Ok the update.....
I loaned him the money. We drew up a contract through a solicitor. He has two payments left (which represent the interest to me). Every week the money was in the bank three days early. One week Monday was a bank holiday, he rang with some anxiety in his speech saying the bank was closed shall he bring cash? I said wait a day mate.
I did charge interest as it was very stressful when setting it all up. Very happy now. Would lend to him again under the same terms.
Thank you all for the opinions.
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