What would you do if someone owes you money and dosnt pay?

Question

This guy who was my "so called friend" borrowed money off of me and isnt paying me back.What do you think I should do?

Answer 1

First... never, ever borrow or lend money. It's one of the fastest ways known to lose friends. If necessary, you can give the money as a gift, but don't give it as a loan.

My advice? If it's a small sum, forget about it. Make a gift of the money, tell him you don't expect it to be paid back and you're fine with that... what's a few dollars between friends? However, also resolve never to lend him money again.

If it's a larger sum, then you should have gotten a written IOU which (in the worst case scenario) is enforceable in court. You'd hate to go down that route, though. I trust the amount is small enough so you can take the loss as a lesson learned and move on.

Answer 2

You learned a cardinal rule for keeping friends. Don't lend them money. This guy isn't a friend anyway, he's a "user" if he really doesn't plan to pay you back.
Here's what I suggest you do. If you haven't got anything in writing from him then it's not too late.
I hope you wrote him a cheque for the loan, & that you still have the cancelled cheque in your posession.
Right away, get him to sign an IOU. On this document, state the date that the money was loaned to him & the amount (it should match up with the cheque so he can't say that the cheque was for something else). Then include some sort of a promise from him to pay you back, like "I hereby promise to pay back this amount at the rate of $50.00 per week until the entire amount has been paid in full" If he's conning you, he'll probably sign it just to get you off his back for another week. If he refuses to sign then negotiate with him on points like the payment schedule.
The important thing is that you get a full acknowledgement from him IN WRITING that he borrowed money from you & that he made a commitment to pay you back, & that it wasn't a gift.

If he follows through & pays you back, fine. Keep accurate records of the payments he makes, & if he pays you by cheque make photo copies of each cheque before you cash them in.

If he doesn't faithfully make payments for the loan you can take him to court, & you will have enough documentation to prove the amount of the loan, & the fact that it was a loan, & not a gift.

However, having said that you will want to consider the amount that you are suing for. If it's not the amount but the principal, then I wouldn't bother. Just write him off as a deadbeat not a friend, & move on.

Answer 3

How much does he owe? Is it a large sum or small amount? Regardless, he needs to pay you back. Next time you see him just ask him, hey I was wondering if you had that cash because I really need it for .. whatever. Lie if you have to. Say you're short on a bill payment or something. If he doesn't repay, then get nasty on his *** and flat out ask him, did you forget about the money I loaned you or do you not intend on paying it. Kind of be careful with this approach if you know his financial situation. If you know he's got the G's, then demand your money. If you know he's struggling, maybe you could work out a little deal. Maybe he could pay you back a little at a time, or you could have him do things for you like run errands or something. Payback is a *****, and money between friends is never good.

Answer 4

Look I hope you have some kind of documention first of all that you loaned this person some money. Then what you should do is to take them to small claims court where a judge will hear the case and make a decision. If you do not have any kind of documentation showing that you loaned this person some money well you may be out of luck. In the future a word from the "wise" never loan money to family or friends. If you do this life will be so much easier. That is why banks are on every street corner.

Answer 5

I use to ask for it back but I don't do that anymore. I think it is very rude unless they owe me a large sum of money; then I will just write a letter. If I don't have the money to lend I don't lend. If they never pay me I try never to lend to them again unless they are really sincere. If I ever need something they will be the first one I will ask for a favor because they owe me one.

Remember a friend in need is a friend indeed!

Answer 6

It depends on how much is owed. If he only owes you 20 bucks or so, consider it lucky that is only cost you $20 to rid yourself of this person forever. He will never ask you for money again and probably avoids you like the plague.

If he owes you a substantial ammount of money, sue him. If you do sue him be sure to sue for court costs too. Also, have the judgement paid to the court, that way you will definately be paid by the court, and he will owe the court and they can send debt collecters after him.

Answer 7

Get a hit man to take care of him for you...

Just kidding, just don't loan him money anymore. Take the loss this time. If he's not gonna pay, stop being friends with this dude, that's not much of a friend to borrow something and not give it back.

Answer 8

Remind them and if they still don't pay you back, let it be known they are never to ask you again for a loan. You don't have money to be just giving away like that. People like that will always find someone else to borrow from and they'll know not to come to you again.

Answer 9

Did you have an understanding of when and how your friend would repay you? If not, you need to have a talk with this friend and let them know you expect to be repaid and by when. If they give you the run around, you can take them to small claims court, but you will need documentation of how much you loaned your friend and proof it wasn't a gift.

Answer 10

Do you have anything that has proof that you loaned him the money? because if you do, you can take him to small clams court. Sometimes it is just not worth it, just right it off, and learn under no circumstance, do you lend money. or cosign.