Legal Question in Credit and Debt Law in California
Personal Debt
I lent someone over $10,000 and in turn she promised to pay me back within a couple of months. She gave me a postdated check for the amount she borrowed. We verbally agreed that I would call her when time comes to cash her check but she's not answering or responding to my calls. I took the check to the bank but the check that she gave me was no good. More than 2 months have passed since the time when I was supposed to get my money back. She is dodging my calls and won't speak to me at all. I trusted her in good faith because she was a friend. What should be my next step?
4 Answers from Attorneys
Re: Personal Debt
Send a demand letter via certified and regular mail. If she doesn't pay up within 10 days or make satisfactory payment arrangments, you can file a lawsuit in Superior Court. Feel free to contact me direct5ly if you need further assistance.
Re: Personal Debt
You may have to sue your friend to try and get your money back. Doing so will require payment of costs and legal fees. If you start the process and sue your friend, however, she may "cave in" and pay you back once she sees you are serious about collecting (so long as she has the money to pay you.)
Feel free to contact me to talk about this if you feel like it.
Re: Personal Debt
Never loan money to a friend unless you don't value the friendship. It's just not very smart. Your friend can find other avenues of financing, and if they cannot, they are not a good risk.
The answer to your question is you now sue your friend. You can sue in Small Claims and waive the excess over $7500. Or hire an attorney and do it in real court. You can expect to pay a contingency collection attorney between 30%-40% of all recoveries.
Find yourself a decent collection litigator who knows that he/she is doing.
Good luck.
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Re: Personal Debt
Don't do it in small claims court unless you are sure she is judgment proof. Call me directly at 16192223504.
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