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Hello there
About six months ago a loaned a friend £2750. This was to be repaid one week later. This was (as he said) to help pay the wages of his staff. At this point the company had been formed and they were doing up a restaurant. They were employing the kitchen staff early to help with the renovation work. Feeling apprehensive about the business and its future i said i would lend the money to the business providing we had an agreement in place. I created a simple agreement with the company details and terms which stated that i would lend the money to him as the director of the company and if it was not paid back on time a 5% interest charge would be applied every week to the full amount until it was paid back. Since then they have made no attempt to try and repay this loan. Therefore, worried that i would loose my money i drew another agreement that said they would transfer two ovens to me to settle the debt. The agreement of sale says that these ovens are now mine. I havnt taken these ovens yet as it was xmas and they would need them to cook and loosing them would jepardise the staff jobs.
The xmas period is now over and i need that money back.
My question is can i go into the property and take these ovens now without any repocution or should i apply to the courts (the ovens are worth about £6000). If i was to apply the interest charge to the original debt it would now stand at over £6000.
Any advise would be greatly appreciated
Many thanks
About six months ago a loaned a friend £2750. This was to be repaid one week later. This was (as he said) to help pay the wages of his staff. At this point the company had been formed and they were doing up a restaurant. They were employing the kitchen staff early to help with the renovation work. Feeling apprehensive about the business and its future i said i would lend the money to the business providing we had an agreement in place. I created a simple agreement with the company details and terms which stated that i would lend the money to him as the director of the company and if it was not paid back on time a 5% interest charge would be applied every week to the full amount until it was paid back. Since then they have made no attempt to try and repay this loan. Therefore, worried that i would loose my money i drew another agreement that said they would transfer two ovens to me to settle the debt. The agreement of sale says that these ovens are now mine. I havnt taken these ovens yet as it was xmas and they would need them to cook and loosing them would jepardise the staff jobs.
The xmas period is now over and i need that money back.
My question is can i go into the property and take these ovens now without any repocution or should i apply to the courts (the ovens are worth about £6000). If i was to apply the interest charge to the original debt it would now stand at over £6000.
Any advise would be greatly appreciated
Many thanks
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