Please Help – I am unemployed w no money to help my new job efforts, to buy groceries or pay basic bills which will ruin my credit. I am only in this predicament because it came just after I loaned money to an acquaintance who is not doing much to repay me according to the I.O.U. contract we signed. Here is their condition that prompted me to help save their business:They said their landlord didnt have their new tanning salon space ready per contract, so it was not inhabited for business to resume on time. In months, they fell behind financially with personal bills due to no income The salon finally opened and they said sales recovered enough this spring to pay all personal bills w/ exception of the salon rent. They said the biz value was $250K and that a recent court hearing, the judge ordered rent paid by a certain date to prevent eviction. They said salon door locks would be changed immediately with no hope of recovering primary assets (tanning beds & room enclosures) that could otherwise be liquidated. They assured my 4K loaned for rent would guarantee their business survival w/ a new landlord taking over to clear them of eviction threats. To date I have no communication or effort to repay me. My basis to lend was on many points, but they didn't disclose that the new landlord's takeover wasn't finalized and neg failed. It was their assumption based on hearsay that mislead. Had I realized I could have spoken to the landlord to gain thorough risk assessment.
I feel like I have been taken at this point and need a simple course of action (steps) I have the following options in mind. Can someone review or correct my items below. Im not sure what is legally enforceable. She was to pay me 4K plus 1200 added for the risk factor involved and said it would not be a problem in 40 days time. She is a month in default at this point and I am financially strapped and ready to do anything legally possible to salvage my sinking ship. My corse of action at this point will be to present the plans below as needed, but Im not real confident about such, notr do I know if I should use an alternate plan altogether.
Plan-A Negotiate somehow to get the money in default sooner than later. But how?
Plan-B
The requirements below serve as an addendum action to PLAN-A which is in default and can be avoided by paying the full amount due in the next five days starting from the date of this letter.
1) Sign the UCC-1 document provided
2) Sign the new addendum letter and adhere to it's repayment guidelines.
3) Provide phone numbers and names of both the current and potential new landlord
4) Mail a weekly minimum required sum of $200 cash to my address every Friday
PLAN-C
If you do not comply with plans A or B as set forth above, I will file an action seeking all relief available to me, including but not limited to:
- Repayment of the entire principal amount and all appropriate interest.
- Payment of all appropriate interest amounts already due and due in the future
- Attorney's fees and court costs;
- Unnecessary emotional/distress damage absorbed by me
- Losses not listed here that result from my financial shortcomings including new career opportunities
- All available compensatory damages, including consequential damages for harm to my credit rating and job prospects, as well as emotional distress
-?? Of any benefits including any profits from your business you have obtained through your use of my funds;
-Punitive damages, which are recoverable in a case of fraud;
-Any equitable relief, such as an equitable lien ??????>>>>
-Any of the appropriate relief, or constituted trust on your ????>>>
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