family debt

A question about : family debt

One of my family members lent another family member a large sum of money which was used towards purchasing property. The loan was only meant to be short term and it was agreed interest would be paid at bank rate. To date the person has only paid a small monthly interest payment and not made any effort to pay the loan back. This has gone on for 2 years now and the lender needs their money back. If the person cannot repay it can the lender have something drawn up in writing and then register a charge against the property?

Best answers:

• Is there any paper trail to the origonal loan? is the person owing the money willing to let a charge be registered? is there equity in the property?
• Hi bigknickers, thank you for your query regarding family debt
  Unfortunately we can only answer questions from people who are in debt or disputing a debt but if your family member contacts their local Citizens Advice Bureau or look on www.adviceguide.org.uk you should be able to get information about taking action to recover money in the county court. You can find your local Citizens Advice Bureau at www.citizensadvice.org.uk.
  Hope this is of assistance