In default on private debt?

Questioner

I have granted a loan (recorded in writing) to a private individual who invested this money in his company. Unfortunately, due to circumstances (including Corona), he was unable to meet the contractual payment obligations. In mutual consultation, adjusted agreements have been made about repayment and interest payments. Unfortunately, the man is now in default again and has sought debt counselling, I can expect a letter from a lawyer soon. Although the company is experiencing problems, it is still generating revenue and the entrepreneur is therefore planning to continue the company. In addition, when the loan was taken out (6 years ago), the man owned a house and it is reasonable to expect that this has increased significantly in value. I have been lenient all these years and I also understand the situation now. However, I also have interests. That is why I am looking for legal advice in this situation and possibly someone who can represent my interests in this process.

Lawyer

Good afternoon, Annoying situation you are in. It is always advisable to draw up an agreement in the case of a loan, which you have done in this case. The agreements made are enforceable. If the other party does not comply, he is failing to comply with the agreements made. All circumstances play a role, such as the agreements made afterwards because he remained in default. If you wish to discuss your file further, please feel free to contact us without obligation. Yours sincerely, Mr. Mr. S. Leito FerLei Legal 06-49175526