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Had you verbally agreed this or was it in writing?
As this payment was intended as a loan and there was a specific repayment date which has not been adhered to, you can consider pursuing him for that money. Whilst you can make whatever demands you want now, in the end you may have to make a claim in the county court to have any chance of recovering it. If you do make the claim and win, which I do not see why you would not, you would get a county court judgment in your favour which you can use to take things further, such as using bailiffs, etc.
In terms of the threats he has made, this is not quite blackmail at this stage but you can certainly warn him that they would not be tolerated and that you would report this to the police if necessary.
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