Recovering a Personal Debt
Trying to recover personal debts, such as the money you have loaned to a family member or friend, can be a sensitive issue that needs to be handled with care and understanding.
A monetary disagreement can quickly erupt into something much more long-lasting, which could ruin friendships and break up families. At Taylor Bracewell, we have successfully managed to help many of our clients get the money they are owed back without causing any further friction among the involved parties and without resorting to legal proceedings.
Unlike debt collectors, when you engage a personal debt recovery solicitor, we have the capability to escalate the case by initiating legal proceedings if the debtor fails to fulfil their obligations. If the matter needs to be taken to court, we have the ability to act on your behalf.
Most common private debts:
- Making a Personal loan to a member of your family or to a friend
- Rent owed to you by a tenant once they have moved out
- If your wages have not been paid by your employer
- Money loaned to a business
- If you have paid a deposit that has not been returned
When you choose to lend money to someone, it’s crucial to safeguard your interests from the start. Even if the borrower is a lifelong acquaintance who may feel offended by the suggestion of formal documentation, creating a written record of the loan is a step to prevent potential disputes in case repayment becomes an issue.
How to protect yourself from future disputes
- Have a copy of all communication, text, emails etc. in which the debt is mentioned.
- Have an agreement in place which outlines when the money will be paid back and the details surrounding the loan.
- Consider what forms of security you could obtain if the loan is not re-paid.
Having a contract in place is a great help in these situations. However, we understand that when these types of agreements are made between friends and family, it is built on trust. As a result, we believe that going to court should be a last resort, as it could cost you more than if an amicable agreement is reached, and hopefully before the friendship ends.
How we can support you
Our solicitors in Sheffield and Doncaster are happy to meet with you to discuss your case and the options available to you. Phone our office today on 01302 341414 for Doncaster and 0114 2721884 for Sheffield to arrange an appointment.
We can help you with any of the following:
Disputes Team
Discover our Dispute Resolution experts who are able to handle disputes you may be facing. Find out more today!
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