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P2P loan - borrower changed the address

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  • #1

    P2P loan - borrower changed the address

    Hi All,
    I hope you are doing well.

    At the beginning of this year I have issued a loan to person.
    We both have signed a basic loan agreement where all the terms are outlined.
    The loan has no guarantors or collateral. The "default" part of the agreement only states that when principal amount owing is declared a 5% interest (annual) is added.
    There is also a clause regarding the costs where the Borrower agreed to cover all the costs related to enforcement and legal costs.

    At some point the borrower has changed the address but refuses to provide the new address.
    I am concerned that the borrower can go into hiding.
    Currently does not pick up the phone but I know the email address.
    The agreement has not been signed online but printed and signed in person by both parties.

    What is the next step I should take?
    Thank you
    Best regards
    Tags: None
  • #2
    Find him. If need be, enquiry agents can do this.

    Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

    Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf
    • 1 thank

    Comment

    • #3
      Originally posted by atticus View Post
      Find him. If need be, enquiry agents can do this.
      But is it required by the Borrower to provide new address?
      Would I then charge the Borrower for using the inquiry agents?

      Comment

      • #4
        Q1. Not unless you put something to that effect in your contract.

        Q2. You may try claiming this as costs. Or would you prefer not to locate your debtor?
        Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

        Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf
        • 1 thank

        Comment

        • #5
          Originally posted by JohnDee View Post

          But is it required by the Borrower to provide new address?
          Would I then charge the Borrower for using the inquiry agents?
          Right.
          It looks like the Borrower wants to communicate only via email.
          In this case I could just carry on via email and don't bother with the home address and if need be issue notices via email.
          However email communication is not defined in the contract.

          And/Or locate the Borrower only when he fails to perform.

          Comment

          • #6
            do you need to define email communication?
            Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

            Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf

            Comment

            • #7
              Originally posted by atticus View Post
              do you need to define email communication?
              I don't know in this case.
              I only know that when I wanted to send a notice to my letting agency by email people on the Internet advised me to deliver it by hand rather than via email.

              Comment

              • #8
                What would you like to know? It is getting unclear.
                Lawyer (solicitor) - retired from practice, now supervising solicitor in a university law clinic. I do not advise by private message.

                Litigants in Person should download and read the Judiciary's handbook for litigants in person: https://www.judiciary.uk/wp-content/..._in_Person.pdf

                Comment

                • #9
                  Should I define email communication in the contract OR search for the address of the Borrower?
                  OR should I just default to email communication without any special definition in the contract?

                  Comment

                  • #10
                    Do I need postal address of the Borrower to issue a notice of default? Or can I just do it via email?

                    Comment

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