dustiiart
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Oooeeww, debt recovery agencies could make your friendship dissolve almost immediately. They are known to be pretty hard core at times and they can really pi*ss people off.
If you choose debt recovery, your friendship may very well be ended and it could cause animosity. Think about what you have right now and determine if it is actually worth losing a friendship over.
Perhaps saying "I really don't want to throw this to a collections agency or anything, can we work something out so that you can Honor this loan?" If the friend is struggling, see if offering a set sum a month that is a little lower than the initial agreed upon one, solves the problem. If you loaned him money before he may be in that position again seeking some kind of reprieve from something. Perhaps he already has collection people bugging him. Never know.
I'd try to work it out without someone elses handy work getting involved...if you find out the reason for non pay, you can probably work on a solution that works for both of you and still have the friendship intact. Of course if you've tried being Mr nice guy and it has bombed, then you may have no recourse except the collection route...tell him your intentions first tho, sometimes it is interesting how they get together the necessary funds when they believe their credit rating could be harmed.
Next time, you can then adhere to the "don't a lender or borrower be", well at least the first part, and as well they say lending to a friend sometimes ends the friendship....hopefully yours remains intact. |
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♪ ♥ Sydney ♪ ♥
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No, don't sell your debt to a debt recovery agency. They aren't particularly trust worthy in my mind. Instead, see legal advice and consider taking your "friend" to court. The promissory note is your golden ticket.
Please don't go loaning out money to your friends in the future. Harsh, I know...but stuff like this is bound to happen again. |
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caprilover79
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go round and kill his entire family very very painfully, untill he pays up, use each one of his bones as payment, 1 penny of the bill for every broken one |
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,¸¸,ø¤ºLouis Vuittonº¤ø,¸¸,
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I would file a claim with the small claims court.
Very easy to do and very quick. |
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g8bvl
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if you have a reciept you can take the matter to the small claims court, this will cost approx £100 to present, following the ruling there will be either a repayment plan set up of an order to pay the lot.
You could sell the debt to a "company" this may cost a little more, up to £500.
Either way you are looking at an old friendship! |
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Ihateyou
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I think it is a good idea. That is a huge sum of money. I would take legal action! |
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katrinajoy
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You can either sell the debt, usually for pennies on the dollar, or you can sue.
If you have a signed letter stating that you were to be paid back and he hasn't kept up his end of the bargain there is no way that he can say he didn't know that this was a loan.
The only problem with this is if you do get a judgment against him you'll still have to collect the monies. It doesn't automatically mean that you'll get the money back. You may have to take it past the initial suing and try for a wage garnishment. |
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nikky_c2000
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either sell it or take him to court |
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aka_guardian
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well that depends on if you plan on keeping this person as a friend. the debt recovery agency is gonna buy the debt from you for a price substanually lower then what you gave. and for 50 dollars you can just file a suit in common pleas court at least thats the price where i live. but i have to ask did you get the note he signed notorized if not then it might not be legal binding in your state. if you decide to go to court then dont hire a lawyer as long as you have the telephone records showing where you called, the emails you sent to this person and any and all responses this person sent back to you. you could always record the any conversations but know this the supreme court decided years ago that recordings can not be used in a court of law for civial matters unless all parties involved know they are being recored and give their consent. just besure to present all the evidence you have to present your case. |
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Bolan
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As a business or company, knowing the best course to take to recover bad debts can be a challenge. This is because some of your clients:
May simply be unorganised when it comes to paying on time.
Others may try and push it as long as possible before having to pay up
Some are plainly evading paying at all.
Therefore an informed decision about the long-term viability of future clients and suppliers is crucial. CheckSURE provides instant online company credit reports and information to your desktop, helping you to attain important information on any company.
You need to take control to recover bad debts, you need to recover bad debts before it has an effect on your business. It only takes a couple of late payments to create cash flow problems and push your business into trouble. Just non-payment from one customer could spell the end of your business if you are dependant on that money coming in at a certain time.
As a small or medium business, you can recover bad debts in a cost effective way, without taking up too much time and energy. You can assign an agency like www.creditcontrolonline.com to recover bad debts for you. Under your direct control, these agencies allow you to recover bad debts in the best way possible.
Using agencies to recover bad debts can mean an end to those immediate concerns. They will help you to make major improvements on the level of your overdue debt. By lessening the number of overdue accounts you have, the less likely you will get into financial difficulty. Using this method to recover bad debts also has the benefit of you being in control. It will also identify the debtor’s ability to pay the money and gives you the reasons for their non-payment.
To recover bad debts from delinquent debtors effectively can be a challenge. Debt collection action may be a necessary step you have to take to recover bad debts.
Knowing when to take legal action to recover bad debts is also not an easy decision to make. Threatening legal action with a solicitor’s letter can often achieve recovery without court proceedings being necessary. This kind of action to recover bad debts ensures that the debtor understands the seriousness of their position and forces them into immediate action.
The job of recovering bad debts can be a hassle and obtaining credit information on potential clients from checkSURE can help you avoid the stress at a later stage of having to recover bad debts. |
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Nimbus
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I have just been through this myself.
1 Get a judgement - you can do this on line in UK via money claim on line
2 when you have judgement you can then enforce it with a bailiff, or third party debt order (freezing their bank account) , or a charge on their house (which only works if they want to sell it) I tried the last two and he still didn't pay up. Selling the debt may work but you will loose a big slice of the debt.
It all depends on how much you now about the person, you need to work out is it "cant pay" or "wont pay" if its the former then your strategy is limited to the charge on property |
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normantrousdale@btinternet.com
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JUDGE JUDY!!!!!!!!!!!
She'd sort them right out!!!
Or go after them with a big sword |
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Franco
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Learn the lesson I have learnt and never have business dealings with friends. It is the one certain way to lose them.
Give your friend a written, one week's, final notice to contact you for final discussion, or you will go to a lawyer.
Failing that, go to a lawyer and take his advice. Make sure you claim for the debt, plus reasonable interest, plus your legal expenses.
Go to a dept collection agency as a last resort, because of the cost. |
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sarah c
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Your friend knows he has to pay the money back, and you've already been reasonable and patient about it. If he's not going to do the decent thing, then its up to you to decide what to do next.
It's not about whether you value the friendship; he's already shown he doesn't. You could try the small claims court, they've changed the amounts they can deal with, there are now two levels of claim.
This link might give you some advice. |
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gooner_jim
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With all due respect, you sound like an idiot..... why on earth would you lend someone a 5 figure sum? Maybe ur brother, but not a friend, especially as one you know to be unreliable, had to have been to even ask you for the loan, not a bank ....
if he goes bankrupt, you've had it pal! more fool you |
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sam s
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bring him to court |
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Paul D
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That seems very drastic. Have you tried breaking his thumbs? |
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Maria b
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If he signed a letter stating that he would pay you back then take him to small claims court. If you have the evidence and should win a judgement against him, |
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