Need help with a loan to a friend

bam1982 · #1 12-11-2006, 03:26 PM

About a year and a half ago I loaned a good friend of mine (at the time) $2k because he was broke and going through a divorce. He said he was getting a military check in January and would be able to pay me back then. Here it is December and now he screens my calls and doesn't reply to any emails and he moved to Michigan to go to Grad. school. What should I do to get my money bc at the time I didn't need bc i took his word he would have it back to me by Jan. Now he has bailed and ignores me trying to contact him bc I am in sort of a bind and need that money. Any suggestions?

gull · #2 12-11-2006, 03:54 PM

Loaning money to "friends" can really, really suck.

Do you have anything in writing?

punkass · #3 12-11-2006, 03:58 PM

your money is gone.
he was not a good friend obviously.

learn, and move on.

bam1982 · #4 12-11-2006, 04:01 PM

nothing in writing. just a handshake agreement. i know he is broke, but it doesn't help he partys all the time and blows his money. i wouldn't normally loan money like that but at the time he was one of my best friends and was struggling

aceupthepants · #5 12-11-2006, 04:30 PM

If you can get in contact with him I would suggest working out a payment plan. Even if it is 50 dollars a week it's better then nothing.

vegasbob · #6 12-11-2006, 11:59 PM

you can right off the loss on your taxes so that will save you something

gull · #7 12-12-2006, 02:42 AM

I'd keep trying to get in contact with him. Sorry about your situation.

Jeff_B · #8 12-12-2006, 02:44 AM

Hire Frank the Tank and give him half if he collects.

markum9 · #9 12-12-2006, 07:42 PM

[ QUOTE ]
you can right off the loss on your taxes so that will save you something

[/ QUOTE ]

The best part about this is that technically your friend then has to pay taxes on the 2K he received as it's now income for him. (might be considered a gift, but i'm not sure). He probably won't pay, but then you can feel good knowing that he's committing tax fraud.

Other than working out a payment plan, there's probably not much you can do...

NajdorfDefense · #10 12-13-2006, 03:40 PM

[ QUOTE ]
[ QUOTE ]
you can right off the loss on your taxes so that will save you something

[/ QUOTE ]

The best part about this is that technically your friend then has to pay taxes on the 2K he received as it's now income for him. (might be considered a gift, but i'm not sure). H

[/ QUOTE ]

His friend can claim 'gift' which is tax-free to him.