May
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I lent my boyfriend 20k. how can I protect myself now? he wrote e-mail that he agrees to pay me back?
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Will an e-mail do as an agreement to pay back money in the courts ????
I lent my boyfriend 20k…..he said his means of paying me back is an inheritance that is coming after…?
the sale of his deceased fathers commercial property sells. What kind of documentation should I have drawn up or can I purchase Promissory note forms and have him sign it. What kind of terms should I have put in the Note ? Do I mention he is to pay me once he recieve the inheritance money ? He is not currently working . What would you do ??? I am getting the feeling I have made a BIG MISTAKE . What can I do now ? Thanks for you help .
Sell and Rent Back
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6 Comments
May 13th, 2009 at 12:41 pm
Yes. An e-mail acknowledging the debt will be very good evidence of the loan.
You have definitely made a BIG mistake in loan so much to someone with questionable means of paying you back. I would not make the repayment contingent upon the sale of the property. Instead, set a date for repayment to begin in the form of payments. That is say you expect payment on or before a particular date. You can talk with him about what a reasonable date of sale is for the commercial property and base it on that expected sale date. Set out whether you expect payments or a lump sum. Discuss what will happen if you don’t receive timely payment from him (interest, etc).
Given the amount of money involved, you’d probably do well to spend a few hundred dollars consulting an attorney to be sure you have properly secured your interests. Good luck!
May 15th, 2009 at 6:03 am
Well, technically that’s a contract.
It has an offer “I lend you $20k and you pay me back”
an acceptance “I borrow $20k and will pay you back”
and consideration changes hands… that is $20k moves from him to you.
However, legally enforceable or not, you made a stupid agreement. For relationships are not legally binding and nor is the death of a family member the guarantee he will benefit from it.
If I were you, I’d CHANGE the deal now, say you’re not comfortable, and ask for regular payments in between with a clause to the effect that if he doesn’t make a payment every month of $x, the whole loan is to be called in immediately, and in this way he has an impetus to work.
Good luck with that, but I think if you’d lent him only half you’d both be half better off.
May 17th, 2009 at 10:53 am
I think you have as well. |I think the E-mail may be good evidence in Court Keep an eye on the property and if he defaults go go him. For £20K it’s worth chucking a couple of hundred at it. he may actually be honourable and will pay you back as promised but ?????
May 20th, 2009 at 4:21 am
Chances are you did make a big mistake.
A lawyer was needed to handle the transaction. The attorney would have verified that there was an inheritance,
Go to your bank with the e-mail and get it notorized. You still need an attorney, bring the e-mail and the withdrawal, perhaps he/she can post a lein on the estate or his car or tell you if this is a police matter.
How long did you know this person? do you know his family?
I hope you weren’t targeted.
May 22nd, 2009 at 1:14 am
You have made a big mistake. Never lend money without a signed promissory note beforehand. At this point, I wouldn’t try to get him to sign a promissory note – the fact that he didn’t volunteer to sign one beforehand is a good sign that he’s not looking out for your best interests. I would try to get as much as a committment from him in writing through email – just casually mentioning things like does he know when he expects the inheritance and does he think he can pay you back then, etc. Right now he can say it was a gift. The more you have in writing from him acknowledging a debt, the better off you’ll be. Regarding the supposed inheritance – if he gets the $, it can be easily spent….perhaps speak with an attorney regarding being prepared to put a lien on the $ in probate court.
May 24th, 2009 at 12:52 am
It is much better to have something on paper with a real signature. For 20K it would be worth it to have a lawyer draw something up for you.