Getting your money back?

[phred]

How would you go about getting your money back that you loaned to a friend who was in need and hasn't paid back in more than a year?

Legally I mean, as repeated attempts have failed.

Time to harden up. They aren't your freinds if they won't pay their debts when they clearly should be able to. You should not feel any qualms about putting on some pressure. They are lucky it isn't the bank they are dealing with.

Be fair but be firm.

[mynameis]

Been there done that it is hard, more so when they 'were' good mates, now not so good, really is better to avoid lending at all, but hell really if they are on $70+$100g a year shit me what is the problem ? hell wife and I and many others in this country survive on $35g a year some on less...

I know but like I said before they are stupid with their money, who spends $800 a week on rent? I was the one who got him the 100k IT role when I was in Recruitment. Grr !!

[Deano]

: playnice :

Is your friend playing 'nice' ?

Do unto others is my motto.

[Slyer]

Ask them for a loan.

[Dave Lobster]

I know but like I said before they are stupid with their money,

Pfft.. not your problem.

[steve_t]

From now on, only communicate regarding the debt in writing, probably email. Once you've got a confirmation of the debt, start imposing your own time line for payment. Probably start with a date by which the entire amount must be paid, but also suggest that if they need to pay in installments, that they need to arrange that with you. Once they don't meet these fair and reasonable payment obligations, look at citizens advice, debt collection or possibly a disputes tribunal lodgement

[Love my Bonnie]

Just borrow something of her and sell it on trade me

Alls fair in love & war honey

[Sensei]

People paid me to get their money etc back one way or the other & most of the time it was their " Mate's " You either want your money or not ! If you want it then do what ever it takes & don't worry how it's done or stop CRYING about it & write it off .

[220 Ohms]

You could try getting a lawyer to send them a letter, not threatening anything just a letter asking for the money but on a legal firms letterhead.

[FROSTY:Me]

mate its not what you say its how you say it.
Its pretty clearcut YOU need to grow some balls (in this situation).
Frankly your "freind" is taking the piss and In my opinion if they intended to pay you back they would have by now.
So the easiest way is to work out on paper a payment structure that is affordable.don't forget to load in the interest component on that money -someone had to pay it and it shouldn't be you.
Present the payment structure to them and ask which WEEK they want to start payments THIS week or NEXT?
Their intentions re the money will become really clear really fast
If they plead poverty then I'm happy to help organise a personal loan for them to pay you backin full

[BMWST?]

earning 170g between them 800 bucks a week is not much....tel them you need the money NOW,not next week not next month but now...if they say sorry cant say i will have your big screen tv thanks NOW!.....I lent a mate some money last xmas....have only got half back.Its the first and last time i will lend a "friend" money.I am old enough to know better..These people know you are too nice.Get one of the christchurch boys(or two) to ask for the money late one wednesday or thursday night..

[crazyhorse]

How would you go about getting your money back that you loaned to a friend who was in need and hasn't paid back in more than a year?

Legally I mean, as repeated attempts have failed.

I did exactly that too - but wrote up an agreement and we both signed it. However, she ran over the time frame, but did infact pay it back - in bits. No interest , not even a bottle of wine or chocolates as a thank you. Won't do it again. That's for sure.

I guess you would need to go to a debt collector - depending on the amount of money outstanding. The other thought I would have, is if you have a friend who is a policman, see if you could get them to go pay a visit - scare tactics often do work..... all the best

[JellyBellyKelly]

i'm in credit control, if you wanted to go down the collection agency route, you prob wouldn't have much luck as you don't have a signed document. If you wanted some advice, i'd suggest calling MFL (Mike Farr Ltd) as they are much better than Baycorp (now called Veda).

Best thing to do, if you're uncomfortable asking for money, is to get a close friend to call them and say you have enquired about debt recovery and this is just a "pre-emptive" call to set up an acceptable repayment arrangement (eg $50 a week for next ... weeks), or full payment due by ...., otherwise "further action may be taken to recover this debt". This has worked for me in the past as the threat (worded nicely) is enough to get some action.

good luck

[Tashad]

if you were my client i would:

1) ask you to formally request payment from them in writing.state clear terms (like a set payment arrangement or date the funds are to be paid by). You need to make sure this is specific including how much is owed, when it was borrowed and what you believe the original agreement was in terms of repayment. You also need to ask for their response in writing as well. You need to state that you intend to take credit action if they do not meet the terms laid out in the letter.

If they do not do anything after this then:
2) collate all you emails and bank statements/credit card statements
3) work out what they acutally owe you. If this is on your credit card, then you can include any interest incurred.
4) approach a debt collection agency (not Baycorp at this stage - i would suggest have a look around your area as if you want them to visit, it is easier if they are in the neighbourhood so to speak.)
5) provide all the eveidence you have above. Costs can vary from a fixed amount to a %age of what is recovered. Visits would be about $120
6) give the agency a time frame to work. in they haven't been able to rcover in say 1 month, ask thenm to oldge with Baycorp (if you want to do this) It will be about $80 to lodge a default with them.

hope this helps. - PS I thas ben a while - my costs might be slightly out, but hopefully not too much...

Good luck!

[Dodgyiti]

I would take something of theirs same value that I like, or is easy resale. If they say anything, I would tell them that they have reduced me to reposession.