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Someone (a friend) lends someone £100000 secured on their home and it was in an agreement and the agreement was really ambiguous on the interest rate - is that an issue? The agreement says 6.3% doesn't specify if that is to be applied daily, monthly or yearly either or if it's to be compounded or not?
Then the loan is increased to 500,000 over time but the paper work doesn't say any more than 100,000 , it just says more sums can be lent.
Then the lender say you owe them £1 million that's what they believe they've lent you but the actual figure is £500000 - how do you prove it to the court that that is all they lent you when they are going hell for leather to take your property to recover the amount they say you owe without proving it to anyone? Or being asked to prove it to anyone? they brought the claim - who has the burden of proof?
I keep asking. Ive sat down with them and gone through spread sheets until we are nearly at the same figure and they have submitted their original spread sheet to the court without backing it up with bank statements? Ive no idea what to do........... any ideas?
Many thanks
Mum
Then the loan is increased to 500,000 over time but the paper work doesn't say any more than 100,000 , it just says more sums can be lent.
Then the lender say you owe them £1 million that's what they believe they've lent you but the actual figure is £500000 - how do you prove it to the court that that is all they lent you when they are going hell for leather to take your property to recover the amount they say you owe without proving it to anyone? Or being asked to prove it to anyone? they brought the claim - who has the burden of proof?
I keep asking. Ive sat down with them and gone through spread sheets until we are nearly at the same figure and they have submitted their original spread sheet to the court without backing it up with bank statements? Ive no idea what to do........... any ideas?
Many thanks
Mum
