Anyone dealt with long-overdue loans... any tips for recovering money?

Criminal Law Topics
1

I loaned someone in the UK over £42,000 about 8 years ago. They’ve been promising to pay me back but never do. The loan was supposed to be repaid after 3 months, but I’m still waiting. Any ideas on what I can do to get my money back? It feels like they just keep making excuses. Help!

2

That’s tough. I think your first step is checking the statute of limitations. In the UK, it’s usually 6 years, but it might be reset if they’ve acknowledged the debt or made partial payments. Definitely check if they’ve done that over the years.

3

@Haru
Oh, so if they didn’t acknowledge it or pay anything, I’m basically out of options?

4

Oli said:
@Haru
Oh, so if they didn’t acknowledge it or pay anything, I’m basically out of options?

Not really. Even if it’s past the 6 years, you could still try informal methods like sending a formal letter or considering mediation. It might work to get them to pay up without going to court.

5

You should also gather all the documentation you have—texts, bank statements, anything showing they owe you the money. If you can prove the loan was made, that’ll help your case even if there’s no formal agreement.

6

@Harley
Good point! I have some old messages, so I guess I’ll gather those and see if it helps.

7

Have you thought about sending a ‘Letter Before Action’? It’s like a final warning before legal steps. Sending it recorded delivery could also give you proof they received it.

8

Parker said:
Have you thought about sending a ‘Letter Before Action’? It’s like a final warning before legal steps. Sending it recorded delivery could also give you proof they received it.

I hadn’t considered that! That might just be the push they need. I’ll look into it.

9

If the amount is more than £10,000, you might want to go to County Court. The Small Claims Court only handles smaller amounts, but it’s pretty straightforward and can be done online. But, honestly, a solicitor might be worth the cost with such a big sum.

10

@Emerson
That sounds like the way to go if nothing else works. Thanks for the info .

11

Before going full legal, maybe try mediation? It’s faster, cheaper, and could help avoid all the court drama. I know the government offers free mediation for small claims, but you’ll need to check availability in your area.

12

@Taliesin
I didn’t know mediation could work for something like this. I’ll look into it. Thanks .