Comments on: best friend and money issue? http://www.cashpayadvance.org/cash-plus-money-loan/best-friend-and-money-issue/ A Weblog about My Cash Pay Advance Tue, 22 May 2012 23:43:13 +0000 http://wordpress.org/?v=abc By: russ E http://www.cashpayadvance.org/cash-plus-money-loan/best-friend-and-money-issue/#comment-6969 russ E Thu, 14 Aug 2008 23:48:16 +0000 http://www.cashpayadvance.org/best-friend-and-money-issue/#comment-6969 you may be out luck if you try to enforce this legally for two reasons. 1. Statutes of fraud says that any contract involving the sale of goods or services in which the value is equal or in excess to $500, must be in writing in order to be enforcible. Just having a witness will not be enough. 2. The amount of money that you are expecting back (not including the original $600) is usury. At the very most you can ask for an additional $200 on top of the $600. Any more than that will be considered as usury. Other remedies. Just ask for the $600 back set up a payment plan If he still doesn't pay it back, it is unfortunate, but you have no legal recource. I hope that this helps. you may be out luck if you try to enforce this legally for two reasons.

1. Statutes of fraud says that any contract involving the sale of goods or services in which the value is equal or in excess to $500, must be in writing in order to be enforcible. Just having a witness will not be enough.

2. The amount of money that you are expecting back (not including the original $600) is usury. At the very most you can ask for an additional $200 on top of the $600. Any more than that will be considered as usury.

Other remedies.

Just ask for the $600 back
set up a payment plan

If he still doesn’t pay it back, it is unfortunate, but you have no legal recource. I hope that this helps.

]]> By: stan c http://www.cashpayadvance.org/cash-plus-money-loan/best-friend-and-money-issue/#comment-6968 stan c Mon, 11 Aug 2008 12:25:30 +0000 http://www.cashpayadvance.org/best-friend-and-money-issue/#comment-6968 Just send a letter, 1 regular 1 certified stating that there is still an outstanding balance owed on the loan. Give him 10 days to respond and states it is not paid within the days, other action actions may be taken. Make sure you keep a copy of the letter and if the certified comes back unsigned, do not open it because that's the only proof that the letter was sent. Also, in the future never lend money to a friend or relative unless you attend to give it away. Just send a letter, 1 regular 1 certified stating that there is still an outstanding balance owed on the loan. Give him 10 days to respond and states it is not paid within the days, other action actions may be taken. Make sure you keep a copy of the letter and if the certified comes back unsigned, do not open it because that’s the only proof that the letter was sent. Also, in the future never lend money to a friend or relative unless you attend to give it away.

]]> By: sno http://www.cashpayadvance.org/cash-plus-money-loan/best-friend-and-money-issue/#comment-6967 sno Sat, 09 Aug 2008 16:36:09 +0000 http://www.cashpayadvance.org/best-friend-and-money-issue/#comment-6967 Ask him when you can expect payment and then get it in writing. If you have to go to court, atleast you will something concrete. I am more concerned that your firend "was gonna try to mulitply it". Sounds to me like he is a gambler??? If that is the case, you will probably never see the money. And, if you are relying on his financial aid to be used to pay you back, I am afraid you will be in for a rude awakening, because I am willing to bet that money is already spent elsewhere as well. Financial aid is suppose to be used to pay for schooling, not to pay off borrowed money regardless of why it was borrowed. I do believe you will end up chalking this up to a lesson learned and NEVER loan money to anyone else, at least not with formal documentation and signed promise for repayment. This may or may not affect your friendship with this individual. Ask him when you can expect payment and then get it in writing. If you have to go to court, atleast you will something concrete.

I am more concerned that your firend “was gonna try to mulitply it”. Sounds to me like he is a gambler??? If that is the case, you will probably never see the money. And, if you are relying on his financial aid to be used to pay you back, I am afraid you will be in for a rude awakening, because I am willing to bet that money is already spent elsewhere as well. Financial aid is suppose to be used to pay for schooling, not to pay off borrowed money regardless of why it was borrowed.

I do believe you will end up chalking this up to a lesson learned and NEVER loan money to anyone else, at least not with formal documentation and signed promise for repayment. This may or may not affect your friendship with this individual.

]]> By: Amby83 http://www.cashpayadvance.org/cash-plus-money-loan/best-friend-and-money-issue/#comment-6966 Amby83 Fri, 08 Aug 2008 07:27:19 +0000 http://www.cashpayadvance.org/best-friend-and-money-issue/#comment-6966 Did he say he would pay you back within the month? It doesn't sound like you guys agreed on a date that he would pay you back by. If not I would give him a little more time (another month maybe) before even bringing it up. Did he say he would pay you back within the month? It doesn’t sound like you guys agreed on a date that he would pay you back by. If not I would give him a little more time (another month maybe) before even bringing it up.

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