My boyfriends son needed money for the purchase of a boat. I loand him the money and made up a contract with him for repayment . the boat was put up as colateral and I have a lien on the boat. He has failed to meet the requirements of the contract and has missed 6 months worth of payments . I want to repossess my property, how do i as an indivigual go about this? I live in Kailua Kona , Hawaii, 96740.
2006-09-02 01:04:13 · 12 answers · asked by Joseph P 1 in Business & Finance ➔ Credit
You go to his house hook up to the boat and leave.
2006-09-02 01:07:17 · answer #1 · answered by JesusisGodsson 2 · 0⤊ 0⤋
I hope in the contract you put down that this was a LOAN and that if payments weren't make within "X" amount of days/months, that the boat would revert back to you or that the boat itself was collateral for the loan; even if you didn't, you could probably repossess the boat yourself, but frankly, go to a lawyer or the Court House directly and ask them; Good Luck; Also, who's name is the boat under....
2006-09-02 04:04:51 · answer #2 · answered by sweet ivy lyn 5 · 0⤊ 0⤋
If you didn't get a promise to pay you back in writing, then there's nothing you can do. You have to have proof of the loan to get a lawyer to help you. This is a hard lesson to learn, but now you know...never lend out money that you can't afford to lose. Especially to friends or even family. Trust me, I've learned the hard way, too. The one option you atill have is to tell your parents and let them try to deal with him. Good Luck and don't do it again. This guy was a mooch and using you.The next time you date someone and end up having to pay, cut him loose right away.
2016-03-27 04:13:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
depending on the value of the boat you can go to the courts and file a claim. But if we are talking a lot of money you will need to contact an attorney.
All they will do in the end is rule in favor of you and put a judgment on him and hold his wages.
Best thing to do is to contact an attorney or a good paralegal.
Good Luck
2006-09-02 01:08:47 · answer #4 · answered by Jon H 5 · 0⤊ 0⤋
You send him a registered letter stating that unless he brings the loan current in 30 days or what ever amount of time your willing to give him or you are taking the boat back. If the boat is sitting in his yard, you can just tow it away. If it's docked, lock him out.
2006-09-02 04:39:00 · answer #5 · answered by Classy Granny 7 · 0⤊ 0⤋
You probably need the courts intervention in this. Although, unless his name is anywhere on the papers for the boat, it's technically yours. Just go get it.
2006-09-02 01:12:49 · answer #6 · answered by First Lady 7 · 0⤊ 0⤋
take it to court in front of a judge and the judge will give it to you if you show ample proof (on paper of the payments made, the contract) he will give you a judgment and the sheriff delivers it (or hands it to him in court) and he must either deliver the boat to you, or allow you to come and get it...then it's up to you to take it and dock it or store it..
2006-09-02 08:23:45 · answer #7 · answered by sophieb 7 · 0⤊ 0⤋
Go to your local court house. Go to small claims. They will tell you what to do from there. With a contract I do not think you will have any problems.
2006-09-02 01:12:36 · answer #8 · answered by bill a 5 · 0⤊ 0⤋
Get a local attorney that knows contract law.
2006-09-03 12:45:12 · answer #9 · answered by Byron W 3 · 0⤊ 0⤋
contact the police as they can go with you when you pick up the boat. have your contract with you. police may suggest you go to court.
2006-09-02 01:28:49 · answer #10 · answered by koifishlady 4 · 0⤊ 0⤋