Loans in a close relationship, whether with friends or a family member, can cause difficulties.
The importance of dialogue:
You have borrowed money from your best friend and have not yet returned it. Before talking about legal measures, Lawrence advises you to talk to each other. After all, this is your best friend we’re talking about! If you intend to return the money in the near future, the easiest way to do this is to reach an agreement before you cause a dispute.
The absence of a contract does not remove the legal obligation to repay a loan! Indeed, without a contract, or a clearly stated repayment deadline, the creditor can denunciate the loan. All he will have to do is send you a registered letter declaring the termination of the loan and a clear request for repayment.
As a borrower, you will have 6 weeks to make a repayment. This period can be agreed otherwise by the parties.
If you don’t pay back your friend within this period, he can send you a formal notice. This obliges you to fulfill your obligations and precedes the legal action. The creditor can claim damages for “late performance”.
If you do not repay the loan, despite the formal notice, you can be sued.
We therefore advise you to favor peace in your relationship and precise terms in the event of a loan with a large amount. Of course, small repairs between friends must continue to exist, without you having to worry about being sued!
Lawrence assists you in the repayment of your debts as well as in the stages of negotiation!