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How to recover loan paid to a friend without any contract?
Anonymous3 views3 answers
I lend 400$ to a friend without any contract or proof. Now, she do not want to return the money and she stopped picking up my call. if I call again and again, she says she will go to cops for harrasment charges.
what option do I have to recover the money? I do not have any proof? can I still sue her? Can I take help of collection agency.. I am fine even if it costs the whole of the money recovered.
You do have a contract - an oral one. You do have proof - your own testimony, as well as maybe bank records showing your cash withdrawal, or a check you wrote, and/or emails or texts or IMs with her or with other witensses who know about the unrepaid loan.
Send her a demand letter by certified mail, return receipt requested, or by FedEx, or by registered email (www.rPost.com) so you can prove her receipt and she knows you're serious. Give her a finite deadline to repay you, warn her that once you sue her, the lawsuit becomes a matter of public record, and if she doesn't pay, sue her in Small Claims court.
The collection agencies are generally there only to pick up company accounts in bulk. They will solicit bad accounts from medical providers, credit card companies and big companies, then go after the debtors aggresively in hopes of collecting something. Attorney Koslyn has given you excellent advice on how to proceed and for your sake, I hope it works.
