money repayment

I just dont loan anymore. When I left the usa to come back to mexico. I was owed 5500 by friends and family. i told all I needed my money. Gave everyone 2 months to pay me. i collected 750 .oo of 5500 owed. So i dont loan anyone anymore.

I have added more tags to your discussion as I could only spot one although more can be easily added. So I read the article you shared and it's quite good, roughly the way I would advice someone to do it as well. My father was forced to give back money and to sign over his parents part of the house to his sister because he was not given a time to repay his debt. I for one have lent money to my brother in the past, but now, knowing I have to raise as much as possible before my impending change of country in September, I would not loan to anyone, be it family or friend. Have a great day, Alex.

The first thing any lender does is get a promissory note signed by the borrower. In that is a contract of the terms in which the money will be repaid. This is done with all loans between friends and family if you really want to get your money paid back. Without a signed contract you can ask till the cows come home and if the borrower doesn't want to pay he won't. Therefore, if you aren't willing to ask the borrower to sign a contract, don't lend. Never be too scared to ask for a signed contract either just because he's a friend ir family member. He wasn't too scared to ask you for the money, right? This way if he doesn't pay you have legal recourse to sue. The other option is to keep your money in your pocket instead of helping because you will likely get burned. You aren't the first national bank of Rusty, so don't let someone treat you like it if you really don't want to do it. Let them go to a bank themselves. Chances are they stiffed a bank already and ruined their credit so they came knocking on your door. I'm talking in general Rusty. In not assuming you have done this. I have done this. I let it go because I loved my friend more than I cared about the money. I knew when I loaned it I might not see it back. I didn't get a signed contract at the time. I lost $700 that way. I'd never do it again because I can't. If she came to me again asking for money I would just say I was sorry, but I don't have any money to lend.