My relative is seeking legal advise as the friend is now just taking the mick.
Withdrawal from bank and given in cash....Let the experience be a lesson - next time draw up a loan agreement
How was the loan made - by cash or bank transfer? If by bank transfer, then your friend will have record of the amount on their bank statement
That's where the point re the community came in, a friend of theirs mentioned it wouldn't go down well.Are there any mutual friends who were aware of the loan who could say something helpful?
I wouldn't be optimistic though.
There is absolutely no tax liability in the event of default on a loan of this nature.They would not be aware that they may be liable for tax on an interest free loan (does that apply between friends? Or only family loans?)
Waste of time and money.My relative is seeking legal advise as the friend is now just taking the mick.
Agree. Find a 'Letter Before Action' template.Write a demand letter to start. Make it sound legalistic. Give the person 30 days to repay. That’s a start.
Have to agree with Mr McGibney here an absolute waste of time and money, they're only going to throwing away good money after badWaste of time and money.
One thing I would do though is if the person is signing when they shouldn't be, I'd make a quick phone call to the powers that be in the hope that that might soften their cough so to speak!!There is leverage perhaps in that the person getting the loan has been working and signing on and their community and connections from their country would not welcome this behaviour.
That's where the point re the community came in, a friend of theirs mentioned it wouldn't go down well.
I think they've priced in destroying the friendship.It’s a lot of money to just write off. If it were me I’d write a good strong letter to the person. I’d include some notes of disappointment at the persons willingness to destroy a relationship for the sake of this loan too.
...then again I let an idiot stay rent free in my house for 4 months! Live and learn!!
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