Loan agreement help please

[Outbutnotoutout]

So I am posing on behalf of my daughter, who has lent money to her brother and GF.

She has got them to sign an agreement (attached) and wants to know if she can take them to court as they have stopped paying the monthly amount that was promised.

She wants to know if, she has to wait until the 3yrs are up or because they have stopped paying the monthly amount she can do it now?

We are in England

Picture hopefully

What would be the intention with the legal action?
Because no monthly amount is specified, even if a full 12 months of payment haven't been made, you could conceivably be suing for 12p

As PP has said her difficulty is that there is no agreement as to the monthly payments, so she may have to wait until the longstop date to enforce.

Bugger...she thought she had done it correctly too.

She has been helping with their finances and each month whatever was left, the should give to her to pay of the amount.

Would text messages be admissible?

It is rather vague. Unless they are deliberately withholding payments a review means some months there could be no payment as long as it is repaid in full by 2023. Does she really want to enforce it?

She was just looking at options really.

I guess she will have to wait and see if they start paying it.

Doesn’t look like she can do anything until Dec 2023

@LIZS

It is rather vague. Unless they are deliberately withholding payments a review means some months there could be no payment as long as it is repaid in full by 2023. Does she really want to enforce it?

Why would she not want to enforce someone owing her up to 4 grand? Jesus.

No I meant enforce the monthly payments.

The only certainty in that contract is the date by which all payments have to be made. Because there is no monthly amount specified, she has no cause of action on which to sue.

Get her to rewrite it and ask them to re-sign with a defined payment schedule and a clause that if payments are not made on time, interest will be added...might incentivise them to pay on time.

Also it might be time to remind her to 'never a lender nor a borrower be'...unless you can afford to lose the money or pay a solicitor to write you up a legally enforceable contract!

He is her brown were trying to help him out.

He owes me £2000 and her nearly £4000

I do have a specific amount down he needs to pay each month, which he has also stopped paying.

But at the end of the day, you can't get blood out of a stone.

She was just looking at options

Brother, that should say

@JustAnotherLawyer2

The only certainty in that contract is the date by which all payments have to be made. Because there is no monthly amount specified, she has no cause of action on which to sue.

Get her to rewrite it and ask them to re-sign with a defined payment schedule and a clause that if payments are not made on time, interest will be added...might incentivise them to pay on time.

Also it might be time to remind her to 'never a lender nor a borrower be'...unless you can afford to lose the money or pay a solicitor to write you up a legally enforceable contract!

Although why would the brother sign that? They agreed what they agreed back in January.