Advice (legal) on lending money

Rich1988 · 14 Sep 2012 at 20:58

Hi guys quick question related to lending money, I have lent money to someone (not related) which is a fair sum, I am happy that they will pay me back but I am going to be lending them the same again, (I know exactly what its going on etc so there is no problem there)

My question was because of the sum involved, (substantial) what is the best way to get some sort of 'legal' paperwork to show they owe me that amount, am I best of asking a soliciter, I am confident they will pay me back when they can but should things go wrong I would like to have some legal recourse, (we both agreed this would be the best thing to do)

Thanks again!

arctine · 14 Sep 2012 at 21:00

Write a contract which dictates how much he borrowed and when he agrees to pay to the specified sum back and get him to sign it?

Pestilence · 14 Sep 2012 at 21:06

Signed in blood, obviously.

Disco Boy · 14 Sep 2012 at 21:08

You won't be getting it back.

Kutter · 14 Sep 2012 at 21:14

do you never watch judge JUDY? like she always says no contract, no proof you lent them the money etc etc.

Rich1988 · 14 Sep 2012 at 21:27

does a piece of paper literally written with the terms of lending/when its to be paid back by signed and dated by both parties create a legal contract?

pingwing · 14 Sep 2012 at 22:43

Just don't.

meghatronic · 14 Sep 2012 at 22:47

Rich1988 said:
does a piece of paper literally written with the terms of lending/when its to be paid back by signed and dated by both parties create a legal contract?

It's complicated.

But get the contract doubley-witnessed (theirs and yours) by people not related or not in anyway liable to benefit from either side. Difficult to argue with that.

But, I wouldn't lend 'substantial' money. That's what banks are for.

D.P. · 14 Sep 2012 at 23:13

Rich1988 said:
Hi guys quick question related to lending money, I have lent money to someone (not related) which is a fair sum, I am happy that they will pay me back but I am going to be lending them the same again, (I know exactly what its going on etc so there is no problem there)

My question was because of the sum involved, (substantial) what is the best way to get some sort of 'legal' paperwork to show they owe me that amount, am I best of asking a soliciter, I am confident they will pay me back when they can but should things go wrong I would like to have some legal recourse, (we both agreed this would be the best thing to do)

Thanks again!

Put your money into a saving account and earn interest, tell your friend to get loan at said bank and then let the bank worry about getting payments on time etc. The bank will take a cut of the profits but will also be taking on the risk on your half, the remainder of the profits will be paid to you in interest in your savings account, roughly.

KatanaDV20 · 14 Sep 2012 at 23:44

pingwing said:
Just don't.

+ 100000000000000

meghatronic said:
But, I wouldn't lend 'substantial' money. That's what banks are for.

+ 100000000000000000000000

pooley · 14 Sep 2012 at 23:46

pingwing said:
Just don't.

That's what banks are for...

On Holiday · 15 Sep 2012 at 00:15

Serious post:

Go to a solicitor with whoever you're lending the money to, and get a contract drawn up and signed that is witnessed by the solicitor.

"Contracts" written on a bit of paper are useless in court, if it would ever come to that.

Solicitor fee's would probably be no more than £50-80.

Zenduri · 15 Sep 2012 at 00:34

If its a chick... you aint getting that cash back

Jimbeam3678 · 15 Sep 2012 at 00:35

Don't lend money to mates end of story

J-FRO · 15 Sep 2012 at 00:46

Contracts going to be useless if the guys got sod all anyway. What would you hope to get out of it if he's in breach of contract and he's got nothing to repay it with?

infernox · 15 Sep 2012 at 05:43

Can't help this but curious.

How much we talking here?

10k, 20k?? What?

Rich1988 · 15 Sep 2012 at 12:02

under 10k just for reference, not possible for them to get it from the bank, (I should point out its someone who I'm in a relationship with so its a little different than just lending to a mate) its for a holiday we are both going on

[FnG]magnolia · 15 Sep 2012 at 12:03

Oh dear.

Rich1988 · 15 Sep 2012 at 12:06

[FnG]magnolia;22774714 said:
Oh dear.

Seems to be a common theme!!!!!

Jokester · 15 Sep 2012 at 12:09

If your in a serious enough relationship that you're going on holiday together you shouldn't be lending her money, you should be just paying for the holiday yourself.