Family member owes me £55,000

[Diveman45]

HI
My Brother and his Wife were joint security on a business that folded in 2012, there are 4 members that gave security to cover all borrowings of the business (£110k) the Bank wrote to all concerned but only ended up coming after my wife and I. we approached my brother & Wife to pay half but they just ignored us and solicitors etc. how can i get the money back of him & wife (they are now divorcing, not reason for divorce) looking to get sorted now they are dividing assets etc
Thanks

[stevemLS]

Re: Family member owes me £55,000

If the security was expressed as being "jointly and severally" liabile for the debt, you are each individually responsible for the full amount of the debt, sorry.

[Diveman45]

Re: Family member owes me £55,000

yes but can i claim half off my brother & His wife ?

[MissFM]

Re: Family member owes me £55,000

Yes, you can sue them for it. However, as it's not a "small" claim there would be costs involved (which you could claim if you won & vice versa).

Do they have the money?

As it's not a trivial sum it would, IMO, be worth getting professional advice. Many solicitors give a "free" initial consultation to assess your case.

[Diveman45]

Re: Family member owes me £55,000

Hi thanks for the reply
they are currently getting a divorce so are in the process of dividing assets, thought it might be the best time to step in with my claim as they have ignored all other communications for the last 2 years !

[MissFM]

Re: Family member owes me £55,000

The division of assets upon divorce is traditionally a time when assets disappear without trace, so it would indeed seem wise to get in there before that happens.

As personal guarantees are something of a legal minefield, I would certainly take specialist professional advice were I to find myself in your shoes. If they have any viable defence to your claim, it will most likely be in the detail of the original agreement.

See here for a brain-scrambling overview:

http://www.mondaq.com/x/12052/Taking...land+And+Wales

FYI, here is a guide (plenty of useful links) to bringing a claim:

http://www.justice.gov.uk/courts/pro...t07/pd_part07a

Subject to professional advice, I would send a letter before action stating that, in the absence of any response to your repeated requests for repayment of the money owed you will be obliged to bring court action against them without further notice unless you now receive a satisfactory response within 14 days. Only do this if you are sure of your ground and prepared to follow through.

Point out that interest continues to accrue to the original sum owed and that they would also be liable for legal costs (theirs and yours, likely to be not inconsiderable) should the courts decide in your favour.

There are many on here with considerably greater knowledge and experience in court procedure who will be able to advise and support throughout - so do continue to post any queries - but please do take detailed professional advice on your specific case from a specialist in this area, initially at the very least.

Not an expert by any means, but HTH.

Good luck! x

[Diveman45]

Re: Family member owes me £55,000

thanks for the comments