If I loaned a friend money but they have ignored my requests for re-payment, what is my next step?
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If I loaned a friend money but they have ignored my requests for re-payment, what is my next step?
I loaned a friend $8,000 about 15 months ago. I have proof in the bank account of the money transfer and multiple e-mails requesting repayment. After being dodged and ignored for months on end I have decided it’s time to pursue a much more aggressive stance. I’m basically wondering what my options are as of this point. I need the money back desperately and I’m at my wits end.
Asked on December 13, 2011 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you loane a friend $8,000 15 months ago and have not received any payment on the loan, i would write the friend one last letter stating the need for him or her to start making monthly payments back to you on the loan starting by a set date. Included in the letter should be a promissory note (forms for such can be found online) to be dated, signed and returned to you by a certain date.
I would keep all correspondence sent to your friend for future use and need. If you get no response to the last demand letter, your option is to file a lawsuit for the money owed. Unfortunately the $8,000 owed exceeds the jurisdiction of most small claims courts in the states in this country. You might need to consult with an attorney that practices contract law.
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