How to recover a personal loan?

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How to recover a personal loan?

I had made a $1000 payment for someone using my credit card and was expected to be paid back. The debtor paid a small part, stalled and made a lot of verbal promises – none of which were kept. Finally, we spoke and set up a payment plan for which I received post-dated checks dated 15 days apart until next month. The first of these checks was presented to the bank on the date written on the check. The bank refused to honor the check. On contacting the debtor by phone, he threatened to cancel the rest of the checks. I have 1 worthless check and a few more potential bad checks. How do I proceed?

Asked on November 13, 2011 under Bankruptcy Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If the debtor has presented you with a bad check and a few more potential bad checks it seems that the debtor has no intent on paying you the money owed.

I would write the person who owes you the money a demand to be paid in full by a set date and if not, your recourse is to file a small claims court action. Good luck.


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