lent a sparring partner some money

[trsisko]

I train kickboxing with someone on a regular basis but I stupidly lent him some money some time ago for his car around 800pounds.

I transferred the cash into his bank account on agreement he would pay me back as he claimed he was due some insurance and gave the impression he was noble.

We still train together and he picks me up to go training, no big deal as I give him dvd's and hold the pads when we train, also i have helped him use the internet for various things.

He is always claiming he has no money, worst part is he owns 2-3 houses and has returned from holiday recently, he just acts like he's poor and is also very much into gambling on sport.
The guy is a joker and I want to get my money back without him just saying I will pay for 1 of your classes which is like 5pounds.
So far he has paid back around 80pounds over the course of 18months!!
considering that at 1 point I gave him some pertrol money too before he realised he wasn't going to pay me back and made up the excuse

Now I was thinking of actually invoicing him so if anyone has some decent templates that would be useful.

I realise I was dumb to lend him the cash as I had just started contracting and thought not much of it...
Is there any action I can take to threaten him?

[BrilloPad]

A friend was approached by a school pal for a small sum (to him) of £5000. He said yes upon 2 conditions :-
1. Never attempt to ay me back
2. Never ask for more money

12 months later was asked for another £5000. He refused and never heard from school pal again.

I think he considered £5000 a small sum to pay for finding out that someone is untrustworthy.

Personally I would write the money off and take up a new sport.

[blacjac]

Bit of a catch 22.

If you press the issue, you will loose a 'friend'
If you don't your 'friend' will see you as a soft touch and keep tapping you up for more.


Personally, I would take him to one side and say you need the money back by x date as you have a debt to repay. If he doesn't pay up then let him hold the pads one night and take 800 quids worth of anger out on him.....

[trsisko]

I will never write the money off and I don't mind loosing his friendship, he is a bit of a nutter to be honest.

I am just going to demand it and say I need it by a certain date or I charge him interest.

I was thinking of finding a final demand notice template of the internet and printing it off.

I could just tell my brother to speak to him or a friend since I have his mobile.

[pzz76077]

Dont mix business with pleasure.

You either do something for love (no money back ) or money (money in return).

What are your thoughts regarding this deal, did you loan the money as a friend or to a business partner. Chances are if it is the former, say goodbye to your mone.

PZZ

[weemster]

Can you 'ave' im ?

[dozer]

Can you 'ave' im ?

anything under a grand is probably just fracture worthy.

[PhilAtBFCA]

lending friends money

trsisko

Sounds like a but of a mess, always difficult with friends and money I guess.

Personally I dont think you can invoice for anything.

I think you have already seen that you cannot trust this chap, and you are unlikely to be able to get any money back, I would have thought that a person like this who would do something like this within a "club" is not going to be phased by a few final letters or your brother phoning him.

If you value your membership of the club then causing aggro with him is not going to help you...maybe he will move on after he runs out of people to use.

For what it is worth in your shoes I would 1) recognise the lesson, its a cheap lesson at £800 b) recognise you may be dealing with a sick person who may be out to use anyone he can so let go of any bad feelingt and be grateful for the lesson 3) consider walking away from the "friendship" and so that you do not get used again

Lastly on reflection I think I would also try and remember that not everyone is like this chap, some people are good friends, trustworthy too and its nice to be able to help them out when its needed.



Phil

[scaryfast]

County court claim.

You send a standard letter informing the debtor of your intentions, stating the amount, circumstances and interest accumulated during the period (optional).

If the money is not forthcoming, you proceed with a claim through county court. Your mate would receive a CCJ and you'd get the money back.

I once had this done to me by an ex-girlfriend when I was at uni. She had paid off my mobile phone bill (~200 quid) one month and hit me for it a couple of years later (even though I subsidised her ass for years). I consulted a solicitor who shrugged and said "just pay it".

[DonkeyRhubarb]

Based on personal experience, I wouldn't hang about. Chances are he owes money left, right and centre. This is probably why he is so blase about it.

Put something in writing politely asking for the loan to be repaid, and give a specific date by which it has to be paid (eg. 31st July). Send the letter recorded delivery.

Dear Mr ...

I am writing with regard to the loan I made to you on XXX for the sum of £800. I have taken advice on this matter, hence the reason for putting this in writing.

I have requested verbally on numerous occasions for the loan to be repaid but so far you have only repaid £80.

I am prepared to give you a bit more time to repay the outstanding £720. However, if I have not received payment in full by 31st July 2009 then I will reluctantly be forced to take legal measures to recover the debt.

Your sincerely,

...

PS. if he is anything like the person who owed me money, he will simply ignore the letter. Trust me, by this time you will be so angry that you will be simply itching to file a claim, which you can do on-line here:

https://www.moneyclaim.gov.uk/csmco2/index.jsp

Good luck!