Loaning friends $

[Wishing4]

I did a really stupid thing and lent a friend a large (to me) sum of money. I borrowed the money against my credit. My friend has now failed to make payments for the last few months. I did not get anything in writing from her regarding this loan. It was a verbal agreement. I do have my cancelled checks and could possibly get a letter (or something) from the employee at the place of credit stating that they were aware that I was borrowing the money for the friend. Do I have any legal recourse? Or should I just chalk it up to a lesson learned?

 

[Duranie]

You can definitely sue her in small claims. You have the burden of proving it was a loan. Verbal agreements are still enforeceable. Small claims is cheap and informal, so you migth as well file and let a judge decide.

 

[seniorjudge]

You can definitely sue her in small claims. You have the burden of proving it was a loan. Verbal agreements are still enforeceable. Small claims is cheap and informal, so you migth as well file and let a judge decide.

But, if the friend has no money (or other assets), then a small claims judgment will be worthless.

 

[calalily]

Are they her canceled checks for payment to you? Because if she made payments to you then that is proof of the loan or if loan is written. Do you have "for loan" written on the canceled checks or on the original check you gave her? Do you have any emails or letters discussing the loan? All of those things would be proof in small claims.

 

[flysolo32]

I just posted to this section tonight and would love to know how your situation is progressing if you've taken any actions. It has some similarity to me loaning on an IOU and getting nothing back. I dont know how you connect as friends on here or whatever is done to privatize messages, but clue me if you could.

Patrick