i loaned a friend some money 1 1/2 ago and he has not paid me back. is there legal paperwork i can send?

Question

i loaned a friend money a year and a half ago how do i get it back without taking him to court?

Answer 1

My grandfather always said... if you are going to lend a friend money... Ask yourself first...
Which do you want more?
Cause you are going to lose one or the other.

IF that money is that important to you then you will have to take him to court. And NO you don't have to have a signed contract. A verbal contract is legal and binding. So you are still able to go to court.

Answer 2

If you take him to court without a any paper work, it is your word against his.

My advice, go to him, ask for the money. If he acknowledges he owes you the money, have him sign anything, a 3X5 card even that he owes you the money and have him date it and sign it.

There is your contract and the judge will rule for you.

BUT

The problem after that, how do you collect the money? If he has no assets, or job, or more then one car, or possessions worth anything, then you are out of luck.

If he has two cars, or a nice guitar, or a book collection, or anything that does not have to do with his immediate living or his work, then you can get your money back by having the sheriff come out and get the stuff. Then not only will he be forced to pay court costs, but also sheriffs cost, impound and storage fees.......I mean, you can really screw the guy.

My source:
I did exactly that and while I lost a friend I never had to start with, I got my pound of flesh and did it legally. In the end, the $600 he owed me turned out to be close to $900 after all the fee's.

DO NOT TAKE THE LAW INTO YOUR OWN HANDS

and in the future, if you loan money to a friend, consider it a gift. Friends have the best intentions, but when it comes to paying up, the best intentions almost always are forgotten.

Peace

Jim

.

Answer 3

If you had a written agreement with your friend that he would pay the money back, you can write him a demand note and give him a reasonable amount of time to come up with the money. If he doesn't come up with the money, then you can take him to court. Small claims court if the amount fits the parameters in your state.

If you do not have a written agreement that he pay you the money back, it will be your word against his and you may or may not win, depending on what is said in court.

If you sue him, you will lose your friend.

Never loan money without a written agreement to pay it back. Never loan money to a friend. Give the friend the money if you can afford it and ask that they pay it back when they can. Then forget about it, consider it a gift. If the friend pays part or all of it back, say thanks, but don't expect to see the money again, it was a gift, after all.

Answer 4

The only way you can get it back is to ask for it. You can't take someone to court unless there was a signed agreement when you lent him the money.