How best to collect on a debt early?

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How best to collect on a debt early?

I recently loaned money in the amount of $1700 to a boyfriend. Shortly after loaning the money he disappeared and changed his cell number. However, I have a written agreement; I gave him until 11/11 to repay. I have his rental address but his roommate told me that he is behind in his rent and may be forced to leave. I am worried that by the time November comes he will be untraceable. What legal rights do I have now to recover the debt while I have his address?

Asked on January 30, 2011 under Bankruptcy Law, New York

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Generally speaking, you can not recover a debt until it is past due.  I strongly suggest that you take the written agreement to an attorney to read asap.  He or she will let you know that your options are upon reading it.  I hope that it conforms to what is necessary in your state to qualify as a promissory note.  Sounds like he can pay in full in one lump sum in November and is not to pay in monthly installments, correct? In the meantime, you need to make sure that you have the necessary information to track him down when the time comes.  Do you know his full name?   Date of birth?  Driver's license number?  Social security number?  Where he works?  Try and get as much info on him that you can.  Even his license plate number.  Good luck to you.


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