How do I get money back I loaned to a friend?
Question Details:
I loaned my boyfriend $40,000. He keeps stalling every time I ask for him to start paying me back. I didn't ask for any signed papers from him due to the fact that I believed he would pay me back.
First, you should look at your relationship. Is it over or are you still dating, etc? Does he have the money and is he avoiding you, or doesn't he have any money? You should have your lawyer draw up a Note and maybe security on business assets, if possible. If that will not work, you and he should sit down with a psychologist to discuss your relationship and the the money and try to work out an agreement.
Anyone can sue, but that will cost you money and anguish and does not necessarily mean you will get anything.
I hope this helps!
Ron Cappuccio
The only way to get money back is to sue him. Without any promissory note or other paperwork, this will be difficult--you'll need to prove it was a loan, not a gift; you'll also need to prove when he should have begun paying you back, since if repayment is not yet due, he's not in violation. While verbal contracts, including agreements for loans are enforceable, they are more troublesome because proving their terms often come down to "he said, she said." This will be a complex case; you should retain an attorney, and plan to spend some time, effort, and money on it.
