Legal Question in Credit and Debt Law in Georgia
Debt owed me... how can I gaurantee that I will be paid in full?
I allowed a friend of mine to borrow money from me for misc. living expenses. The funds came from both my savings account and my credit card. For a brief period I put this person on my credit card as an additional account user so that they would not have to borrow my card every time. Before the borrowing began, the other person knew that is was not a gift and that it would need to be paid back in full. This person agreed and has paid a part of the money owed. The balance is still a substantial amount of money. I trust this person to pay me off completely, but time is going by and I need this amount paid soon. Since the balance on my card is so high because of what they borrowed, my APR is very high. I don't have the funds to pay off the credit card at once. What can I do to make sure they will be liable for the money he owes me? Right now it is just their word against mine. I need some legal backing to be certain that the funds will come to me. I thought about stating what the person owes me and from what timeframe they borrowed the funds in writting and getting them to sign it along with me. Would that be good enough in court? Please give me any advice in this situation that you can. I really appreciate it. Thanks. PJ
1 Answer from Attorneys
Re: Debt owed me... how can I gaurantee that I will be paid in full?
The easiest way is to simply figure up the amount of the debt right now, type out the amount, with a statement that the other person agrees that this is what he owes, and have him sign and date it. Better yet, grab a Promissory Note form off this site, or at an office supply store, and fill it out. As always, your case will be stronger if you maintain good records, with or without a signed note.
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