I loaned 10K to my friend using my credit card?
He managed to pay half way, he still owns $4,500.00, last year he failed to pay one month, I did pay that for him to protect my credit, now back in May 2010, he failed again, I sent him a letter with the bank statement, and I got it back from the post office, as VACANT. I know where his family lives. I live in Miamidade County Florida,. he still lives in Orlando Florida, I checked the property taxes on his address and are good, I don’t see his place being forclosured.
My questions are, can I sue him?, what if this person filed for bankruptcy? thats mean I can’t collect that debt from him?
It sounds like you will be able to prove it was a loan, not a gift simply due to the fact that he has paid back nearly half. He wouldn’t have paid any money back if he thought it was a gift so he can’t use the ‘it was a gift’ defence in small claims court. Sue him, you need to protect your credit and get that balance paid back as soon as possible. Send him a registered letter telling him that he needs to contact you within 7 days to arrange full payment or offer a payment plan to repay the amount still owing or you will begin legal proceedings. If he doesn’t respond or make payment then file a claim straightaway. Keep copies of any letters you send or have sent, also everything you have showing every payment he’s made and where you originally took out the money. Sounds to me like you have an excellent chance of getting your money back since he’s avoiding you because he knows full well he owes you this money. Don’t let him scam you like this, take his *ss to court! Good luck.