Lended money

[borreman]

What is the name of your state (only U.S. law)? NV

In April of 2008, I helped a friend who had financial distress, and lended him a check of $5,000. Almost 2 years later, I still have not seen one penny back. As I was less and less in touch with him, I went to visit him 2 months ago and had him sign an aknowledgement of debt form (I know I should have made him signed it when I gave him the check in the first place...).

Anyway, since we are both native French speaking, we made the letter in French, and it states that he owes me $5,000 based on the check he received back in April of 2008. However, since his situation has not gotten any better, we could not agree on a pay back deadline date and left that part blank on the form.

I am now in need of money myself (not terribly, but I am buying a house and every penny counts), and was wondering what my options are? I am guessing that if I was to take him to small claim, a judge would look at it and determine that a reasonable amount of time to reimburse $5,000 has passed (almost 2 years now). Am I completely off?

Any help appreciated
Thank you so much!

 

[Ohiogal]

What is the name of your state (only U.S. law)? NV

In April of 2008, I helped a friend who had financial distress, and lended him a check of $5,000. Almost 2 years later, I still have not seen one penny back. As I was less and less in touch with him, I went to visit him 2 months ago and had him sign an aknowledgement of debt form (I know I should have made him signed it when I gave him the check in the first place...).

Anyway, since we are both native French speaking, we made the letter in French, and it states that he owes me $5,000 based on the check he received back in April of 2008. However, since his situation has not gotten any better, we could not agree on a pay back deadline date and left that part blank on the form.

I am now in need of money myself (not terribly, but I am buying a house and every penny counts), and was wondering what my options are? I am guessing that if I was to take him to small claim, a judge would look at it and determine that a reasonable amount of time to reimburse $5,000 has passed (almost 2 years now). Am I completely off?

Any help appreciated
Thank you so much!

Has he paid anything since he signed? You may get a judgment but that does NOT mean that you will actually get money.

 

[sandyclaus]

The only difference between now and after you sue in small claims is that a judge will have agreed that your friend owes the money and orders it paid. That doesn't put any money in your hands - you are still responsible for actually collecting the debt.

Since your friend has failed to pay anything up to now, what makes you think that a judgment is going to motivate him further? You will have to garnish him, levy his bank accounts, basically carry out the collection efforts to get that money from his hands into your own. It won't be quick enough to solve your own money issues.

 

[borreman]

Thank you all for your inputs.

I dont expect to have the money right away, but what I want is make sure I have tools to threaten him in case he decides to bail out. Apparently I do.

Thank you very much for your inputs.