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Interest and repayment of loan

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Over 2 years ago I lent my son-in-law a substantial amount to buy and completely renovate a house for his family to live in. He said he would re-mortgage the house afterwards as it would have significantly more equity. I was to leave an amount not repayable for which he voluntered to pay interest. No monies have been forthcoming. For family reasons nothing was put in writing but he does not deny the debt. However he extended himself financially in refurbishment even though he is very handy and did as much work as he was able. He has had some problems so I decided to leave things for a while.

I no longer work as I am retired and have been in expectation of repayment.

PLEASE ADVISE


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1 answer!

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I hope that in the interim the problem has been resolved.

In the event that it has not been resolved, perhaps a polite discussion can be had with your son-in-law regarding the matter.

Perhaps a payment plan can be agreed upon, which will involve him making monthly payments of X dollars per month.

I note that according to Torah law, you are not allowed to accept ANY interest for a loan, even if the borrower volunteered to pay interest. Hence any such agreement between yourselves would be considered null and void.


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