make him bankrupt. JustAnswer experts aren't allowed to recommend specific lawyers but you can contact the Law Society who can:

Customer: replied 1 year ago.
Lastly, his company already went into administration when the bank seized everything and he had mentioned to me he had to downsize and make his wife the owner. Chances are he would've transferred any assets away from himself, but that was good then and now I know think he's building stuff back up. Before initiate this want to know my chances of success...if at all

You would have to know what his personal assets are.