Debt owed - a few Q's?

Question

I sold a small bit of electrical equipment to a guy in Norway - I'm in the UK.

Item became faulty after a month - I said I would refund him but I had spent the cash already and couldn't repay him back in one go. Item was returned.

He agreed that I could pay it up £899 over 4 years as I'm just a student and not working full time. It was sent in his currency and = £899

Trouble is he is now claiming I've not just to pay £899 back but the amount is to be much more in GBP's as the pound as got weaker against his currency although he stated he wouldn't add any interest on.

Any advice?

Answer 1

Well it isn't your fault that the currency is more or less.  Do you have anything in writing?  You may want to check what laws are on the books but he can't just change the price on you...

Answer 2

Question to you?

Was any of this on paper or contracted in any way so that he has a legal advantage over you? And if not then in my opinion word of mouth is as good as it gets! And why should you have to reimburse any more than what was originally paid, not your fault the exchange in GBP's is weaker against his currency.

Answer 3

According to the law of contracts, the meeting of mind is the deciding factor. You may have to check your documents and see in which currency it was agreed to repay. As it appears that the other party had acted gentlemanly by agreeing for a easy payment terms as you are a student, you have an ethical responsibility to repay him in the currency he request.Contractually if he has not agreed to accept the refund in GBP you have to repay him in Norwegian currency as the original invoice was in that.