2006-08-25 18:56:45 · 8 answers · asked by PETER PARKER 2 in Business & Finance ➔ Credit
I have faced similar problems in the past. The first thing to do is to semi-confront your friend and go face out, hey that loans been a while in coming, I don't mind you not paying right a way but I do mind you being a chicken **** and never answering calls. (Most people who owe money do this, stop responding to calls). After which ask him if he can pay you right away and if not what's wrong? If his answer isn't sufficient to satisfy you, ask him for month partial payments, that way at least he can meet you halfway. If he isn't even willing to do this or at least give you a date on repayment, he has no intention of paying you back and if he doesn't consider you a friend, you shouldn't consider him one either. Give him a deadline, you can extend once or twice after which, had him a letter to small claim court. You tried your best and what is he going to say to others, you sued him because he wouldn't pay you after 2 or 3 years?
2006-08-25 19:20:36 · answer #1 · answered by choyryu 2 · 1⤊ 0⤋
I'm not sure what the laws are in your state. But first thing you usually have to do is send a certfied letter stating that you expect payment within 30 days. It would also help if you had some kind of documentation of the loan. If the loan isn't very much, and you can't substantiate lawyer costs you might just want to go on Judge Judy because at least there you'll get money for appearing on the show ;)
2006-08-26 02:02:52 · answer #2 · answered by It's me 3 · 1⤊ 0⤋
To recover your money, you can try to initiate court proceedings against your friend. For your case to succeed, you would need to prove to the court that you actually did hand over a sum of money to your friend. You would also need to prove that the sum of money was given as a loan and not a gift. If the amount you lent out is relatively small, it might not be economically viable to pursue the case in court since you will incur legal costs.
An cheaper alternative would be to engage the services of a debt collection agency. Agencies would normally take a percentage of the debt as the recovery fee so if the amount to be recovered to small from their point of view, they may not take the case either. You would also normally be required to show some proof that you have lent the money out and that you are not engaging their services to harass your friend.
2006-08-26 02:08:46 · answer #3 · answered by Dimmy 2 · 1⤊ 0⤋
You won't, unless you want to go and try to recover from Judge Judy. It is a life lesson. Never loan money without collateral, or you will most likely wind up making it an unwanted gift. Let it go.
I loaned my nephew thousands, and haven't seen a dime. I still get to have fun with my great nephew and great nieces.
2006-08-26 02:05:23 · answer #4 · answered by greg j. 6 · 1⤊ 0⤋
Did you sign any agreement with your fren? If it is so then get a lawyer to file a suit against him
How much is the amount owing, Is it worth to pay the attorney for the debt owing. Is your friend currently able to pay, cos if u sue him and he is really broke then you only got judgment papers and even if u execute he may not be able to repay you
Have u talk to your fren and work it out amicably b4 going to the lawyers
Last but not least notes to ponder
U mentioned its your fren. Try to help a fren in need. God Bless yaar
2006-08-26 04:07:23 · answer #5 · answered by angelinecja 2 · 1⤊ 0⤋
the only way you can recover a debt or demand payment is if you and your friend signed a promisorry letter stating full payments back. if you did not create these letter and you loan it by words and good faith, you really cannot demand payments in full, you just have to wait til she/he pays you back. when lending anyone money, no matter how great of a friend they are, you should always protect yourself by creating promissory letter of repayment to assure debt will be paid, if your friend is really a good friend they will agree to signe your letter of payment. remember, when it comes to money people change when payments are due to you.
2006-08-26 03:54:20 · answer #6 · answered by lani u 1 · 1⤊ 0⤋
hmm some friend--you have 2 choices #1 small claims court
#2 baseball bat to the left kneecap its not legal but very effective
2006-08-26 02:05:41 · answer #7 · answered by jbmains69 1 · 0⤊ 1⤋
You have to enforce that you want your money. Use your imagination.
2006-08-26 02:04:44 · answer #8 · answered by Anonymous · 1⤊ 0⤋