QLD Can I get my money back?

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Kiki002

Member
28 October 2017
2
0
1
Dear Sir or Madam,

I applied for a personal loan from a bank, which was then put into my friend's start up cleaning business as an investment. The amount we are talking about is 19 k.
We made a written contract that he needs to pay back the loan amount weekly, regardless of the profit he makes. We also put down how we share the profit. We both have our details and signatures in this contract. So far, he did not pay me anything, saying he cannot make enough money. (Since April, 2016).
I am planning to wait a few months and then I want to take action, I do not care anymore about the profit, only I want my money back.

Do I have a chance of getting back my money if we have all the details on paper?

Kind Regards,
Kiki
 

Rob Legat - SBPL

Lawyer
LawConnect (LawTap) Verified
16 February 2017
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2,894
Gold Coast, Queensland
lawtap.com
That depends on who the contract is with, and what their financial situation is to repay the debt. You have a chance, sure. But even if you get a judgment against them, it doesn't mean that they can afford to pay it.