Lent money to a "friend"

[someotherguy]

Long story short, I lent someone £500 about 4 months ago. The guy promised to pay me back £100 a week for 5 weeks.

So far, I haven't seen a penny, and he keeps fobbing me off. Today, I see a post from his missus on Facebook saying "we just bought a car, aren't we clever". Clearly I'm fuming

What are my options? Negotiation isn't going to work.

Small claims court? He's one of those guys who's skint on paper, so I'm not convinced that would work either. The other thing is, he's just moved. The only address I have for him now is his mum and dad's.

Help me BCF!

inb4 "you're a mug"

[JP7]

Sorry to hear that. This is why I don't loan people money, it just becomes a source of misery. My mantra has always been to only lend what I can afford to lose... which generally isn't a lot. I give my time to help people out, but not my money.

I imagine the first question is whether or not you have a written agreement or "contract" of sorts with him, where he has agreed to pay you back. If he's signed an agreement then you have decent grounds to take him to court if you have to. If nothing is written down, it is very difficult to prove a case.

I'm sorry to say it and it won't help you, but it doesn't sound like you're getting your money back. It will be an expensive lesson.

[someotherguy]

[recman]

Ask him if he'd like to discover if his new motor is fire proof.

[someotherguy]

[SQL]

Take your new car, or the equivalent of £500 worth of damage then write the debt off

[someotherguy]

I'd really rather get the money back to be honest. I took him at his word when I lent it to him (silly me), but I could really do with that cash right now.

[arry]

You have no leverage without getting violent or vengeful or both. Be clear about what you're prepared to do to get that money.

Otherwise - suck it up and it's one other person that you don't need in your life fucking you over

[someotherguy]

I won't be getting violent. But vengeful works.

I mean, surely small claims court will work? But I don't know how they'd actually enforce payment.

[arry]

Did you get a written contract then?

[someotherguy]

[BakesBeans]

I would have shamed them on Facebook!

Seriously, never ever ever lend money unless you are prepared to never see it again. I have so many examples of this happening to other friends over the years.

All you can do now is keep badgering him for the money... you won't succeed at court as he will only argue it was a gift, if he received at all.


Recently my good friend wanted me to re-mortgage my house to lend him a deposit on a farm, yet he would have never been able to afford to pay interest to me... 'ah but you'll get capital appreciation' when we sell...

When that was a no go, it was investing in a race horse. Fucking serious! He was never good at money.

Oh, and now he's separated from him missus and she's screwing him; I have no doubt she would have tried to screw me.
____________________
Current: Kawasaki ZX636
Previous Bike: Honda CBR600F ABS, Yamaha XJ6 F Diversion ABS, Honda VFR400 NC30

[someotherguy]

[Rogerborg]

[BakesBeans]

[someotherguy]

[Pete.]

File a claim or write it off. He's not going to pay you. If you write it off, make sure you do it to his face ever so sweetly. Something like "It's obvious you need the money more than me so tell you what you can keep it with my blessing".

Then think about how you're going to get 500 quids worth of satisfaction.
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a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[someotherguy]

[BakesBeans]

Do a letter before action first. This is a letter - by post not facebook - to his address saying pay me within 28days or I will take you to court.

When do a small claims application, and argue your case.

If you win, and he doesn't pay within the given time, you can get it registered as a CCJ. Then he will have problems getting credit.

Forget about seizing cars etc, you will easily spend more than £500 chasing it. Is it actually his at all? His wife's (so you can't touch it)? Or is it a lease/PCP/Hire purchase, hence not his.

The only way to get rid of the CCJ is to pay it, or go bankrupt.
____________________
Current: Kawasaki ZX636
Previous Bike: Honda CBR600F ABS, Yamaha XJ6 F Diversion ABS, Honda VFR400 NC30

[someotherguy]

[Pete.]

Will it work? Probably, given you have it on record that he admits you owe him. Will you get your money back? Quid a week, if you're lucky.

Having anew car doesn't mean he's got any money to pay back in fact most people could get a new car on the strap if they could scrape together, say, £500 deposit.
____________________
a.k.a 'Geri'

132.9mph off and walked away. Gear is good, gear is good, gear is very very good

[stinkwheel]

Just cost you £500 to find out he's not your friend.

It would also appear he thinks you're a silly cunt so possibly worth the money never to see or hear from him again? Unfriend, write-off, don't look back. You can do without people like that in your life.

It's a cheap lesson at only £500. I know people who've been taken for much more.

You don't lend money to friends. You give it to them.
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“Rule one: Always stick around for one more drink. That's when things happen. That's when you find out everything you want to know.”
I did the 2010 Round Britain Rally on my 350 Bullet. 89 landmarks, 3 months, 9,500 miles.

[someotherguy]

[Rogerborg]

[someotherguy]

Should I send it to mum's address even though I know he doesn't actually live there?