Friend owes $863, not willing to pay back, wants to pay in installments...?

Question

I have email records of his disobedience to my requets to pay him.. Hes 21, repeatedly says his mom wont let him take out a personal loan. Agrees to work 50 hours a week to pay me $200 a paycheck, to have paid me by the endof summer, agrees to pay interest.. but I need the money NOW

Answer 1

So what's your question?

I would NEVER EVER make a loan to a friend.

If a friend needed the money, I'd GIVE it to him/her. A loan changes all the dynamics of a relationship for the worse. They feel pressure to pay you, you feel pressure to get paid, and you wind up hating one another.

Answer 2

The only thing you can do legally is take him to small claims court. It is a lengthy process and paying for council might cost you more than you would get out of him. I would suggest turning the screws and saying if his mom won't let him get a loan (even though he is a grown adult) he needs to get the money from her to give you. Or make him put some things into pawn to get the money and he can use they money he makes to get them back (most places will hold stuff for a couple weeks as a loan and when you pay the loan back they give you your stuff back)

Answer 3

You can try to sell your debt to someone, usually at a discount, since your "friend" may continue to be a deadbeat. Your best bet is to take the payments, however, unless you're prepared to be truly nasty.

You could try going to his mother (Don't call or email her) and explain the situation. I'd bet she doesn't know anything about the loan and probably never spoke to him about taking out a personal loan to pay you back. Unless she's sleazy, she'll pay you back and make him crawl on the ground to pay her back. Your revenge will be complete.

BTW, dress up and speak in your most mature fashion.

Answer 4

Small claims court (Judge Judy is an example.) Note that you will have to prove that your friend owes you a debt and the amount of the debt. I would make sure to get your proof in order before paying the filing fee, which, although small relative to a full-blown lawsuit, may be large relative to a $200 debt.

Answer 5

I, too, learned the hard way not to give friends loans. It is an expensive and important lesson - never become a creditor to a friend; you will lose both the money and the friend.

Now, if a friend needs money, I will give them as much as I can afford to not have repayed. If they choose to pay me back, bonus! If not, I never asked to be repaid in the first place, so I am not upset.

Answer 6

Take the payments. You can't get blood from a stone. You could go to small claims court, but that will not get you your money any faster. Learn the lesson of not lending friends money. And he is 21, it does not matter what his mommy says, so that excuse won't work.

Answer 7

Well, you can either take the installments and get the money as you can, or piss him off by taking him to court for the full amount, only to wait longer due to the actual trial, and it will cost filing charges and such.

Either way, you aren't going to get paid until he has the money, no matter if you need it now or not.

Answer 8

its alot of money for a 21yr old. I think paying it back in installments is pretty fair. I mean even if he has been slack in paying it back. If you need the money.. I dont think there is alot you can do about it. Be careful to who you lend money to. Even family can disappoint you there. I learnt the hard way. When you lend money. Forget about it, expect that you will never get it back. and if you do.. you will be pleasantly surprised.

Answer 9

You better get what you can,. Also once he start to pay anything back, he's agreeing that he owes you. Take the money.....take the interest or you may not get nothing

Answer 10

Fastest way to ruin a friendship is to loan money or become roomates. Take what you can get since something is better than nothing