Family loan agreements due to covid-19

If you’ve been approached by family, friends or business associates in financial difficulties due to the covid-19 pandemic we can help.

If you were able to and want to help relatives or friends in financial difficulties should you insist on a formal loan agreement?

As lawyers we would advise yes. A sensible loan agreement provides clarity for both parties and may help to avoid legal disputes at a later date.

If you need a loan agreement drafted because of coronavirus, we offer a rapid and cost effective service. Of course you can find template loan agreements online, possibly even free. However, in these uncertain times, a template loan agreement may not cover important aspects for the unforeseen and unpredictable current pandemic situation.

For example, should the loan be on demand, for a fixed term or have some other mechanism about how and when you as lender can insist legally on repayment? Flexibility in the drafting of a loan agreement might well be a better option and provide some reassurance to the person borrowing.

If you need advice on an urgent loan to family or friends or perhaps a business loan which you may make to your business or directly to a business owned by a family member or friend, we can help. Please do get in contact.

 

 

 

Catherine Gannon

Catherine is well known for turning complex problems into solutions. No case is ever easy but she will find a way. In her spare time she runs Gannons a very successful law firm.

Let us take it from here

Call us on 020 7438 1060 or complete the form and one of our team will be in touch.