Hey there! Sign in to join this conversationNew here? Join for free

Lending somebody money who then refuses to pay it back Watch

    • Thread Starter
    Offline

    3
    ReputationRep:
    Does the person who lent the money have any power in this situation to force the other person to pay the money back?

    We're talking a pretty large sum of money here, which was lent with the understanding that it would be paid back soon after. But the person has since chosen to cut all ties instead.

    I'm actually asking on behalf of somebody else. I was pretty shocked when I initally heard that they'd handed over the money. But instead of playing the "I told you so" card, I figured i'd see if there was anything that could be done.
    Offline

    14
    ReputationRep:
    Unless there is a legal binding I don’t think so. Act nvm if there is proof of the loan you can take them to court.
    Offline

    21
    ReputationRep:
    (Original post by Osc-31)
    Does the person who lent the money have any power in this situation to force the other person to pay the money back?

    We're talking a pretty large sum of money here, which was lent with the understanding that it would be paid back soon after. But the person has since chosen to cut all ties instead.

    I'm actually asking on behalf of somebody else. I was pretty shocked when I initally heard that they'd handed over the money. But instead of playing the "I told you so" card, I figured i'd see if there was anything that could be done.
    Well, technically they had a verbal agreement, which can be legally binding, too. It would be difficult to prove without any witnesses, though.
    Offline

    8
    ReputationRep:
    Small claims court
    • Thread Starter
    Offline

    3
    ReputationRep:
    I thought about a small claims court, but know little about them. What kind of sums do they deal with?

    Depsite the lack of a legally binding contract, I do feel that sufficient evidence could be pulled together to suggest that this money wasn't simply a gift. A person who is in a questionable financial situation themself doesn't just prop up another person's struggling business out of the goodness of their heart. This is the kind of situation we're dealing with. The money came from an inheritance.

    I honestly lost it when I learnt what they'd done with the money. They could have drastically improved their own and their family's lives, or at the very least lived comfortably for a number of years. Now i'm just crazily disappointed seeing the situation they've been left in.
    Offline

    18
    ReputationRep:
    Any emails or texts (or similar) regarding the loan of money can be used as evidence in small claims court.
    Offline

    19
    ReputationRep:
    Sad when this happens
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Will you be richer or poorer than your parents?
    Useful resources
    Bizarre things students have spent their loans onThings you should budget for at uni

    Sponsored features:

    Making money from your own website

    Need some cash?

    How to make money running your own website.

    Bianca Miller, runner-up on The Apprentice

    Handle your digital footprint

    What would an employer find out about you on Google? Find out how to take control.

    Groups associated with this forum:

    View associated groups
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.