Loan to family member

SunSeeker101

Hi All,

I loaned €5,000 to a family member 4 years ago. He has paid back €1,000 but we have since fallen out and he is now not responding to any of my calls or emails and I am getting worried that he is not intending to pay back the remainder of what he owes me.

The only proof of the outstanding amount he owes me are his previous emails to me acknowledging how much he has paid and how much he still owes me. What should I do next in order to get him to pay me back, any suggestions would be gratefully appreciated.

Pat Mustard

SunSeeker101 wrote: »

The only proof of the outstanding amount he owes me are his previous emails to me acknowledging how much he has paid and how much he still owes me. What should I do next in order to get him to pay me back, any suggestions would be gratefully appreciated.

You'll have to go to a solicitor really, in order to take action to collect the debt. You should bring printouts of all of the relevant emails.

You should be aware of the statute of limitations with regard to civil actions (and acknowledgements of debts), but I wouldn't hang around too long before making a decision whether or not to sue.

http://www.irishstatutebook.ie/1957/en/act/pub/0006/index.html

DulchieLaois

Best thing to do is to take something of similar value and give him the middle finger when he realises what happened.

He will soon realise who not to mess with.



MOD:

Read forum charter. Please do not advocate illegal activity.

SunSeeker101

His most recent email to me regarding the amount he still owes me is from June 2014. Do I have 6 years from the time he acknowledged that he owes me the money (i.e. June 2014) or from the time I loaned him the money (i.e. 2010). I think I will have to engage a solicitor as I need this money back and I know he is not intending to pay it.

conorh91

SunSeeker101 wrote: »

Do I have 6 years from the time he acknowledged that he owes me the money (i.e. June 2014) or from the time I loaned him the money (i.e. 2010).

<snip>

I think I will have to engage a solicitor as I need this money back and I know he is not intending to pay it.

That's a good idea.




Mod:

We need to be a little more careful about legal advice.

keeponhurling

There's a scene from Family Guy that springs to mind, when Brian borrows money off Stewie.....

http://www.youtube.com/watch?v=gzKAut3sVrw

He still didn't get the money, then this happened

http://www.youtube.com/watch?v=sOol-o3utnk

He got his money in the end

OP, hope this is useful

gordongekko

Try try try and then try again to resolve it between yourselves. Once you go to a solicitor ye probably won't ever talk again.

SunSeeker101

This relationship is done. I have no intention of ever speaking to him again and don't want anymore to do with him. I just want to get back what he owes me now.

Should I write him a formal letter first outlining that I intend to seek legal advice unless he pays me back?

Pat Mustard

SunSeeker101 wrote: »

Do I have 6 years from the time he acknowledged that he owes me the money (i.e. June 2014) or from the time I loaned him the money (i.e. 2010).

Mod:

This is a request for legal advice, which is not allowed. Please read the forum charter before posting again.

Bepolite

In regards to family you are going to run up against one one my favourite legal doctrines; the intention to create legal relations.

By all means speak to a solicitor or FLAC but if they needed to borrow 5k in the first place the chance of there being anything that you can enforce a judgement against is probably minimal.

I think Judge Judy puts it best - if you can afford to give a friend/relative money do so. Tell them that it's a gift and never to ask you for money again. Loans almost never work out and only end up alienating family.

Esel

A wise teacher in 6th year gave us this lesson:

Look around the class. Pick out your best friend here. Smile, go on, wave at them!

Now, here is my advice. If you meet sometime in the future, and your friend asks you for a loan of a hundred quid - do not loan them the money!

Rather, simply give it to them (if you have it).

Give it, do not loan it.

Because you will never get it back.


Regarding family: I have been both a borrower and a lender, and it all worked out OK. I would hate to have to go to law in this scenario.

goz83

A friend of mine owes me several hundred euro from holiday borrowings. I have stopped even mentioning it. I've been annoyed about it, because it's not the first time it happened and he is able to spend money on concert tickets for example, but doesn't see fit to pay back money i have needed on several occasions.

Thing is, I don't think it's worth causing a rift, but it does devalue the friendship, because I don't think it is acceptable to allow a loan like that just stay unpaid, a year later. He tells me he can't afford to pay back €50 a week. I just won't loan him money ever again.

In your case OP, you need a solicitor.

Esel

goz83 wrote: »

He tells me he can't afford to pay back €50 a week. I just won't loan him money ever again.

How about €20 or even €10 per week?

goz83

Esel wrote: »

How about €20 or even €10 per week?

If i were to ask for €5 per week, he would say he doesn't have two pennies to rub together and he owes this, that and everything else. I know he is not flush with cash, but he seems to be able to get cash for things he wants. It's not worth the trouble. It's just that the next time he needs a loan, I won't be lending it. I have already turned him down for another small "loan".

Aside from this, he's a good friend.