What to do if a friend doesn’t pay back a loan that was taken from me?

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What to do if a friend doesn’t pay back a loan that was taken from me?

This friend told me that he would help me to invest in some share markets, over a year ago. I trusted him that time and I do not have a B&W written of shares bought. But when the time came for me to receive my returns, he gave me lots of excuses. As for today, I was told by him that he will pay me partially first and he will give me a call once the money is ready but he is avoiding my calls and messages. I’ve decided to ask some legal advice on what will happen if I file a law suit against him. Will I be able to win this case?

Asked on November 26, 2011 under Bankruptcy Law, New York

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From what you have written, it is hard to give you an opinion as to the chances of suceeding in a lawsuit against your friend who you loaned money to. For starts, I would write him or her a letter memorializing the facts of the loan requesting a written response to the letter by a certain date. Keep a copy of the letter for future reference.

If you do not receive a response from your friend in the time period requested, you should consider that your friend will not honor his or her agreement to you and that you might need to file suit to get the money you lent back. I suggest sending a promissory note to be signed by your friend setting forth the amount loaned and that it be signed, dated and returned to you. Forms can be found by an online search.


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