How best to get money back that you loaned

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Anonymous #1
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Report Thread starter 7 months ago
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I gave a cousin £500 loan 4 months ago. She said she would pay it back in instalments and hasn't, then said I'd be given it by the end of June... no sign of it yet

I don't know what to do, I'll never loan her money again. Thats half a months wage for me and whilst I'm happy to help others out I also don't like feeling used.

I feel awkward messaging just to ask for money, should i cut my losses or ask for it back again? She has kids and that's why I didn't ask for it back in full. I was happy to gr8 it back when she could afford it, but I've gotten nothing yet
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999tigger
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(Original post by Anonymous)
I gave a cousin £500 loan 4 months ago. She said she would pay it back in instalments and hasn't, then said I'd be given it by the end of June... no sign of it yet

I don't know what to do, I'll never loan her money again. Thats half a months wage for me and whilst I'm happy to help others out I also don't like feeling used.

I feel awkward messaging just to ask for money, should i cut my losses or ask for it back again? She has kids and that's why I didn't ask for it back in full. I was happy to gr8 it back when she could afford it, but I've gotten nothing yet

Just email her saying you are disappointed she hasn't paid you back, and she needs to decide whether she is going to or not.
She can show her good intentions by contacting you and providing a repayment plan otherwise you will assume she has no intention of paying back and will seek other ways to recover the money.

Maybe cv19 has something to do with it, and she or her partner have lost their jobs?


PS when you know more, then you can make a better decision.
Maybe give wait till 6 months are up, so give her that and see.
You can then sue for a simple debt if you want to go down that road.
Last edited by 999tigger; 7 months ago
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ANM775
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(Original post by Anonymous)
I gave a cousin £500 loan 4 months ago. She said she would pay it back in instalments and hasn't, then said I'd be given it by the end of June... no sign of it yet

I don't know what to do, I'll never loan her money again. Thats half a months wage for me and whilst I'm happy to help others out I also don't like feeling used.

I feel awkward messaging just to ask for money, should i cut my losses or ask for it back again? She has kids and that's why I didn't ask for it back in full. I was happy to gr8 it back when she could afford it, but I've gotten nothing yet
phone her up, record the phone call. you want to be sneaky and get her to acknowledge you leant her the 500 and she was supposed to pay it back.

once you have the incriminating recording and have listened to it, contact her again and demand your money sternly and politely and threaten court action/police if she refuses. also tell her you have a recording where she admits it.

don't feel bad about doing any of this either. she's the one who should feel bad as she has stolen YOUR money.


In future do not lend significant amounts of money to family unless there is a record of it [signature and witnesses, recording of the gentlemen's agreement to pay the money back]

I would lend large sums of money to my parents without such measures as i know they wouldn't screw me, but anyone else i would need to protect myself as mentioned above.
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ecolier
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(Original post by Anonymous)
...
Ask to borrow £500 from her... don't repay it. You're now even.
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Reality Check
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(Original post by Anonymous)
I gave a cousin £500 loan 4 months ago. She said she would pay it back in instalments and hasn't, then said I'd be given it by the end of June... no sign of it yet

I don't know what to do, I'll never loan her money again. Thats half a months wage for me and whilst I'm happy to help others out I also don't like feeling used.

I feel awkward messaging just to ask for money, should i cut my losses or ask for it back again? She has kids and that's why I didn't ask for it back in full. I was happy to gr8 it back when she could afford it, but I've gotten nothing yet
Did you put anything in writing about the fact it was a loan and needed repaying by certain instalments? Or did you just lend her it on a causal basis trust she'd repay it because that would be the right thing to do?
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Reality Check
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(Original post by ecolier)
Ask to borrow £500 from her... don't repay it. You're now even.
That's some good old British pragmatism there Excellent idea.
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Qxi.xli
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ask her nicely first
second time, not so nice
third time, rude
fourth, evil

hope this helps

lmao soz idk what that was

listen to 999tigger or ecolier
Last edited by Qxi.xli; 7 months ago
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ROTL94
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No mention so far of a contract, does one exist? If it does you can take her to court to get your money back, if it doesn't you're just going to have to keep praying that she develops some decency and repays her debt to you
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Hellohsjakodsmka
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Break into their house
Take it
RUN
:turtle:
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999tigger
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(Original post by ROTL94)
No mention so far of a contract, does one exist? If it does you can take her to court to get your money back, if it doesn't you're just going to have to keep praying that she develops some decency and repays her debt to you
Not true. You can have an oral contract, doesnt have to be in writing.

The reason to check is imo theres a difference between someone in financial trouble and trying to keep her head above water v someone who has just taken advantage and is playing you.

PS you cant get what she doesnt have.
Last edited by 999tigger; 7 months ago
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ROTL94
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(Original post by 999tigger)
Not true. You can have an oral contract, doesnt have to be in writing.
But the parties are related (cousins) so would the court not make the assumption that there was no intention to create legal relations in the absence of anything in writing E.G. a loan agreement?
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999tigger
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(Original post by ROTL94)
But the parties are related (cousins) so would the court not make the assumption that there was no intention to create legal relations in the absence of anything in writing E.G. a loan agreement?
I cant see why? Normal behaviour would be if you lend someone money over a certain amount youd expect it back.
The other person might try and show this had happened before and there was a course of last dealings.
Not really going to get that far.
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ROTL94
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(Original post by 999tigger)
I cant see why? Normal behaviour would be if you lend someone money over a certain amount youd expect it back.
The other person might try and show this had happened before and there was a course of last dealings.
Not really going to get that far.
Because written evidence of the agreement rebuts the presumption (sorry confused assumption and presumption) of lack of intention that I just referenced doesn't need to be a contract per se, the terms could be in a text message. *Editied out the bit that was based on me misreading the OP*
Last edited by ROTL94; 7 months ago
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999tigger
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(Original post by ROTL94)
Because written evidence of the agreement rebuts the presumption of lack of intention that I just referenced doesn't need to be a contract per se, the terms could be in a text message but having read the O.Ps post again something else concerns me and that is the lack of specificity with when the money was due to be repaid as they said they agreed that the cousin would pay it back 'When she could afford it' and as I remember it contract terms need to be specific otherwise it's not a valid contract
I will just agree to differ with you.
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