We loaned $42861.53 to a friend for a new business on 9/15/2005. We had bounced checks in 06, late every month in 07 and one payment of $330.00 in jan. 08. She sent a $10.00 cash payment in feb. 2010 and that's all since jan. 08.we have a promissory note contract for $42,861.53 with payments of $214.31 @ 6% per annum (basic interest). Our conversations have gone to nothing. What would be the best way to deal with this. Thank you mike v.

Well it appears you are forgetting about it, and not treating it like a business.

You sue them in court, hire an attorney and sue them.

well it appears you are forgetting about it, and not treating it like a business.

You sue them in court, hire an attorney and sue them.

Yes. Looks like some real money there for an attorney to get his teeth into. Only down side is that the debtor may very well be judgment-proof.

what would be the best way to deal with this. thank you mike v.Hello m:

Your claim is right on the cusp as to whether it's worth it or not to pursue.

Consider this. First off, you've been screwed. You're NEVER going to be made WHOLE again. Yes. The courts are designed to make you whole. But, this will never get to trial, because your legal bills will be prohibitive. IF he has money, and you sue, and after about a years time, and about $15,000 in legal bills, he MAY make an offer to settle, for HALF of what he owes. That ain't going to net you much. You might do as well in small claims court.

If course, if he has NO money, then it's all just a waste of time... So, the first thing I would do, is determine whether there is anything there to collect.

excon

Your claim is right on the cusp as to whether it's worth it or not to pursue. ...

I disagree. If I was asked to take the case on an contingent fee, and assuming the debtor has assets, I'd take it in a heartbeat.