Borrowing money or lending money? Then always make sure you have a contract

When borrowing or lending money, it is always important to make sure you have a good contract. This can be a beer mat, so to speak, but for larger amounts it may be wise to have a proper money loan agreement drawn up. Even when lending money to family and friends, drafting a (simple) money loan agreement is always recommended.

Money loan agreement in interest of borrower and lender

No matter how much the parties trust each other, they both have an interest in drafting a money loan agreement. In it, conditions can be laid down about the time of repayment, the amount of interest and whether it changes, the term of the loan, and so on. And this is important, because if you were to forget any of those verbally discussed elements after a few years, an argument could already arise. That can lead to the lender whistling for his money and the previously good relationship with the borrower.

Cash payments? Record that!

If the sums of money are transferred in cash, it is important to note in the loan agreement that the loan has actually been made. Conversely, if interest and repayments are made in cash, it is important that receipts are also drawn up. It cost a borrower dearly some years ago when he could not prove that he had made cash payments, and the lender (his sister, no less) denied this. The ’s-Hertogenbosch Court of Appeal could not value the witness statements and subsequently ordered the man to pay up. Whether he had to pay twice is not known, but it is certain that he would have been better off with receipts.

Drafting money loan agreement

So, in short, a good written record of the agreements is advisable. And failure to do so can cost you dearly: both for the lender and the borrower. Lexys can assist you in drafting the loan agreement. Moreover, given their years of experience, they can do that for you in a cost-effective manner.

Lawyer for money loan collection

Lexys can also help you collect a money loan. The collection of a money loan will then include, as much as possible, the money owed. collection costs charged to the other party. If necessary, Lexys will charge the debtor subpoena. Even if that money loan is not on paper: in fact, proof of the existence of a loan can be provided in other ways. Lexys' lawyers will be happy to tell you more about this.