Legal Question in Credit and Debt Law in New York

Debt Owed to a group totalling over $22,000

A friend (currently residing in NY) borrowed a total of $11,000.00 over a period of 4 months. I sent the money via the Western Union and Moneygram services from May-August of 2003 in increments of $3,000. The initial installments in May and June were supposed to have been repaid by July 21st, with payments each month thereafter until paid in full. I do not even know where to begin collecting interest. Not a penny has been paid to date, with excuses and repeated postponing. Being that this person is a friend, I allowed the delay in payment. The last ''promise-to-pay'' was for $6,000 on Oct. 31, 2003. I just received an email today stating that I will not be receiving any money until the end of NOVEMBER, the amount being $2,500. This is the 3rd time that payment has been delayed, and I do not believe this individual will ever pay me without being forced to. Recently, I have found out that this individual owes money to others as well, totalling at $22,000 including mine. The other persons involved are contemplating suing as well.


Asked on 10/27/03, 11:31 pm

1 Answer from Attorneys
Guy Lewit Guy Mitchell Lewit, Esq.

Re: Debt Owed to a group totalling over $22,000

With friends like that who need enemies. You don't specify how the "loan" was formalized...was there a promissory note? Did he sign something? THe letters he's sending with the promises...do they indicate (admit) he owes everything? Was there something to show how much interest would be charged? Careful, too much interest and you run the risk of losing EVERYTHING as a result of USERY LAWS... (more than 16% per annum and you've just given your money away...). You should call for a free consultation...718-788-7825. The real problem is collecting AFTER you sue and obtain a judgment...does he work? Free Advise...don't send anyone your hard earned money...just be a friend...

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Answered on 10/28/03, 1:21 am


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