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Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: UK Law
Satisfied Customers: 10104
Experience:  30 years as a practising solicitor.
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Good morning, I'm lending a friend £20,000 on the basis

Customer Question

Good morning,
I'm lending a friend £20,000 on the basis that he will return it in 6 months time. His business partner is a Solicitor who is willing to give an undertaking that should the loan not be repaid at the end of the 6 months he will pay it off. I wanted to get the agreement done through a solicitor / barrister. Is this something you can assist with?
Submitted: 7 months ago.
Category: UK Law
Expert:  JGM replied 7 months ago.
I/We, [insert full names and addresses of guarantor] do hereby guarantee that in the event of default by [name] [insert address] (hereinafter referred to as “the debtor”) in respect of payment of monies due by the debtor to [name, address], I/we will make payment to the said [ ] on demand of all sums due; and I/we agree that a certificate signed by [ ] shall be sufficient proof of the sums due thereunder: IN WITNESS WHEREOF these presents are subscribed as follows: …………………………………………………..…signature…………………………………………………….…...name……………………………………………………..signature………………………………………………………....name……………………………………………..………..…..date……………………………………….…..place of signature……………………………………………..witness…………………………..…………………name of witness………………………………..…………address of witness…………………………………………...……………………………………….occupation of witness
Customer: replied 7 months ago.
This is helpful to get the guarantor to provide an undertaking. However, I wanted a 6 months friendly loan agreement. Sorry for any confusion.
Expert:  JGM replied 7 months ago.
This should be sufficient for you. Get it witnessed in the same way as the guarantee I sent you earlier. I hope that helps. Please leave a positive rating so that I am credited for my time. I, (debtor) of (address), acknowledge that I have received today from (creditor) of (address) the sum of £... by way of loan [free of interest (or) bearing interest at... % per year [payable half yearly on (date) and (date) in each year (or) to the date of payment (or specify)]] which I undertake to repay to (creditor) on demand. Dated (date) (signature of debtor)