Frd owes large amount of money! What to do?
 

To avoid complication I have a frd (A) who lent out $xx,xxx to frd (B) because of personal matters.

(B) asked (A) to borrow some money in the beginning because he wanted to promote some party business thing and make money. Also (B) lost one of his investors because they passed away, and his family didnt want anything to do with it or w/e. So (B) came to (A) with the proposition and really needed their help so (A) gave him $xx,xxx first.

Then (B) came to (A) again a couple of months later and said some people were after his family and was crying and said he needed more money. So (A) gave him another $xx,xxx. And a couple weeks later (B) needed to rent a car so (A) used her credit card and charged another $xxx on it.

To top it all off, (B) borrowed money off (A)'s brother and gf another $xx,xxx and another person for $xx,xxx amt. And they have yet to get their money back either not even 10% too

So its been abt a year+ and (B) has only returned not even 10% of the money yet. (A) is in a tight financial situation right now and doesn't know what to do. They have a contract but it is so general and it doesn't state any of terms of lending money or how much interest or a payment plan at all.

So could anyone give some advice so I can pass on to (A) as to what they should do regarding (B). Writing off the friendship is already decided. But should they go find a attorney and sue, get the cops involved, or what?

Any advice is greatly appreciated! thanks for takin the time to read

PS: Yes we all know (A) is a fkin dumbass

Any sort of contracts signed?

This is not a police matter. Contact a legal counsel.

Yeah but its so general contract. It doesnt even state the amount owed,% of interest, or any payment plan at all.

I'll have to get them to look it up to review it again. But im pretty sure the contract is close to useless.

From what your saying, which is that the contract is useless, and the fact that there is

no written information on the amount (A) borrowed, it really comes down to word of

mouth. Like the above posters suggested get legal help and try to get everyone involved

to provide their side of the story. But again this is just my suggestion, hope it helps a

bit. Good luck

I am trying ot get (A) to get (B) to sign a contract with the amount loaned and payment plans and interest rate. But would it be too late since it was loaned almost a year ago. Would it hold up in court?

This should be in finance not R&G imo.

Well if (A) is willing to re-sign a contract with (B) then it would hold up in court, but if

(A) is willing to re-sign then (A) is also willing to repay (B). If that is the case they may

not need to go the court route. Try settling outside of court, saves legal fees. Get the

new contract signed stating amount owed, payment plans etc, if it does fail your best

bet would be to show the judge the amount (A) owes through the testimonies of

everyone involved. Again my knowledge is limited, take it with a grain of salt. Good luck

(A) is an idiot and (B) is a douche.
Settle it legally before things get fucked up.

Tell Frd1 to Call Frd B and go to his house and demand him to pay back and take some valueable with her before she leaves(Laptops, car keys, Computers.......). As long as frd B doesn't pay he wont see those items.

Happens to some co-workers i know. Their frd borrow money and never return so my co-workers just took that guy's laptop and iphone lol. Trust me is a quick way to get pplt o pay u back.

Or a quick way to get the police involved and arrested.

Going through the courts is the way to go, though it will be a slow process. Anyone lending out that much money should be covering themselves with a proper payment plan and expectations clearly laid out.

^^ Frd A and Frd didn't sign a contract saying how much is own and what are the terms. Frd B can be an Ass and said he own nothing.

i didnt read the thread but heres what you do. first you have to aquire a list of items. you'll need a tarp. heavy duty garbage bags, a black and decker drill capable of drilling through stone, a rope, some chloroform, a rented van, a sturdy chair, a few bottles of liquor, and an alibi.

then call your buddy and tell him you are desperate and need his help. tell him he owes you so he has to come with you. he wont have to actually do anything, you just need his support.

go down to your local skid row and find a wino. with your variety of brands you should be able to entice him into the van, but if he gets frisky, pour the chloroform into a garbage bag and throw one over him. hold him down till he passes out.

he should stay passed out until you get home. tie him to the chair and begin interrogating him. demand he gives you your money. when he says how he doesnt know what you're talking about, inform him that if he does not pay, he will pay in other ways. when he gives you more lip, or starts to cry, take the drill and put one through his knee caps. then do the other one after he gives you more back talk. after, put him out again and wrap him up in the tarp you layed out to catch the blood. go on the highway late and night and drop him off some where far away. think half way to chiliwak.

final step, have a heart to heart with your friend. tell him you would really appreciate it if he could get your money.

should have it by the next day.

contract they've signed (without amount, interest etc) is too vague, if brought to court it would be dismissed or only recover partial amount of the whole principle.

question
is B in refusal to repay amount? if so i guess you cannot ask for renewal on contract.

solution
1. if B refuse to pay then have a telephone convosation or meet B face to face and have the terms talked thru and reasons why B refuse to pay back.
2. if B is willing to pay then renewal contract would be perfect accumulate the interest and term payments. make sure A talk to a lawyer to make a legally binding contract.
3. if B does not pick up calls or willing to meet up, pay about $300 for a nice demand letter for payments by a lawyer and that usual bluff him to come to negotiations. make two copys, dont drop it off to his house, mail it to him get a record it'll be useful if there is court action.

either way its best to seek legal advice. i hope everything goes well for A and if B still refuse to pay with court approval A may seek lots of fun ways to force him to pay :D

Tell friend A to talk to friend B. Ask (B) for financial statements, what assets they have and debts that have to pay. Work out a payment plan with X% interest from when the money was first loaned. Then put it in writing and have it signed and witnesed.

If all else fails, there are people who will take 30% but can get you your money back.

FML - Edit.

If A doesn't get some type of written agreement with B, (he should offer to compromise by settling on 75% on the $ to get it), he will be shit-outta-luck.

A is either really really stupid, or really really rich, but most likely both.

If I were in this situation...2 things:
1.) assess how good of a friend B is. how much do i value their friendship Vs dollar amount.
2.) if they're not that good of a friend (why lend it then?) i'd call up certain freelance asian collections agents.

no contract = SOL

wow.. trying to get A to record a verbal agreement with B that he will pay soon? lol.. at least have something on record, just incase B tries to bail and not pay back..

To keep lending even though your friend isn't in a good financial situation is just plain stupid. If you can get both parties to settle out of court that would be ideal. Getting them to both sign a contract stating the amount owed and approximately when it was lent out would be good as well. Your friend may have to settle like Marco911 said, get like .75 cents to the dollar or something like that. There is no point calling the police, they won't be able to do anything about this situation.

Untrue. They have a verbal contract of the loan agreement. The loans between the brother/gf could be evidence as well, depending on the circumstances (ie., if you all go in together in a single claim).

Easiest way would be to try to get your friend to sign a loan agreement. Threatening court proceedings might help induce him to do so.

PS: If it means anything, I'm a lawyer in the UK.

how was it paid in? the larger sum of course...

Thanks for all the good advice guys, Ill be sure to pass it on. The money was paid in bank draft so there shoudl be records for (A)'s money lent, the bro/gf, and the other frd.

(B) gave a post dated check to (A)'s bro for 2gs, and we're gonna wait to see if it clears before proceeding to the next step.

Ill keep you guys updated. Thanks

Option A would be

Telephone book + sledge hammer.

Option B would be

buy a 500 dollar handgun, and 20 dollars in bullets.

Im not joking. Im being serious. Large amounts of money means big bussiness if not returned.