family loan

[Bee1964]

Hi all, I am considering loaning family £75000 until their house sale goes through at the end of August, i have drawn a contract up , dates names amount and when to be repaid signatires of lender borrower and witness is this enough?

[DE DOGS]

My advice is this. If you can't afford to write off the loan don't do it. So many loans are given, you end up in most cases resorting to Court action to recover your money and loss of a family friend.

[islandgirl]

De Dogs gives good advice. But if you are insisting on loaning the money I believe the loan document needs to be a deed. Perhaps someone with more formal knowledge will be along to advise but I once researched it and did this when loaning a smaller amount (5k or so). Needless to say it was not paid back and I had to go to court and the loan document stood up. I got the money.....eventually.