My father-in-law gave me a loan of £10,000 as a deposit on a property 5 years ago. He is now saying he wants to be paid back, and if I do not pay him back, he will force the sale of the property to get his money. I am unsure what to do?
I can understand your confusion as what to do.
Do you and your father-in-law have anything in writing about this money that was lent? If so, what were the terms of the loan?
Can you remortgage the property, if you have the equity, and repay the loan?
Has your wife spoke to her father about this?
I am unsure how your father-in-law could force the sale of the property, unless he attempted to make you bankrupt, which is a bit extreme, and also would be costly to him, and would include all your creditors.
With some more information, I can look more into this for you.