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Money issues
Out of the goodness of my heart of loaned a "friend" a large amount of money over the course of several months. With the option that they pay me back by working it off or cash. A little cash has been paid and some of the work has been done. But, now that it's spring, this person is going out partying all the time and not making an effort. I am unemployed and need the money.....thinking about getting a lien put on their house because now they are in a big hurry to move to FLA. What should I do? Can't afford court fees.
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Want to answer more questions in the Relationships category?
Maybe give some free advice about: Friendship?
I'm afraid your options are few then, unless you can find a lawyer willing to do this for a cut of what you get back. The unfortunate part of this idea is, he may take most of what you are owed, but try anyway, someone may take pity on you.
My rule of thumb is, never loan anyone money expecting to get it back, so never loan more then you can afford to loan. Just like never gamble with money you can't afford to lose.
Write this person off as both a friend and a debt, their unwillingness to sign a promissory note kinda says it all, you should have done this before you gave them the money, live and learn.
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I would first contact the person who owes you the money in an effort to attempt a verbal agreement of repayment differing from their labor or working it off for cash. Working it off doesn't pay your bills. Attempt to make a verbal agreement of a specified monthly or weekly payment amount. Record the conversation.
Go on line get a promissory note (you will need a legal document specifying paymentarrangement/agreement). Be sure to indicate your intention of taking to small claims court and their responsibility of paying court costs associated with court, should it come to that point. Have it notarized. Should payment default and not be kept as agreed- take the person to small claims court, obtain a judgement w/ or w/out their presence as you promised you would in the promissory note agreement.
Most importantly LEARN from the experience and DO NOT loan out $ especially to freinds and/or family. Money is indeed the root of all evil. You can honestly chalk the $ up as a lost because they most likely have no intent of repaying you. They knew that when they borrowed it. I would follow through with legal action out of love. As you have learned not to loan money anymore. They too will learn not to borrow money anymore. Good Luck!!
Venom_97
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