5k loan to a friend

alane20

Hi all,
I'm looking for advice and a course of action, a very good friend of mine was having trouble with his company, I borrowed 5k from my work credit union to help him out short term, I deposited the money in his boi personal account and still have the lodgement slip, he hasn't repaid any of it yet, what are my options in relation to getting a solicitor to issue him with a letter or getting a judgement against him or the company, I did not have the 5k to lend in the first place and trusted him, before anyone says I shouldn't have, I know, but this person was invaluable to me at a very rough part of my life, the debt is 3 years old,
Thanks

cml387

This is not legal advice...have you asked him for it back?

HelgaWard

Have you asked him for the money back since?

alane20

I have a nuber of times and I would not like to be too forceful about it, I know he owes money to a few people, and the others are people who can afford to wait for it, I'm not in that position sadly, he is a good guy, but he's snowed under and I realise that, but he is trading and hasn't offered even €1 a week, buy now my patience with the situation is gone

EagererBeaver

Do you have any form of loan agreement drawn up?

HelgaWard

alane20 wrote: »

I have a nuber of times and I would not like to be too forceful about it, I know he owes money to a few people, and the others are people who can afford to wait for it, I'm not in that position sadly, he is a good guy, but he's snowed under and I realise that, but he is trading and hasn't offered even €1 a week, buy now my patience with the situation is gone

You need to man up and have a tough conversation with him. Tell him you are now under severe financial pressure and need that 5K asap. I think your best chance of getting your money back is by applying the pressure clearly and consistently.

cml387

It seems to me, to be honest, that you don't really want to face him and you want a solicitor to do it for you.

To most of us 5k is a tidy sum but it won't be long before legal fees swallow it up.
And even if you do get a judgement, you then have to enforce it.

I would suggest you appeal to his better nature.

DulchieLaois

Best thing for you to do, is speak and be direct with your friend.

Explain why you need the money back.

Let him explain his situation - that way, you are both aware of what is happening with one another without friendship being affected.

If he's fobbing you off, then you should get worried and wave goodbye to the 5K for the short term as he has no intention of paying you anytime soon - maybe when things get better for him.

By going to the courts etc etc, it will be a drawn out affair and definetly a little chance of seeing any money and courts cost etc etc associated with it

alane20

To be honest I'm not afraid of facing up to him, I tried to be as understanding as possible, but I'm afraid I personally cannot afford the friendly option anymore, I just txt him there about 30 mins ago, no reply, so in 24 hours I shall txt his wife and make her aware of the situation and see it that might oil the cogs of the wallet, the problem I know is if I get the bit between my teeth ill lose the plot, I will allow 24 hours, inform his wife of the debt owed, and proceed to write registered letters once a day for 7 days and then have a solicitor write to him, to date I haven't pushed the issue but it's time now to do so, thanks for all reply,

Robbo

As per the charter, legal advice cannot be given here. This is a matter better discussed with a solicitor.