I need to pay my friend back 5,000 right away. My line of credit and credit cards are over drawn and my salary (about 4,800 per month) is good money but I need to pay some other obligations. What do I do???
2007-02-05 15:49:23 · 5 answers · asked by goodman6079 2 in Business & Finance ➔ Personal Finance
Pay up and get it over with.
1/2 this month and 1/2 next month.....and then DON'T BORROW from your friends again!
That's the quickest way to not have friends.
2007-02-05 15:55:40 · answer #1 · answered by iwonder 5 · 0⤊ 0⤋
My friend, this is quite a mess.
To get started, call your credit card companies and negotiate down your interest rates or your entire debt - depending on how far overdrawn you are the CC companies will want to talk to you so as to avoid you defaulting on the balance you owe them. They will negotiate with you.
The next best thing you can do is to ask your friend to have leniency with you. Your friend will probably not attempt to seize your assets as a bank would unless they are really upset and take you to small claims court. He/she can file a small claims case against you valued underneath 5k.
On the other hand, a judge or legal official would certainly ask about the terms concerning a five thousand dollar loan, in which case things would get stickier.
Your options are:
A - Negotiate with credit card companies for lower interest or debt
B - Increase your income by taking on another job or getting a raise or promotion.
C - Ask your friend to renegotiate the terms of repayment so as to allow you enough time to get back on your feet. Apologize profusely.
2007-02-05 16:01:02 · answer #2 · answered by Ethan 3 · 0⤊ 0⤋
Setup a payment plan with your friend.
It can be small amounts as long as you pay him.
Don't use your credit cards anymore, get rid of the debt, and you will be on the road to happiness
2007-02-05 16:12:26 · answer #3 · answered by traderb550 3 · 0⤊ 0⤋
Set up a payment plan with your friend and stick to it, if this friend means anything to you.
If this "friend", however, is an actually an associate who you no longer need n your life -- you might leave him high and dry on the $5,000. That way, he/she can learn never to lend money to friends with good intentions.
2007-02-05 15:53:14 · answer #4 · answered by DaMan 5 · 0⤊ 0⤋
I would need to know the amount of expenditures you make per month and how much disposable income you have afterwords to answer this question properly.
2007-02-05 15:53:25 · answer #5 · answered by fade_this_rally 7 · 0⤊ 0⤋