I gave him check but i wrote loan on the check. He had to give the money in 3 weeks but is almost 4 month and nothing I live in new york. I know that this person has a new car and bought a house 2 years ago. Help how can I get my money back.
( he lives in new Jersey)
2007-10-22 05:59:20 · 15 answers · asked by edibulku 2 in Business & Finance ➔ Renting & Real Estate
I have only the copy of check with the paid to this guy with the word "LOAN " ON IT
2007-10-22 06:11:46 · update #1
HE DOES NOT ANSWER MY PHONE CALLS AND I 'VE GOT PROBLEM AT HOME BECAUSE OF HIM i live in new york he lives in new jersey
2007-10-22 06:13:33 · update #2
Beside the check loan and going together at the bank the rest is verbal
2007-10-22 06:16:49 · update #3
Take him to court.
2007-10-22 06:03:11 · answer #1 · answered by Feeling Mutual 7 · 1⤊ 1⤋
Sucker! Sucker! Sucker! No, seriously, it is good that you have the check and that it clearly states that it's a loan. However, did you have an agreement as to the time frame under which it should be paid back? If you did not specify the time, (a specific date, how many weeks or months) this person could argue that you never gave a time and use it to delay paying you back. Since this "friend" is ignoring you, send a straightforward letter demanding payment in full. Keep a copy of the letter as well as your Fedex envelope and receipt. Ask Fedex to deliver the letter but with the recipient's "signature required" so that he has to sign for it. If he still ignores you, then small claims court is your next step. Be aware that in some states, you can only recoup up to $5,000 in small claims court.
2007-10-22 06:52:39 · answer #2 · answered by bombastic 6 · 0⤊ 0⤋
Yeah, I dealt with the same thing. Besides the "loan" you wrote on the cheque, do you have anything at all that shows that it was a loan? Any emails, letters, recordings between you and your friend that acknowledge that it was a loan? How about another person that can vouch that it was a loan and not a gift?
Small claims would be your best best, but if all you have is the word "loan" written on the cheque, it's going to be a tough case to prove!
In the future, no matter how awkward it may seem, always, always, always have the person sign something stating the terms, and that you both acknowledge that it is a "loan". Besides, if the person has every intention of paying you back, then he won't mind signing anything. If he gives you a bunch of grief about signing something, then you know he already knows he might not pay you back.
Good luck!
2007-10-22 06:12:04 · answer #3 · answered by ? 2 · 0⤊ 0⤋
There is a middle ground to this situation, it might have even occurred to you already - but my opinion is that your dad is basically a gambler and it's taking a diabolical toll on your finances as a whole. What you can offer as an alternative is to provide your services, time & energy on the job - not money because there's been no return - what you need to do is see how these ideas are supposed to play out and what you can do to improve the 'business model', and if there's no telling him, then it's simply over and done with, you have to consider your future and not be pulled down by that while he needs to get on track with some line of work that sees him managing to save for any side project. This should be as plain as the nose on his face, but he is doubtless thinking too far ahead to see the direct consequences of losing large amounts in the interim - he needs to see that being £3000 up and having it to spend any which way he pleases is a massive luxury - he shouldn't have to be told it by his kids, I'm sure you agree it's usually the other way round...., yet you seem to know the value of money and are being snubbed for it. It's imperative you empower your dad somehow with this kind of insight - he should not be able to assume the role of a victim, those losses should have given him a wake up call very early on - "Once bitten, twice shy" would have become his motto and he would not dare use others' money because of the light it casts him in when it trickles away... The person you have described is merely lacking the venue required to be a compulsive gambler, his ventures are the casino, your money is the ante, it's all wrong - you've done the right thing and your motto is a straightforward, "Austerity", so you must know that looking after the pennies ensures the pounds look after themselves - can some of this rub off on your dad...?
2016-05-24 04:24:23 · answer #4 · answered by velda 3 · 0⤊ 0⤋
Was it understood that he would pay you back within three weeks or did you not specify the time frame he had to pay it back?
Have you spoken to your friend and asked him where your money is? He might think he has all the time in the world to pay you back.
If he did know he had a 3 week time frame and now 4 months later he hasn't paid you back, then take him to small claims court to recover your money. The judge will ask you the same thing, was there a written or verbal agreement in place regarding the timeliness of payments back to you or was it just assumed. Cover your a@@ and make sure you have all documented paperwork including a copy of the cancelled check. If it's just your word against his you might have a tough time proving your case.
Now you know why they say never loan money to friends and family.
Good luck
2007-10-22 06:06:56 · answer #5 · answered by Weimaraner Mom 7 · 0⤊ 0⤋
Send him a certified letter asking for repayment. Give him a copy of the original check, and inform him that you will be forced to take him to court if he does not pay you the money back. Keep a copy of the letter and the receipt from the certified mail. Give him a date to respond by. Give him at least 2 weeks.
Call him 2 times a week until the deadline. Whether you get a hold of him or not doesn’t matter. You just need the proof you tried to collect the money on your cell phone records.
Now get a copy of the check, the cell phone records, and the copy of the certified mail receipt and collection letter. Go down to your local court house, and file a small claims case against him.
You may want to take him on a TV court show so that you’re guaranteed the money if you win.
2007-10-22 06:10:42 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Not a very good idea to make the loan, was it?
You can sue him in small claims court, although check in your area, sometimes the limit for small claims court is $5000. If you win, you still don't have your money, just a court judgement that he owes it to you - to actually collect you have to take additional steps and those will cost you money to do.
2007-10-22 06:16:00 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
Your "friend" obviously doesn't think he has to pay you back or even take your calls.
Small claims court. It is user friendly and you don't need a lawyer.
If you don't end up recouping anything, after a period of time you can declare this as a loss on your taxes, and the IRS will count it as income for your "friend" - and hopefully the tax penalty from the IRS will give you some sort of satisfaction.
2007-10-22 10:28:03 · answer #8 · answered by godged 7 · 0⤊ 0⤋
take him to small claims court and force him to pay you back no lawyers involved since it is a low loan amount you just have to show you lent him the money and you have his signature in the check and the copy f the check so just do the american thing sue him and he will be forced to pay you back and the home troubles will go away showing that you are taking action to resolve the issue
2007-10-22 06:48:43 · answer #9 · answered by Fabio G 3 · 0⤊ 0⤋
Small claims limit in NJ is $3000. NY is $5000. You should have got a note in writing specifying the terms. Make a demand, if nothing happens, you can take him to small claims court in NY and loose $1,000
2007-10-22 06:06:43 · answer #10 · answered by Anonymous · 0⤊ 0⤋
You're out your money. That's an expensive way to learn the true meaning of the old canard "Never a lender nor a borrower be!"
2007-10-22 06:16:19 · answer #11 · answered by Anonymous · 0⤊ 0⤋