How do you persuade a friend to pay back a private debt?

I lent my friend a $15,000 business loan years ago. I was probably his "last resort". Now, I'd like to collect from him, years after his business failed. How should I get my money back?

if he was your friend you wouldnt have to ask him for it back he would have already started paying it back on his own.

Was their interest involved? If not, then he owes you $15,000. If yes, then he owes you 15k+interest...figure out whatever that amount is.

Now, what paperwork do you have proving this? I hope you have a contract. If not, bank statements are your next best bet.

Then, write your friend a letter (certified mail) and ask for your $17,000 back that you lent him 5 years ago. YES - I said it correctly - $17,000. Your friend will be furious that you "added on" an extra $2k and will write you back saying it was only $15k. Now you have the proof you need that you lent him $15k.

Pray! I say that because your chances of getting it back are slim to none. Two years ago, I sold a brand new (worth $350) mattress set to my brother-in-law for $200. I haven't seen a dime!

You can try talking to him about it and see if you he won't be willing to set up somekind of payment arrangement. Other than that, was anything put in writing? A loan agreement? You can try small claims court, but w/o a written document, it's your word against his and even if you get the judgement against him - he still may not pay you.

Good luck! I really hope he pays you back. That's a lot of money and I know how it feels to betrayed by someone you trusted!

My first suggestion would be to candidly address the friend, in writing, that you need your money back. Give him a timeline for when you expect payment, and tell him whether you would be willing to accept installments. Also mention any interest that is owed.

If he does not take action after this to begin repaying your money, you will have to consider taking him to court. Do you have anything in writing that this money was intended as a loan and that you intended it to be paid back at a certain point? If so, then your course of action is straightforward, you will have to file a lawsuit.

Since it is 15K, you will obviously not be able to use small claims court, so the process will likely be a pain and involve costs to you. However, as part of your suit you can also sue for your costs.

If you do not have anything in writing showing about the loan, then your course of action will probably be much more difficult, and you should consult with a lawyer to see if anything can be done.

Hope this helps.

He is not going to pay you back voluntarily. It is obvious.

You have two options...place him in collections if you have proof that you lend him the money.

Or sue him if you have proof that he owes the money.

If you have no proof...ooops.

Email me if you need a bill collector...

Smile4Cobra@yahoo.com

Good Luck.