Legal Question in Credit and Debt Law in Georgia

I gave a personal loan to a friend as a supposed "investment" in an event that he was managing. It was a small amount to many but a large amount to me-$200.00. His promise to me was a return on the investment in the amount of $100.00, so a total of $300.00 was supposed to be returned to me on Tuesday, November 24th. I haven't seen any of it, and my attempts to contact him were initially fruitless, but then he called saying he'd been in jail and would get me the money. The day we were supposed to meet, he was a no show and now I can't get in touch with him again. My question is - what can I legally do that will get me my money quickly? I have a written and signed agreement from him.


Asked on 12/04/09, 4:50 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

You learned a valuable lesson not to loan money. Even if your agreement is valid, and it may be illegal, as a $100 interest rate on $200 could violate usury laws rendering it unenforceable, courts are slow. You can go to small claims court (Magistrates Court), pay a filing fee of about $100, and probably have a hearing in a few months. Even if you win, you may or may not collect.

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Answered on 12/09/09, 6:26 pm


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