How do you get someone to pay you back 20k back?

Question

Here's the deal my parent lend their good friend $20,000 for an investment. Considering that he's a good friend of my parents, they did not do a written agreement jutst a verbal one. It is now time for the guy to pay my parents back and so far he has only paid 1000 back. He's been avoiding my parents and he even changed his home address and phone number. Luckily my parents know where he works so they been having to nag him on a daily basis to pay them back. My parent agreed on a monthly payment but the guy keeps making excuses each month about the payment. He refuses to sign any contract. He also refuses to give my parents his new home address and phone number. However my parents do have his cell number but it goes straight to voice mail everytime they call. Can this situation be brought up to court due to emotional distress and economic damage because my parent wastes their time and money to drive to his work place almost everyday just to ask for the money.

Answer 1

Actually your parents could be sued for harrassment. They have to follow the laws in your state for debt collection and going to ones place of employment is usually off limits.

Contact an attorney, they will usually only charge a percentage of the money they collect. If it wasn't a secured loan chances are in the long run your parents may be out of luck. Unless they can prove he committed fraud in regards to the investment loan. You could contact your state attorney's office.

But be careful about making sure your parents follow the letter of the law or else they will end up being sued in return.

Answer 2

This may be useless advice, but they seriously need to engage the services of a good and reputable finance lawyer, as I don't know how the laws work in your country, as it is a verbal agreement their chances are very slim hence the advice to engage a lawyer. Good Luck and I seriously hope things go right for them.

Answer 3

Lawyers will do nothing but cost them the 20K they're trying to recover. What your dad needs to do is get serious. And show his "friend" that this debt will be paid. Either become such a nuisance at this schmucks place of business that it puts his job in jeopardy and he decides to pay. OR kick his @$$ once a week until he pays up or your dad feels better. I assume since he had 20K kickin around to begin with he'll survive without it.

Answer 4

Yes! I agree with Titan. Do you think the door-mats you call parents could lend me a few thou too?

THE ANSWER IS SICK THE LAWYERS ON HIM!!!!!

What do you think? For crying out loud......

Answer 5

I could use a 20k loan. Do you think if i get the money back for you they'll lend it to me?

Answer 6

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RE How do you get someone to pay you back 20k back?

Here's the deal my parent lend their good friend $20,000 for an investment. Considering that he's a good friend of my parents, they did not do a written agreement jutst a verbal one. It is now time for the guy to pay my parents back and so far he has only paid 1000 back. He's been avoiding my parents and he even changed his home address and phone number. Luckily my parents know where he works so they been having to nag him on a daily basis to pay them back. My parent agreed on a monthly payment but the guy keeps making excuses each month about the payment. He refuses to sign any contract. He also refuses to give my parents his new home address and phone number. However my parents do have his cell number but it goes straight to voice mail everytime they call. Can this situation be brought up to court due to emotional distress and economic damage because my parent wastes their time and money to drive to his work place almost everyday just to ask for the money.