My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise but a guide to assist you.
You have to repay it.
Your options are to reach an agreement and pay back by instalments. Alternatively borrow the money and pay it in full and repay the loan.
You cannot refuse to repay it back. You are not entitled to it and they have a right to sue you for it.
If you wish to pay it back by instalments you should make an offer to pay it back in less than 2 years. If it goes to court they will not give you more time and you will also have to pay legal costs court costs and interests.
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