Hi,
Sorry this is going to be a long one, I will try to keep it as short as possible.
We lent a family member $100,000 (+10% interest), this was due to be paid back last November 2021 - here we are today, and they have only paid back $27,500.00.
The family member is in the middle of a separation now, and we are mixed up in their messy settlement.
They keep saying that they are waiting to sell assets to pay us back, yet here we are now 12 months waiting.
I have been to a lawyer, they tell me that I can go to the supreme court to get a ruling (bearing in mind that I already have letters from their lawyers saying that they intend to repay the funds as soon as they can, but there is no date of when this will be) and judgement. However the court is not able to force them to sell assets to repay the debt?
Is there any real benefit in going to court in this case, apart from it costing us around $10k in legal fees (already spent close to 3K), it doesn't sound like we have any hope in getting our money back any sooner. They may be able to force the payment of interest on the monies overdue, but that would not even cover the legal fees we would be up for.
The lawyer said we could place a Caveat on their property, but this sounds like we still can't force the sale of that property to get our money back.
It sounds like we have no real power, and that we are their mercy of when they repay us.
Is it worth the cost to take this to the supreme court, when we may not be in any better position that we are now?
Sorry this is going to be a long one, I will try to keep it as short as possible.
We lent a family member $100,000 (+10% interest), this was due to be paid back last November 2021 - here we are today, and they have only paid back $27,500.00.
The family member is in the middle of a separation now, and we are mixed up in their messy settlement.
They keep saying that they are waiting to sell assets to pay us back, yet here we are now 12 months waiting.
I have been to a lawyer, they tell me that I can go to the supreme court to get a ruling (bearing in mind that I already have letters from their lawyers saying that they intend to repay the funds as soon as they can, but there is no date of when this will be) and judgement. However the court is not able to force them to sell assets to repay the debt?
Is there any real benefit in going to court in this case, apart from it costing us around $10k in legal fees (already spent close to 3K), it doesn't sound like we have any hope in getting our money back any sooner. They may be able to force the payment of interest on the monies overdue, but that would not even cover the legal fees we would be up for.
The lawyer said we could place a Caveat on their property, but this sounds like we still can't force the sale of that property to get our money back.
It sounds like we have no real power, and that we are their mercy of when they repay us.
Is it worth the cost to take this to the supreme court, when we may not be in any better position that we are now?