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now he's ignoring me I then gave him a further 5,000 in 2011 and we made a verbal agreement that the money would be repaid for my retirement income.
I was never in any doubt that he would repay me as he had a large house and didn't seem to be struggling financially but I am now having a problem getting the money back. When the money is given, the borrower and lender assume both parties will uphold the agreement and pay the money back in the given time. There is sometimes a written agreement but usually it's verbal which means it can be a lot harder to prove if the relationship breaks down. In your case you've lent a substantial amount of money to your friend and you're now in need of this for your retirement. Now your friend who you always believe would pay you back the money isn't responding to you and you're worried the money might not materialise. We approached two legal experts to find out where you stand. George Masefield and Jasmin Crilly, solicitors at A City Law Firm, reply: 'It sounds like you have entered into a loan agreement with your friend, whereby your friend promised to repay money you loaned to him. 'Such an agreement, even if it was made orally, is enforceable at law, although oral agreements, and the intentions behind them, are naturally harder to evidence if a dispute arises. 'For example, without written evidence of the parties' intentions, a debtor may argue that the money was advanced as a gift, not a loan. From the information you have provided however, it does not seem that the debt is being disputed at this point, rather your friend is simply ignoring you possibly in the hope that you may not take any recovery action. 'While it appears that you have an enforceable contract against your friend, the potential issue (with respect to the first payment) we can see here is the length of time that has passed since the sums were paid. 'The 20,000 was advanced in 2009 and the 5,000 in 2011. Generally, a person would lose their right to make a claim in court for a breach of contract six years following when the breach has expired. 'This means if you agreed with your friend that the money you lent would be repaid by a certain date, you would have six years from that date to make a claim for the unpaid balance; if not your claim would be time barred and you would not be able to recover the money. 'In this case, pandora chrams we know that the date for repayment specified was the date of your retirement. An actual date, however, is not specified, which could be problematic. If the date for repayment was less than six years ago for both payments, then the time period for bringing the claim will not have expired. 'Furthermore, there is a possible exception to the six year period where debts are concerned; if the debt was to be, or has been, formally acknowledged (in writing and signed) or if part payment has been made within the six year period then the 'clock' would start running again for a further six years from the point of acknowledgment or the partial payment. 'It is beneficial to try and settle the dispute yourselves without going to court and in order to do this it's worth keeping evidence such as letters, emails, receipts and any other documents which show conversations about the loan. Money troubles: Lending money to a friend or family member can often end badly 'If it does come to the point when you need to start legal proceedings against your friend, you won't be able to go to the small claims court because it is only for cases where up to 10,000 is concerned. 'However you can still seek action in a county court and you can make a 'fast track' claim for your money, as long as the loan is not above 25,000. 'In court, pandora bracelet shop you could seek what is known as a 'charging order' over your friend's property. This works by turning an unsecured debt, such as the loan you've taken out, into a secured debt. If you are successful and the loan becomes secured you could then apply for an 'order of sale' over your friend's property and you could claim back the loan costs from the sale. 'You are able to represent yourself without legal representation, although that is not something we would advise. 'Going forward, it is always advisable for loan agreements to be in writing, to specify a date for repayment and to contain other clauses relating to, among other matters, penalties and interest. Rebecca Rutt, of This is Money, adds: Seeking legal help can be costly and if you employ a solicitor and take your friend to court you could end up having to pay out for it. Usually in these situations the borrower will have to pay the legal fees, although this is not always guaranteed. The exact amounts depend on the case but can be upwards of 20,000 and if this is the case and you end up paying, you will have spent almost all of the loan value on solicitor fees. This is why it's important to try and settle the dispute without going to court. Collecting evidence to use will help and sending an official letter to your friend with the threat of taking court action may be enough to prompt him into paying it back to you, or at least agreeing a repayment schedule. If you're still having issues and you don't want to seek private legal help, another option for you is to approach Citizens' Advice. It will be able to give you free legal advice and can help you prepare for a court case if you want to represent yourself. Most watched Money videos The new Nissan Qashqai will be in the showrooms from next month Jaguar Land Rover teases the opening of its classic car tour Instant karma!: Thief stopped by lorry driver quick thinking Investing Show: Are stockmarkets too expensive? Rolls Royce showcases its bespoke capabilities in stylish car Is this the best car used advert ever? 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