How do I get a friend to pay a loan I received for him in my name?

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How do I get a friend to pay a loan I received for him in my name?

I applied for a $10,000 loan for a friend 3 years ago and was approved. My friend begin paying on the loan as scheduled, until recently. He owes $4900 and now he’s refusing to pay. I had an account with the bank where I received the loan, and all of that money was used towards this loan. I need to know what to do at this point to get my money taken out of my account back and to make him finish paying off on this loan. This transaction took place in one state but now I live in another, and he currently lives in a third states; will this make a difference? And I have a signed promissory note.

Asked on May 17, 2012 under Bankruptcy Law, Georgia

Answers:

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

Answered 8 years ago | Contributor

The last line of your question makes me happier.  How you approach this is the issue.  You took out the loan and then you lent the money to him.  You did not "take it out for him" becuase that would show an intent to defraud the lender and I am sure that was not your intent.  Maybe you wanted to gain a credit history and improve your credit.  What ever the reason.  You can now sue on the promissory note (but bring it to an attorney to review to make sure it stands to muster).  Good luck.


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