Why the client needed our help
Our clients, an elderly couple, had loaned their grandson a significant sum of money to buy a house which he agreed – in writing – to repay them in full after three years. Sadly, the relationship between them subsequently turned sour and the grandson refused to repay the loan when it was due, claiming that the agreement was not legally binding.
How we helped
Having reassured our clients that their grandson was obligated to repay the loan, we sent him a Letter Before Action (LBA) formally requesting payment of the debt. This was followed up with a statutory demand which gave him 21 days to either make the payment or reach a new agreement with his grandparents about how he would do so or else further legal action would be taken.
We were able to apply sufficient pressure to show that our clients were serious about recovering the money owed to them. The grandson sold his house shortly after and repaid them in full out of the proceeds.