Contracts don't have to be in writing for them to be valid, though it probably is a good idea to do so. Easier to set the record straight if you go to court.
Otherwise, for 300 dollars, small claims court is always an option.
Well..I mean I have lent out money and like you LB I ve had to keep my fingers crossed to barely make it with money cuz i ve lent out money to people..and I dont think thats fair.. and I ve told this person the same thing..NO PRESSURE pay me back when you can...but its already been like 6 months..they dont seem at all in a hurry to pay me back and its a big sum of money that I could definately use right now..if it was $100 or something like that I wouldnt care as much but this is pretty big...I ve lent other people the same lump of o ney and theyve paid me back fast...I mean in lumps and stuff... but having had nothing back is a bit ummm nerve rackin... soo I think its not so much that I dont PERSE trust its just putting fire under their ass so they learn responsability & that they have to be respectful of people...Its like TOUGH LOVE ...I mean I am going to do this whole LOAN AGREEMENT THING and say you know what if at tthe en of this period you still dont pay me back..I am taking you to court..cuz you gotta learn! @ MJ whooa sorry to hear thats crazzzyyyyy stuff!
Trust me!!! GET EVERYTHING IN WRITING!!! Your friend should have no reason to be offended. I can't get a credit card, I can't get a loan, I had to pay a year's rent in advance for my place because my credit is RUINED!!!! The humiliation is just unbearable but 4 more years and hopefully, things will get better.
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Knock people down at their own expense, they'll take it as a compliment!!!!
Well..I mean I have lent out money and like you LB I ve had to keep my fingers crossed to barely make it with money cuz i ve lent out money to people..and I dont think thats fair..
and I ve told this person the same thing..NO PRESSURE pay me back when you can...but its already been like 6 months..they dont seem at all in a hurry to pay me back and its a big sum of money that I could definately use right now..if it was $100 or something like that I wouldnt care as much but this is pretty big...I ve lent other people the same lump of o ney and theyve paid me back fast...I mean in lumps and stuff... but having had nothing back is a bit ummm nerve rackin... soo I think its not so much that I dont PERSE trust its just putting fire under their ass so they learn responsability & that they have to be respectful of people...Its like TOUGH LOVE ...I mean I am going to do this whole LOAN AGREEMENT THING and say you know what if at tthe en of this period you still dont pay me back..I am taking you to court..cuz you gotta learn!
HAVE EVERYTHING IN WRITING!!!! I'm saying this from personal experience. I co-signed a $15,000 loan for a friend and guess who got footed the bill??? Yeah! ME!!! So my credit has been ruined for the next couple of years. Hurts! TRUST ME, it hurts!!! Make sure you have EVERYTHING in writing, doesn't matter if this is a friend or family member.
Wow that's deadly. $15K? I'd probably end up killing the mofo definitely. I can't believe that.
I need some tips...if you lent someone money (a friend) and it is a personal loan...and after 6 months they havent paid you back...they dont have a steady job and they have problems paying their own bills. (fyi: the amount owed is more then $300.00) Would you guys get them to sign a contract or just sign a doc that clealy states that they are to pay you back the whole amount at once by a certain time? how much time would you give them? and what would the contract sound/be like? I mean just in case...they dont pay up and you are forced to proceed with perhaps taking legal action. Im assuming you would most likely win a case if you had that signed doc from the borrower...even if its personal.
I don't put money loans to friends in writing.....I guess it's a trust issue......and I always say "pay me back when you can" because I don't want them to feel any pressure.......although I've noticed that people take advantage of that and they assume that since you don't ask for your money back it doesn't mean that you need it because you work and can make more money......I've gone as far as lending 6 friends money at a time....and being broke myself for 2 weeks at a time.....but I never say anything to them, thinking they they are in a worse situation than me......
I lent a friends $600 over a year ago and I never hear from her as often.....it's gotten to the point of that she doesn't even call or email me unless I contact her first to see if she wants to hang out.....and I always get the same thing "I'll pay you back when I can....I'm so broke right now"......(this same friend just bought a condo)....things that make you go hmmmm.....LOL
Money causes tension between friends....and if you don't lend them the money when they need it.....you feel bad...at least I do.....
In conclusion ...it's NOT about the money but the person.....I've had friends pay me back ASAP....even if they didn't have a job....just so they can keep their word and credibility with me.....2 things money can never buy
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"To be a good Promoter you must have the heart of a Gambler and the mind of a Computer"
Hmmmm... this is a tough one. Contracts really should be done at the beginning. To have your friend sign one now is going to put strain on your friendship although I'm pretty sure that the fact that your friend isn't paying you back has already caused enough.
Motown Junkie wrote: Jade wrote: I need some tips...if you lent someone money (a friend) and it is a personal loan...and after 6 months they havent paid you back...they dont have a steady job and they have problems paying their own bills. (fyi: the amount owed is more then $300.00) Would you guys get them to sign a contract or just sign a doc that clealy states that they are to pay you back the whole amount at once by a certain time? how much time would you give them? and what would the contract sound/be like? I mean just in case...they dont pay up and you are forced to proceed with perhaps taking legal action. Im assuming you would most likely win a case if you had that signed doc from the borrower...even if its personal.
HAVE EVERYTHING IN WRITING!!!! I'm saying this from personal experience. I co-signed a $15,000 loan for a friend and guess who got footed the bill??? Yeah! ME!!! So my credit has been ruined for the next couple of years. Hurts! TRUST ME, it hurts!!! Make sure you have EVERYTHING in writing, doesn't matter if this is a friend or family member.
ouch....that must really hurt.....and she is right u should have everything in writing and signed and if u can take pics do so.
I need some tips...if you lent someone money (a friend) and it is a personal loan...and after 6 months they havent paid you back...they dont have a steady job and they have problems paying their own bills. (fyi: the amount owed is more then $300.00) Would you guys get them to sign a contract or just sign a doc that clealy states that they are to pay you back the whole amount at once by a certain time? how much time would you give them? and what would the contract sound/be like? I mean just in case...they dont pay up and you are forced to proceed with perhaps taking legal action. Im assuming you would most likely win a case if you had that signed doc from the borrower...even if its personal.
HAVE EVERYTHING IN WRITING!!!!
I'm saying this from personal experience. I co-signed a $15,000 loan for a friend and guess who got footed the bill??? Yeah! ME!!! So my credit has been ruined for the next couple of years. Hurts! TRUST ME, it hurts!!! Make sure you have EVERYTHING in writing, doesn't matter if this is a friend or family member.
__________________
Knock people down at their own expense, they'll take it as a compliment!!!!
I need some tips...if you lent someone money (a friend) and it is a personal loan...and after 6 months they havent paid you back...they dont have a steady job and they have problems paying their own bills. (fyi: the amount owed is more then $300.00)
Would you guys get them to sign a contract or just sign a doc that clealy states that they are to pay you back the whole amount at once by a certain time? how much time would you give them? and what would the contract sound/be like?
I mean just in case...they dont pay up and you are forced to proceed with perhaps taking legal action. Im assuming you would most likely win a case if you had that signed doc from the borrower...even if its personal.
"Most of us fall short much more by omission than by commission."
soo I think its not so much that I dont PERSE trust its just putting fire under their ass so they learn responsability & that they have to be respectful of people...Its like TOUGH LOVE 
So my credit has been ruined for the next couple of years. 
Hurts! TRUST ME, it hurts!!! Make sure you have EVERYTHING in writing, doesn't matter if this is a friend or family member. 
I mean just in case...they dont pay up and you are forced to proceed with perhaps taking legal action. Im assuming you would most likely win a case if you had that signed doc from the borrower...even if its personal. 
