Loaned a friend money.......

Naughty_shorty

Hello

Can anyone help me, I loaned a friend a small amount of money (well in consideration to some loans I read about) for him to buy some DJ equipment.

He is now delaying paying me back. :mad: I've been extremely patient and given him time and space.

Do I have any legal standing, I have text messages from him confirming he will pay me blah blah so he knows its a loan....

Any advise greatly received.

Many thanks
Jo

paddyrg

You'd better just be patient unless you want to 1) wreck a friendship and/or 2) head to court.

goodgirl80

Naughty_shorty wrote: »

Hello


Do I have any legal standing, I have text messages from him confirming he will pay me blah blah so he knows its a loan....

Any advise greatly received.

Many thanks
Jo

They might want to head to court.. OP did you get a receipt of the money you lent?

FOURCANDLES_2

Well I am helping a friend in debt and that is all I am doing I could lend him the dosh but no because we have been friends for years and I know that when you lend friends money it always ends in tears. I f he is a real friend and you want to keep it that way try and get it back in bits and drabs then you will not fall out over it . If you take him to court and all that rubbish you will end up with no friend and probably no dosh MY MOTTO IS DO NOT LEND AND DO NOT BORROW FOR A HASSLE FREE LIFE IF PEOPLE PUT AS MUCH EFFORT IN TO SAVING AS APPLYING FOR CREDIT OR GETTING A GOOD CREDIT SCORE THEY WOULD BE FAR HAPPIER. .

zzzLazyDaisy

It is a bit late now, but never lend money that you are not prepared to give away. If you get it back, it's a bonus, if you don't you're not out of pocket because you've already written it off.

As for your rights - you can make a claim in the small claims court. It will trash your friendship, and if your friend is determined not to pay, you'll be throwing good money after bad.

Naughty_shorty

Thanks all, I have been very patient and given him every opportunity to pay small amounts back on a monthly basis.

I guess I will just have to keep asking and see where it goes. I don't want to go to court or anything, but I just wanted to find something a little legal I could use in my persuation......

Appreciate all of your comments, and suggestions. THANK YOU

climbgirl

Legally your only recourse is to take the friend to small claims court - however, even if you win the case, there's still no guarantee you'll get the money back. They can't force someone to pay back something they don't have.

You can however threaten the friend with small claims as a scare tactic - but if you value the friendship at all, probably not the best approach!

paddyrg

Could you talk to them and discuss selling the DJ gear? It may be a bit of a wake-up call.

27col

Why all the concern about losing a friend. If someone is prepared to rip off a friend by making no effort to pay back a loan made in good faith, then they are no friend and the loss of their "friendship" is no loss at all.

ILW

Get a bigger friend to have a word.

jodyg

can you sit down together and work out a payment plan - like get him to face up, and ask him straight out, okay, what can you afford per month... then write it out (at the same discussion). explain to him that you need the money back... if he shuts down, then you could say sell the equipment... then court as a last resort. but i reckon friends and money don't mix!