I loaned out some money to a friend, it’s way past the agreed refund time, I really am in need of money and the person isn’t saying anything positive. What should do?
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I loaned out some money to a friend, it’s way past the agreed refund time, I really am in need of money and the person isn’t saying anything positive. What should do?
I would make it a point to talk with with them and work out a payment arrangement. I would not go into attack mode as they are more likely to flee. First I would never loan money to anyone especially friends and family because you never want to damage a relationship over something like money. Second, try to understand the problem they have and work out a way to get paid off the principal balance plus interest. If it gets serious and they avoid you completely, you could take them to small claims court or regular court but that can get expensive and you better prove a transaction took place.
If the amount is not that significant, I’ll advise that you just forget it. But if you have lent a substantial amount or intend to do so, make sure that you make a written agreement with the debtor in a very simple way. Have the agreement typed in a simple language and get the debtor’s signature. If you pay by check, make sure that you get and keep the image of the check. In that case, if the debtor insist not to pay, you can go to a solicitor asking him/her to write him a letter. In most cases a letter from a solicitor would rattle the cage!