Loaned money to Friend

[Dodenhoff1]

South Carolina

Hello I wanted to know if I had any legal basis to sue based on my situation. In October of 2008 I loaned a "friend" $7500 to help pay for his daughters ear surgery. He didnt have insurance and he himself had been out of work earlier that year from a car wreck. He promised that he would be able to pay me back very quickly because he would be getting some good checks from work. I didnt have the money to loan him, but I knew him and didnt want his daughter to be in pain. I took out a loan from a local bank gave him the money. The guy didnt use the money for his daughter, he had lied to me and purchased drugs. He never was able to give me the money but again promised to make the monthly loan payments. He paid the first payment with a check and now has stop paying, I know he has a good job and is making money. What can I do?What is the name of your state (only U.S. law)?

 

[racer72]

Hello I wanted to know if I had any legal basis to sue based on my situation

Yes you do.

 

[Dodenhoff1]

On what grounds should I base the law suit? Should I go through Civil court?

 

[Dodenhoff1]

Would it be possible to have the loan transferred into his name? Its a 2 year loan and 3 payments have been made, 2 by me at this point. I cant afford an extra $360 a month for the loan at this point.

 

[Antigone*]

Would it be possible to have the loan transferred into his name? Its a 2 year loan and 3 payments have been made, 2 by me at this point. I cant afford an extra $360 a month for the loan at this point.

Transferring the loan to his name is not a likely option. You really put yourself in a horrible situation and will most likely come out on the losing end.