Loaned a friend cash, worried he might not pay in time

indo80 said:
I'm not a lawyer but when you change conditions on a contract like not getting your payments paid in installments but in a lump sum doesnt that contract become weak? Perhaps you should get that contract amended by a lawyer to save your behind or at least get an opinion from a lawyer.

Its a bad sign that he isnt fulfilling his obligations like they were promised.....if a lawyer is involved im assuming its fair change...
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Yeah, legal advise would be free for me as I have a cousin and friend who are lawyers. It might a problem if I would have to take legal action.

The contract also states that I get an additional fee per month for every month after November if the total amount is not paid by then.
 
LEGS MAHONEY said:
Beat him in the face with a pistol in his driveway goodfellas style
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You give their bitches Christianity and you shoot any man who looks at you funny.
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SSgt Dickweed said:
$1400 principal + 20% interest for a year. $1680 in total.

Should I get my lawyer cousin/friend involved?
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wow that is not a lot to invest in a business......you have to think to yourself if a businessman cant even come up with 1400 bucks than what type of a businessman is he. Hopefully, you get your money back but keep your greed in check when looking to invest money.
 
SSgt Dickweed said:
I'm willing to give him some slack bec he's a buddy after all. I asked him right after if he could pay me half by September. Still waiting for a reply. This entire convo happened less than an hour ago.
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A good sign? He agreed to my half by September, half by November terms.
 
SSgt Dickweed said:
A good sign? He agreed to my half by September, half by November terms.
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well its better than a straight NO but you bought yourself a headache for 280 bucks. I hope you get everything back and your buddy is legit but i got ripped off for 2k in my early 20's. However, it taught me a really good lesson to watch your behind as there are a lot of wolves in sheep's clothing out there. I loaned a wife's friend 1.5 k a year ago but in reality i expected to lose everything even though i hoped for everything back. She did pay back on time with no hassles but i would never lend her more than 1.5k as that's the max im willing to lose.
 
indo80 said:
wow that is not a lot to invest in a business......you have to think to yourself if a businessman cant even come up with 1400 bucks than what type of a businessman is he. Hopefully, you get your money back but keep your greed in check when looking to invest money.
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My thoughts exactly.
 
SSgt Dickweed said:
So anyone with real advice or is it just a bunch of blowhards in thread?
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I remember, years and years ago, being stranded in Tokyo for the night with 3 other Brits. We all wanted to go to a few bars for the night, but none of them had any money and were unable to withdraw any cash (atms close after a certain time in Japan).

I had about $500 dollars on me, I ended up lending each of them 100$ each and they all promised to pay me back asap. I know, a bad situation.

To be fair, Two of them paid me back a few days later without me even asking ... one of them, I never saw him or my money again.

It was only a 100$ lost but, it's the principle ... and now I would only lend to family members.

It sucks and I know your feeling. You made your friend sign a contract, so that's good.

I would advise that you give him the deadline that you set and if he misses that deadline, then hand it over to professional debt collectors.

Professional debt collecting companies will get the money for you. You won't get 100% of the money, but you'll get something.
 
You may need to resort to fingering his wife. If that doesn’t work, finger him.
 
bushman505 said:
You may need to resort to fingering his wife. If that doesn’t work, finger him.
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You did a good job of posting while saying nothing of importance in this thread. I'd like to report you so you could be banned, but you'll probably not last long anyway. Advanced goodbye!
 
Pretty sure you aren't allowed to charge 20% APR on a private loan person to person without a license. In California max is 10%.

Thanks to lobbying theres little to no cap on what licensed financial institutions can charge. I built vaults for one that charged 460%
 
SSgt Dickweed said:
What can I do to ensure that he pays without pissing him off and straining our relationship (not really close)?
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The question you need to answer is -

What if he doesn't pay you anything at all?

Can you do anything about it?
What are you going to do about it?
Do you have the balls to do anything about it?
And does he know you have the balls to do anything about it?
 
GearSolidMetal said:
The question you need to answer is -

What if he doesn't pay you anything at all?

Can you do anything about it?
What are you going to do about it?
Do you have the balls to do anything about it?
And does he know you have the balls to do anything about it?
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Legal action and pressuring him via common and police friends are what I thought initially.
 
Also super lolz at charging a "friend" 20% interest. Doesn't sound like a very close friend. Either help someone out, or don't. Sounds like an attempt to turn a friends hardship into profit. Gross.
 
SSgt Dickweed said:
Legal action and pressuring him via common and police friends are what I thought initially.
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'Legal Action' meaning small claims court?

And what if you win the judgement, and he still doesn't pay you?
 
GearSolidMetal said:
'Legal Action' meaning small claims court?

And what if you win the judgement, and he still doesn't pay you?
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I imagine he would fear that for the sake of his reputation/business and pay up even if he has to sell his ride.
 
Mike said:
Also super lolz at charging a "friend" 20% interest. Doesn't sound like a very close friend. Either help someone out, or don't. Sounds like an attempt to turn a friends hardship into profit. Gross.
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Didn't you just say you would never loan a friend? Shut the hell up.
 
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