Personal Loan to Friend

[chiquita_bob]

What is the name of your state? Georgia

I know what your saying, "you should have known better". Well I loaned $1400 to a friend so they would not lose their house in Florida. The loan was completed June 2 by personal check. I have many emails stating his intention to make payment. Problem is we borrowed the money from our bank and it is accruing interest, which he said he would pay. I don't know if it has become a legal issue yet, but I need to know what I can do if payment is not made. My husband is the sole provider for us and we are certainly not in a position pay this ourselves. We will do whatever it takes to protect our credit, that we have worked so hard for. What can I do? Is there a cheap way to do it?
Thanks for your advice, Elizabeth

 

[Happy Trails]

What is the name of your state? Georgia

I know what your saying, "you should have known better". Well I loaned $1400 to a friend so they would not lose their house in Florida. The loan was completed June 2 by personal check. I have many emails stating his intention to make payment. Problem is we borrowed the money from our bank and it is accruing interest, which he said he would pay. I don't know if it has become a legal issue yet, but I need to know what I can do if payment is not made. My husband is the sole provider for us and we are certainly not in a position pay this ourselves. We will do whatever it takes to protect our credit, that we have worked so hard for. What can I do? Is there a cheap way to do it?
Thanks for your advice, Elizabeth

I'm not exactly sure what you are asking. You have borrowed money from the bank, this means you are responsible in making the payments. If the person you borrowed the money to doesn't pay you back, then you would have the option of suing him. Once you win a judgement against him, it would be up to you to try to collect the judgement.

Info. link if you need to sue:

http://www.gcacommission.org/counties/Magistrate/civilfaq.html

 

[chiquita_bob]

My concern is that he is located in Florida. I go to the court in my state correct? Also, If I win the judgement, I still have to track him down for the money? Kindof the same situation isn't it? What if he doesnt pay after a judgement?

 

[Happy Trails]

My concern is that he is located in Florida. I go to the court in my state correct? Also, If I win the judgement, I still have to track him down for the money? Kindof the same situation isn't it? What if he doesnt pay after a judgement?

To help you figure out where you need to sue, go here:
http://www.nolo.com/article.cfm/ObjectID/3749BE69-7C26-4C2C-AFD34379F102BCDF/catID/8F965511-320B-429E-AFF92326E148C549/104/308/214/ART/

If he doesn't pay then it is up to you to find a way to collect. Go to #36 in the link I provided in my last post.