Loaning money to friends

[1775usmarine]

And that is pretty much on point.

The "Oh woe is me I am so broke" crowd. Latest TV/game console/I-phone etc.

Thats what gofundme is for. You can always find a sucker to pay for your lack of judgement or planning.

 

[Hoosierdood]

I don't think you jacked the thread CM. Same subject, different circumstances, same result.

Yep. Chalk it up to being a genuinely kind person, and having someone completely take advantage of your generosity.

 

[Hoosierdood]

Update****

Friend paid me $500 (of the $3000 owed) on Feb 14. I thought that was a good sign of things to come. I was wrong. He has stopped all communication with me, so I stopped by his house on March 25. Wasn't violent, but made it clear to him that I expected my money back post-haste. He responded the next day by telling me if I showed up at his house again he would have me trespassed. He hasn't responded to my attempts at communication since then.

I will be sending a certified letter to him tomorrow giving him 2 weeks to contact me and make arrangements to settle the debt.

After that, looks like small claims court is my only recourse.

 

[KittySlayer]

He’s probably waiting on his Plague Check from the government to pay you back.

In the end it will be kind of like loaning him the money to pay you back.

 

[churchmouse]

Yeah I never saw a dime either. The list of those I will go out of my way to help grows shorter and shorter.

10 years ago I would have handled this very differently but anymore, some people are not worth the wasted energy.

 

[Brad69]

Hoosierdood is a good guy for having faith in people!

Since I didn’t get a .gov check I am accepting money from anyone that wants to give it to me!
I promise to p$$s it away quickly and not have anything to show for it.

 

[chocktaw2]

Yeah I never saw a dime either. The list of those I will go out of my way to help grows shorter and shorter.

10 years ago I would have handled this very differently but anymore, some people are not worth the wasted energy.

I got a job for ya, since you down on your luck.

 

[Cameramonkey]

Update****

Friend paid me $500 (of the $3000 owed) on Feb 14. I thought that was a good sign of things to come. I was wrong. He has stopped all communication with me, so I stopped by his house on March 25. Wasn't violent, but made it clear to him that I expected my money back post-haste. He responded the next day by telling me if I showed up at his house again he would have me trespassed. He hasn't responded to my attempts at communication since then.

I will be sending a certified letter to him tomorrow giving him 2 weeks to contact me and make arrangements to settle the debt.

After that, looks like small claims court is my only recourse.

That right there tells me your letter is a waste of postage.

File the claim ASAP.

 

[Hoosierdood]

That right there tells me your letter is a waste of postage.

File the claim ASAP.

Oh, I agree with you. But for my own benefit, I don't want to look back at this and wonder if there was anything more I could have done to settle it civilly. I am a firm believer that everyone has choices to make, and they are responsible for their own choices. I choose to do everything in my power to handle this out of court. I'm not looking forward to how messy this will get once I serve him papers. He can choose how he wishes to respond to my attempts.

 

[Dead Duck]

Just another step (hopefully) forward.

Document EVERYTHING.
Do you have a voice recorder for your person AND for phone calls? They come in handy. Indiana, legally, you only need permission from one party for calls.... and that's you.

 

[Cameramonkey]

Update****

Friend paid me $500 (of the $3000 owed) on Feb 14. I thought that was a good sign of things to come. I was wrong. He has stopped all communication with me, so I stopped by his house on March 25. Wasn't violent, but made it clear to him that I expected my money back post-haste. He responded the next day by telling me if I showed up at his house again he would have me trespassed. He hasn't responded to my attempts at communication since then.

I will be sending a certified letter to him tomorrow giving him 2 weeks to contact me and make arrangements to settle the debt.

After that, looks like small claims court is my only recourse.

Oh, I agree with you. But for my own benefit, I don't want to look back at this and wonder if there was anything more I could have done to settle it civilly. I am a firm believer that everyone has choices to make, and they are responsible for their own choices. I choose to do everything in my power to handle this out of court. I'm not looking forward to how messy this will get once I serve him papers. He can choose how he wishes to respond to my attempts.

I can appreciate and respect that. He threatened to trespass you. That is VERY clear that he is finished talking. The only way he could have made it more clear would have been to assault you or point a gun at you. You have gone above and beyond my friend.

Do what you will if it makes you feel better, just know that an outsider looking in sees this as time for the claim. Nothing else will help.

 

[churchmouse]

I can appreciate and respect that. He threatened to trespass you. That is VERY clear that he is finished talking. The only way he could have made it more clear would have been to assault you or point a gun at you. You have gone above and beyond my friend.

Do what you will if it makes you feel better, just know that an outsider looking in sees this as time for the claim. Nothing else will help.

Or just take your lumps and close that chapter. Walk away.

 

[Lil Bob]

One of the best replies I have heard was from my uncle. He told me that he always responded to people who were looking to borrow money with "I was going to ask you if I could borrow some money because I am in a tight spot myself".

 

[HoughMade]

Update****

Friend paid me $500 (of the $3000 owed) on Feb 14. I thought that was a good sign of things to come. I was wrong. He has stopped all communication with me, so I stopped by his house on March 25. Wasn't violent, but made it clear to him that I expected my money back post-haste. He responded the next day by telling me if I showed up at his house again he would have me trespassed. He hasn't responded to my attempts at communication since then.

I will be sending a certified letter to him tomorrow giving him 2 weeks to contact me and make arrangements to settle the debt.

After that, looks like small claims court is my only recourse.

Did you give him cash or write him a check?

A cancelled check with his signature is pretty good evidence.

 

[Hoosierdood]

Did you give him cash or write him a check?

A cancelled check with his signature is pretty good evidence.

Gave him cash. But I have a signed loan agreement as well as numerous text messages confirming receipt.

 

[spec4]

IANAL but I believe you can take him to small claims court. If he doesn't show up, you get a default judgement. That enters the public record. If he owns a house and tries to sell it, the title company will pick up the judgement and put the kabosh on his deal. If he's a renter, you could go for a citation to discover assets. I would contact an attorney and review your options.

 

[HoughMade]

Gave him cash. But I have a signed loan agreement as well as numerous text messages confirming receipt.

Well, you will almost certainly win a small claims case.

Collecting the judgment, though....a more difficult, long and winding road.

IANAL but I believe you can take him to small claims court. If he doesn't show up, you get a default judgement. That enters the public record. If he owns a house and tries to sell it, the title company will pick up the judgement and put the kabosh on his deal...

That's not how that works.

 

[Old Bear]

I have learned that when you loan a friend money, you usually lose both the friend and the money. Never again!!

 

[7hatGuy]

Ive loaned money before personally i get in the mindset of its more of a gift than a loan. The few people i have loaned to I’ve told them to not promise anything. I’ve gotten it back every time surprisingly. Like i said though i just don’t count on getting it back

 

[BigRed]

Just don't.

Even if it's a good friend. Even if you trust them more than anyone.

Some lessons are learned the hard way.


Seriously, if a friend asks to borrow money, just tell them that you value your friendship too much to risk it over a loan.

I would loan money to a friend if I didn't care about ever seeing the money again or losing a friend.