five months ago i loaned 20k to someone i know. the guy told me that he will give it back in 45 days. now it is over five months & i got only 3k so far. the only proof i got is the bank records, because it was a direct transfer from my account to his account. can someone please tell me about my options.
2007-09-29 04:02:21 · 6 answers · asked by balpreet s 2 in Business & Finance ➔ Personal Finance
Please tell us you had a written agreement, or a witness to a verbal agreement.
If not, your only options are persuasion, or aggravation (dicey--stay within the law or you'll have a harassment charge to deal with!) Maybe you can talk him into "easier" repayment terms and have him SIGN an agreement this time. (Like, "just pay me pack $12K more @ $1000/month....sign here.) It would be worth writing off some $$ because something is better than nothing.
2007-09-29 04:15:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can file a lawsuit but you are may have a hard time winning with nothing but your bank records. You should have gotten a contract with exact repayment dates and amounts. Why would anyone lend 20K without a contract even to their own Mother? He can say it was a gift and you cannot prove outherwise. UNLESS you have proof that he repaid the $3000 such as a copy of the check he wrote to you?
2007-09-29 04:15:20 · answer #2 · answered by ebosgramma 5 · 0⤊ 0⤋
Your best bet is to secretly record a conversation with you and him about re-paying the loan. If you can get on tape that he admits to owing you the money then your verbal contract will have back up proof. Now that you have him over a barrel so to speak he may start paying you back a little better. If not then you can go to court. If you don't get him to admit he owes you the money on tape you may be out.
2007-09-29 04:28:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
that was stupid now wasn't it? why didn't you make up a loan agreement, only takes a few minutes and should have included all repayment information,
2007-09-29 06:27:58 · answer #4 · answered by willliam d 2 · 0⤊ 0⤋
Try and get him to agree to a payment plan. Ask him when he gets paid, and "remind" him every payday about his loan.
2007-09-29 04:10:09 · answer #5 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
you're screwed. if this guy is honest, he will pay you back, if not, kiss your money good-buy. you have no legal recourse. no evidence of a loan ever made. bummer.
2007-09-29 04:11:59 · answer #6 · answered by pyro 2 · 0⤊ 1⤋