Loaned friend 10K, cant get it back: HELP
 

I posted this in the beats forum and several people suggested to take legal action. I have no idea how to go about this and would be willing to offer a percentage to anyone willing to help.

I would think the hardest thing to get would be proof, but this person will not deny owing me the money and I have proof through several text messages.

Moreso than the money, it would give me so much satisfaction to get justice from this person who probably thinks he is home free. The story is pasted below.

January 2006, I was out in LA with my good buddy (my best friend at the time). He loses all the money he has on him and I loan him 10K (we've loaned each other money many times and its never been a problem). He runs really bad and loses it all within a few days, no big deal.

We get back home and he tells me he has some financial problems that just came up and I tell him to not worry about the money and just pay me back when he gets situated. Months go by and the conversation of the money never comes up. Finally, he starts running good at poker and gets a decent job on the side.

I finally ask him about the money this past October, and he seems pissed that I would bring it up. He starts ignoring my calls after this and I haven't heard from him since. It is now March of 2007 and still nothing, what are my options? Is there anything I could realistically do to get my money? I need some honest advice. Thanks in advance

Re: Loaned friend 10K, cant get it back: HELP
 

Jorge,

I assume you lent him cash?

I would say you screwed.

Re: Loaned friend 10K, cant get it back: HELP
 

Why do you say I am screwed? This person will not deny owing me the money and I also have proof through recent text messages. I have no clue how to go about with legal action and I need help. Thanks

Re: Loaned friend 10K, cant get it back: HELP
 

I would be interested in any answers to OP, since I am in a similar situation.

I have lent one of my siblings $2000 over 2 years ago, which went to helping them out with their rent and various bills during a time when they couldn't find work.

However, despite repeated attempts to get the money back, I haven't seen a penny of it back.

Whats worse, since I lent them the money, they have continued to rack up tens of thousands more dollars in personal debt; they can never hold down a decent paying job; and they avoid all and any conversation about the money that they owe me.

Golden Rule: Don't lend friends or family money... either you give them the money as a gift; or you don't give them any at all. Anything else just leads to awkward problems...

Re: Loaned friend 10K, cant get it back: HELP
 

[ QUOTE ]
Why do you say I am screwed? This person will not deny owing me the money and I also have proof through recent text messages. I have no clue how to go about with legal action and I need help. Thanks

[/ QUOTE ]

The first and best choice, obviously, is to try to work it out with him. If you're really sure that's impossible, legal action is the only legitimate path to pursue.

It's simple to file a case in small claims court in your local area - pick up the phone book, look in the government pages, make a few calls and ask where to file. In about a year or so, you'll probably have your case heard. After another few months, there will be a verdict. If you happen to win, then comes the frustrating part - it's not easy to actually make the guy pay, unless he respects the system.

On the other hand, the mere act of filing may lead to a negotiation, and perhaps a partial payment if you agree to dismiss.

It all sucks, and shows once again that lending cash to friends while gambling is so often a bad idea. It's a tough lesson.

Re: Loaned friend 10K, cant get it back: HELP
 

[ QUOTE ]
I would be interested in any answers to OP, since I am in a similar situation.

I have lent one of my siblings $2000 over 2 years ago, which went to helping them out with their rent and various bills during a time when they couldn't find work.

[/ QUOTE ]

Your problem may seem similar, but it could be a lot harder (and more painful) since it's your family. I think there's really nothing you can do - filing suit against a sibling will only lead to a lifetime of problems, and there are no assets there anyway. You've learned your lesson at a relatively cheap price; now you've got to move to a "tough love" strategy.

Re: Loaned friend 10K, cant get it back: HELP
 

It varies by jurisdiction, but at least in Texas (where I practice law), filing in small claims court is fairly simple. If you have something in writing in which your friend acknowledges that he owes you money, you will probably win. The trial is basically like People's Court, Judge Judy, etc. Collecting after you win is an entirely different matter, but as another poster noted, simply filing suit may result if some sort of negotiated settlement.

Re: Loaned friend 10K, cant get it back: HELP
 

Don't lend anybody that much. Consider it a lesson.

Re: Loaned friend 10K, cant get it back: HELP
 

get your D-block crew together goto his house and scare the money out of him

Re: Loaned friend 10K, cant get it back: HELP
 

easy solution, costs 1/100th what a lawyer does. bat