Legal Question in Credit and Debt Law in Georgia
I live in ga, 3 months ago my friend needed help ad I loaned him $1000 dollars, well its 3 months later and he is makin no effort to pay me back, his issues are over , and I know he's been going out to party, he fully acknowledges he owes me money and says I'm his first priority, but that is obviously not the case, how can I make him pay me back legally, is there somethigb we can both sign or someone we can see?
2 Answers from Attorneys
When you give someone money with no written agreement, no security and nothing but a promise, you should consider that you may lose the money, the friendship, or both. If he is not going to pay, and it is worth losing the friendship, your only real option is to sue in Magistrate Court. Then you have to worry about collecting.
Anytime you loan money to friends, you should expect it is likely you will lose the money.
In not seeing a lawyer and not drawing up proper loan papers, you almost guarantee the money is gone.
You can lose the friend, take your chances and sue. Bear in mind that suing also will cost you money, and that even if you win, you may never collect, and that you may have trouble winning because how do you prove what the loan terms are?
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