What to do if I let a family friend to borrow $20,000on my credit card debt to pay for some of his debt but he has stopped paying me back?
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What to do if I let a family friend to borrow $20,000on my credit card debt to pay for some of his debt but he has stopped paying me back?
The agreed upon terms was that my family friend has 1 year to return the $20,000 with some interest. In reality, it’s been 4 years since we agreed on this and he has only been paying the minimum payment each month to the creditors. Since 2 weeks ago, he has disappeared and stopped returning phone calls. What are my options?
Asked on September 25, 2011 under Bankruptcy Law, Nevada
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You can sue your friend for breach of contract. Your damages (the amount you are seeking to recover in your lawsuit) would be the amount owed plus interest plus court costs. Court costs would include the court filing fee plus process server fee.
Considering the amount of the loan that is in default, you probably WON'T be able to sue in Small Claims Court because that amount most likely exceeds the jurisdiction of Small Claims Court. You will need to file your lawsuit in a higher court such as Municipal or Superior. Your state may have different names for those courts.
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