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Failure to repay... seeking help.

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Mom_of_4

Junior Member
What is the name of your state? Pennsylvania

Hello,

I would like to thank you first, for taking the time to offer input where input is needed. Its a wonderful feeling to know there are people who volunteer their time for the sake of others.

This is my first time here. I found the site because I was doing some research on civil cases.

Issue at hand - A friend who has failed to repay an $800.00 cash loan. My husband and I gave the loan in Feb. 2005. The loan was a verbal contract (longtime close friend) and was witnesses by another person.The only paperwork we have is our bank statement showing we withdrew the cash on the specific date we made the loan.

Over the course of the year we have been given promise after promise, date after date for repayment... only to end in excuse after excuse and no repayment.

The friend does not deny they owe us this money and (maybe I am naive) but I don't think they would deny it in court.

Questions - Is there a statue of limitations on a case like this? Does our witness count in this case? What are the chances this will prevail in court and judgment for repayment be made based on having only a witness? We fear that if we let this go any longer, we may never see the money anyway. If we were to get a written statement from the friend documenting that they owe this money to us, will it still stand even after all this time?

Any other information regarding a way to try and get repayment is very much appreciated.

..... And for the record, don't ever loan money to friends, no matter how long you have known them. :( Lesson learned.

Thank you so much!
~MWhat is the name of your state?
 


seniorjudge

Senior Member
Mom_of_4 said:
What is the name of your state? Pennsylvania

Hello,

I would like to thank you first, for taking the time to offer input where input is needed. Its a wonderful feeling to know there are people who volunteer their time for the sake of others.

This is my first time here. I found the site because I was doing some research on civil cases.

Issue at hand - A friend who has failed to repay an $800.00 cash loan. My husband and I gave the loan in Feb. 2005. The loan was a verbal contract (longtime close friend) and was witnesses by another person.The only paperwork we have is our bank statement showing we withdrew the cash on the specific date we made the loan.

Over the course of the year we have been given promise after promise, date after date for repayment... only to end in excuse after excuse and no repayment.

The friend does not deny they owe us this money and (maybe I am naive) but I don't think they would deny it in court.

Questions - Is there a statue of limitations on a case like this? Does our witness count in this case? What are the chances this will prevail in court and judgment for repayment be made based on having only a witness? We fear that if we let this go any longer, we may never see the money anyway. If we were to get a written statement from the friend documenting that they owe this money to us, will it still stand even after all this time?

Any other information regarding a way to try and get repayment is very much appreciated.

..... And for the record, don't ever loan money to friends, no matter how long you have known them. :( Lesson learned.

Thank you so much!
~MWhat is the name of your state?

Sue the bum in small claims court and take your friend to court with you to testify on your behalf.



And for the record, don't ever loan money to friends, no matter how long you have known them.

Unless they have collateral worth more than the loan....
 

ENASNI

Senior Member
Mom_of_4 said:
What is the name of your state? Pennsylvania

Hello,

I would like to thank you first, for taking the time to offer input where input is needed. Its a wonderful feeling to know there are people who volunteer their time for the sake of others.

This is my first time here. I found the site because I was doing some research on civil cases.

Issue at hand - A friend who has failed to repay an $800.00 cash loan. My husband and I gave the loan in Feb. 2005. The loan was a verbal contract (longtime close friend) and was witnesses by another person.The only paperwork we have is our bank statement showing we withdrew the cash on the specific date we made the loan.

Over the course of the year we have been given promise after promise, date after date for repayment... only to end in excuse after excuse and no repayment.

The friend does not deny they owe us this money and (maybe I am naive) but I don't think they would deny it in court.

Questions - Is there a statue of limitations on a case like this? Does our witness count in this case? What are the chances this will prevail in court and judgment for repayment be made based on having only a witness? We fear that if we let this go any longer, we may never see the money anyway. If we were to get a written statement from the friend documenting that they owe this money to us, will it still stand even after all this time?

Any other information regarding a way to try and get repayment is very much appreciated.

..... And for the record, don't ever loan money to friends, no matter how long you have known them. :( Lesson learned.

Thank you so much!
~MWhat is the name of your state?
The statute of limitations on verbal contracts for your state is 4 years.
 

Mom_of_4

Junior Member
Thank you Seniorjudge. I'm thinking it would be wise to take action now. At this point, what do we have to lose besides a court fee. Its a horrible circumstance when close friends take advantage.

Unless they have collateral worth more than the loan....[/QUOTE]


I wanted to touch base on this. My husband is a mechanic and we currently have a motorcycle here, (belongs to the same couple we gave the loan to) my husband was tinkering with the bike and storing it here as a friendly favor. The bike needs to be torn down and rebuilt (its an older Harley).... But husband has contacts in the auto industry and recently had the tank and fenders of the bike repainted for free... a normally pretty pricey ordeal.

I have made suggestion to my husband that this motorcycle will not leave our hands until we get repaid. I mostly said this out of frustration, but do I actually have the right to with hold it as collateral?

Thank you for your time Seniojudge! :)
~M
 

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