Hi.I'm going to lend a certain amount be...

Asked by johannes on 21-10-2021 15:26:50
Question posted in the General Law category relating to Gauteng

Hi.

I'm going to lend a certain amount (between 50-125k) to a person. They need the money to buy fertilizer for grass on their farmlands. They have agreed to pay me the back full amount lent times two (x2) on 28 February 2022 when they harvest the grass.

I would like some form of a contract that would require them to pay back the agreed upon amount (the original amount times two) by no later than 28 February 2022 or face some form of legal consequence.

My terms include the payment of all legal fees by the other person when we need to approach the court and a ceasure of assets to the value of the agreed upon amount (the original amount times two) if that is legally allowed. A fair yearly interest rate should also be added if there is late payment (if that is legal in an individual capacity?)

Am I allowed to do something like this legally? Would a basic contract stating the above information signed by both parties be allowed in court?

Extra information:

The person has already agreed to pay me back double the amount lent on the date in question.

The person is a family member.

I'm not a registered credit provider.

Information Requested by Lawyer

Posted by Att. Patrick on 22-10-2021 17:56:13

Hi there,

I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment, even if it is R150 or R200.

Yes, you can do this, legally. But you will need to visit a lawyer to have such a contract drawn up.

Att. Patrick 

Please remember this is a dialog if you have follow-up questions please make the required deposit, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make deposits for their questions - they get serviced first!

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