Who is liable?

[sanpelle]

A family friend owes me £30k from lending over the space of 2 years. We have a written contract that is signed stating what is owed and when it needs to be paid by. It also states that if it’s not paid by the date agreed then I will have no choice but to start legal proceedings in order to recover it. It is nearing that time and I’ve been looking at private debt collection companies. I was just wondering who will be liable as said person is still living at home with their (very rich) Father. The debtor doesn’t have any income. If they are unable to pay will the debt collectors then try speaking to the Father as the debtor is living in their house? I remember reading somewhere that families possessions may be taken if you live there and can’t pay but I thought it was just a scare tactic

Just the person who owes the money will be liable. Enforcement proceedings can only happen once you have a court judgment so a debt collector will not be able to take anything of anyone's unless they volunteer to hand it over.

Why lend to someone who doesn’t have an income, couldn’t get the money off his very rich dad and lives at home? One wonders why they wanted the money. Doesn’t sound like a solid investment to me!

The debt isn't with the parent so why on earth should the parent be liable?
The private debt collectors have no powers despite the shite they spout.
To remove goods from the home you need to go to court and get bailiffs involved. They can only remove possessions that actually belong to the debtor and even then there are restrictions about what goods can be taken.

This assumes that you are in England.

Out of curiosity how did you ever expect someone out of work to pay back 30k? lol.

Worst case they’ll become bankrupt and you’ll get nothing back.