Gave loan without contract. Please help.

[pumpkin14]

It was a friend of mine who managed the company, now he refuses to pay back, I don;t even charge interest.

Please any advice.

Regards,
PV

[Amethyst]

Re: Gave loan without contract. Please help.

. oops.

On what basis and terms did you lend the money? A verbal contract is just as binding and you can take your friend to the small claims court if need be. What reason is your friend giving for not repaying you? Is the company still trading? If you did lend to the company it should show in their accounts.

[wales01man]

Re: Gave loan without contract. Please help.

Was it loaned to the LTD company or the fiend personally would think it would be harder to get it back from the company

[enquirer]

Re: Gave loan without contract. Please help.

As Amethyst points out, verbal contracts are binding. The problem however, is proof. If it was was put through the books properly, you are in with a chance.

If not, and he makes no damaging admissions in the future, your chances of recovering the money are slim.

[pumpkin14]

Re: Gave loan without contract. Please help.

The initial plan was to finish a project carried out by the Ltd company, and money were expected to come in November.
now that man owes great some of money in the form of my money landed , plus salary for my partner for 3 months (all together around 12.000)

[Amethyst]

Re: Gave loan without contract. Please help.

Is the company still trading ?

Are they still live at Companies House ? ( http://wck2.companieshouse.gov.uk//w...essCompanyInfo )

Your partner will be wanted to sue him for his wages too. Is he still working for him?

[pumpkin14]

Re: Gave loan without contract. Please help.

WEll, Ltd had to pay workers because, if workers left the work place they would never finish the project and would be fined by the group who employed Ltd by 2000 a week for work stopped. So I decided to help, but never expected partner did not sign any contract he was just self-employed.

Stupid and trusting.

Now the man does not even want to answer the phone calls, his phone is always off and he rarely replies to emails.

[pumpkin14]

Re: Gave loan without contract. Please help.

They are still in Companies house.

[pumpkin14]

Re: Gave loan without contract. Please help.

They are still in Companies house.

[Amethyst]

Re: Gave loan without contract. Please help.

Is the friend a Ltd Company or is a sole trader self employed contractor working for a Ltd Company ? ( trying to work out if you are suing a ltd company or an individual)

[pumpkin14]

Re: Gave loan without contract. Please help.

The friend is a trader with a Ltd Company, my partner wanted to set links with business so he became involved with a friend who had a Ltd company.