The loan agreement is an agreement by which a person commits itself to provide a sum of money to a party (the lender) and that party commits to repay an equal amount of money (the borrower). Various matters can be arranged in the loan agreement. This could include repayment terms, the amount of the money, interest payments, etc. This can be done in installments, but it is also possible to agree that the entire amount must be repaid at a certain moment. The lender also often wants security with regard to the repaid loan. This can be arranged in the form of a mortgage (for real estate) or a pledge (for example, on receivables).
Statutory or contractual interest
In the case of a loan contract, the lender often wishes to receive an interest (compensation). The law stipulates that the parties must record the amount of the agreed interest in writing. If the parties do not make such an agreement, the law states that interest is due at the percentage of the statutory interest.
Recovery of a loan by a lawyer
You can engage the lawyers of Fennek to reclaim your loan. Fennek’s lawyers have extensive experience in debt collection. In principle, the lawyers will demand extra money back in a cost-efficient manner. If the other party does not cooperate in any way and does not repay voluntarily, legal action will be taken.
Drawing up a loan agreement by a lawyer
Our lawyers can also prepare your loan agreement. They gained lots of expertise in this subject and can therefore give you case-specified advice.