Why the client needed our help
Our client, a private individual, had loaned a large sum of money to a family member without getting them to sign any form of agreement about when and how it would be repaid. Because the money was loaned in cash, there was no paper trail which made the prospect of recovery seem unlikely.
How we helped
Following the issue of an initial demand, we negotiated a settlement with the debtor through which our client could recover a significant amount of the debt claimed (80%) without needing to issue formal court proceedings.
The agreed amount was paid to our client in one lump sum, providing them with much-needed financial security during the coronavirus pandemic.