Assistance with debt collection

Questioner

In 2004 I gave a personal loan to 2 brothers, both of whom personally guaranteed repayment and have an agricultural business. Due to circumstances, the agreed interest has still not been repaid The question for me is whether they can do it and it will depend heavily on their operation of their agricultural business. I have not taken any action yet, it involves quite a large amount what to do now put a lawyer behind it or sell this IOU to third parties, of course taking a significant loss

Lawyer

Whether you want to keep the claim or sell it also depends on your own situation, but you say nothing about that. Whether an attempt at collection is worthwhile depends more on the situation of your brothers. From a bald chicken......... If desired, I can advise you further on this when I have more information from you.

Questioner

The loan was not granted to my brothers but to third parties, namely 2 brothers. My situation is such that I am not dependent on repayment, I don't know if that is important in the question. indeed from a bald chicken ...the question remains, however, if there is power, can you handle this in whatever form? personal liability will remain in place or can that expire, good papers were drawn up at the time and signed by both brothers Kind regards.

Lawyer

In principle, these types of claims expire 5 years after the date of enforceability, so it is important to keep a close eye on things.

Lawyer

What I do find very interesting is how your debtors (the brothers) themselves feel about it. What do they say about the situation? Do they want to pay, or are they trying to get out of it? If they want to pay, why don't they? Even if it's only a little bit per month, anything is better than nothing. Are they willing to make new agreements, for example by providing collateral? Depending on the situation, it might be possible to have a conversation, possibly under the guidance of a lawyer, and discuss the possibilities. If that doesn't work, you could discuss legal measures with that lawyer. And then of course the story both brothers offer versus the costs you would have to make plays a role.