Our expert says:
Loans between friends very often lead to problems and loss of friendship ; loss of interes in both senses of the word !
Even after 6 years, 15 thousand is an awful lot of money ( and if he's not offering to pay you interest, a significant loss for you ) - and its not a question of "trust" - of course there should be proper documents drawn up and signed, and a letter is probably not enough, thopuh a lawyer or your bank could better advise on that.
WHY does he find the idea threatening and bothersome ? If he sincerely means to pay it back, in whatever time is specified, where's the problem ? All details should be discused then covered in the document - when does he start and finish paying it back ? If he was excellent in money matters, he wouldn't need the loan.
What is to happen if he cant pay it back ? What if he does ? At least an affidavit would let you claim against his estate. Why does this bother him ? Or is he looking for a gift ?
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