Reclaiming Borrowed Money: Helpful Tips

Questioner

I borrowed money a long time ago, the person paid me back for a year but then no longer while this person still owes me 3000 euros, I did not sign a contract or anything like that because he was my friend at the time, what is the best way to resolve this or can I kiss my money goodbye?

Lawyer

A verbal agreement is also binding; you must now inform him in writing of the agreements you have made with him and that you demand your money back.

Lawyer

How long ago because if you lend money without making agreements about payment terms, the entire amount is immediately due and expires after 5 years. If there are terms, the terms expire separately.

Lawyer

Since the counterparty is failing to meet his obligation to repay the loan, which he has fulfilled for a year, you must now send him a registered letter of default and summon him to pay the remaining debt to you within 14 days, failing which you can start legal proceedings to recover the claim from the counterparty. The costs of this will be largely borne by the counterparty. It is important that you have proof of the existence of the loan. You must demonstrate that a loan has been taken out and that it has been implemented by paying the loan to the other party and the payment of repayments by the other party. Was the amount of the loan transferred at the time or paid in cash and how were the repayments paid?