money worries?

Question

3 weeks ago i leant my friend 200 pounds to settle a debt as he was very worried about it, i had to go without to lend him the money, now he is refusing to pay it back and i desperatly need it im a single mum. what are my rights and what can i do?

please help!!!

oh my god i dont have anything in proof, hes my friend, i did this as a big favour to him i didnt think he would do this to me

he keeps saying he will pay it back then puts it off everyday im gonna be in debt myself now and he doesnt care

Answer 1

If he's pursuing friends for money, his credit is probably horrible. There's a saying, "If you lend money to a friend, be prepared to lose both". This sounds like what is happening here.

In hindsight, don't think there's a correlation between how nice someone is, or how good a friend, and their commitment to pay back debts. There is no such correlation. I'm a professional lender, there are people who are absolute idiot jerks, but would rather die than default on a debt, and people who would drive you a thousand miles as a favor, but can't come up with the $20 they borrowed from you. If anything, jerks seem somewhat more inclined to pay, while people that are overtly social, sometimes tend to think they'll "get a pass".

Whenever you lend money to a friend, you should be prepared to consider it a gift. If you get paid back it's a bonus (a miracle). Remember, they're coming to you because everyone in the financial game won't touch them, and probably for good reason.

This is a hard lesson to learn, but it's doubtful you'll get your money back. I see some people mention contracts and courts, you're very unlikely to see your money this way, you'll just harden his resistance, and the sum is too small for serious action. You're best bet is to leverage your friendship, pressure to get small payments (5 pounds here or there) and hit them hard when you know they have some money, like payday. You'll likely not get it all at once. Keep pounding for the small payments, but this will very likely cost you the friendship.

Answer 2

Take it as u have lost it and learn by the experience.
I am a single parent too and i have lent money out and lucky for me i have had it back not all at once sometime but i have got it back.
Maybe u should try and ask for an small amount each week until the debt is paid, if they still refuse to pay back then u may have to write it off, it is too little to go to the small claims court i think it would cost u just as much foru to take it there.
I'm sorry that u have lost the money as i know how hard it can be.
best of luck and love tho xx

Answer 3

i am always lending money to people and to be honest most never give it back- a friend once told me- only lend if you don't expect to get it back. Sorry that is not much help- but remember it for the future. They are not friends if they just take off you. Don't worry about offending people by refusing them. If you won the lottery i'm sure you would be the first to help them. Caution is not being mean- after all- you need the money- but you are not asking someone else for 400 etc. In the future never lend anything you want back- money or possessions.

Answer 4

Poor you! Don't think you have a legal leg to stand on which is probably not what you want to hear - sorry!

I would sit the person down and be honest and explain to them that you are now in financial dire straits because of this. Surely if he is a friend he might give you some explanation as to why he hasn't paid it back?

If he is point blank refusing to pay it back then i'm afraid you will have to cut your loses. Is there no-one you can turn to?

I hope you get it back xx

Answer 5

If you got the loan in writing and it was signed by your friend that he borrowed the money, then that's breach of contract if it isn't paid during the reasonable amount of time you two agreed upon. Otherwise, you may have to make a small claim in court to set him straight...(you wouldn't have to actually go to court, but you could threaten him if you really think he isn't going to pay you back...). I'd make a claim against him. Him not paying you back is the same as taking advantage of you and your vulnerability.
If you can't get the money from him, hope you can find someone that will, legally.

Answer 6

small claims court if necessary . do you have a male friend who is scary and willing to make a impression on the other guy if you know what i mean . any witnesses or a person he is friends with that can get him to accidently confess to it without being obvious about it ( heard what you did to so and so . think she will fall for it again if i try ? ) file a report with the police stating someone has stollen 200 pounds and he was the last person seen going into your place without permission and you not home .

Answer 7

whilst my young babies have been little I did a twilight shift on the community food market,stacking cabinets.The artwork become a no-brainer,however the different women human beings have been a brilliant chortle,the countless bosses have been a soreness.I worked 8pm to twelve.Hubby could be at living house with the youngsters.the money I earned paid for holidays,christmas and treats. have you ever considered doing toddler minding ? Do I nonetheless difficulty approximately money..specific.Now i ask your self how i bypass to get my young babies nonetheless uni,devoid of occuring too lots debt! I desire you properly,you will come across a fashion.

Answer 8

Sorry, I don't think there's much you can do. You could theoretically take him to the small claims court, but without any proof you probably wouldn't get anywhere.

Never, ever lend money you can't afford to lose.

Answer 9

first do you have any proof that you lent the money like a receipt of any thing signed? then if they refuse to pay back just report it to the police, but you need evidence in order to get your money back.

Answer 10

You should never lend ANY body your money which you don't have , and of course you have right , tell the police next time get a recipt wit h signature