QUESTION
How can I get my money back that I let a friend borrow over a year ago?
Asked on Nov 20th, 2020 on General Practice - North Carolina
More details to this question:
I let an old friend borrow money in the later months of last year and we agreed on how much he would owe me and when in several text message conversations. The due date was March 31st and he shows absolutely no signs of paying me back or even saving up in order to pay me back. After waiting patiently for 8 months past the agreed upon due date, I would like to know if there is anything I can do to get my money back. Also, is there any way to get some kind of interest put on it as well? He’s known that he owes me this $500 since October 15th, 2019.
1 ANSWER
If he has the money to pay, of course you can get your money. You would sue him for breach of contract. If the contract provided for interest, you can get that as well from the date of the loan; if not, you can get interest at whatever the state statutory rate is from the date of default, i.e. March 31. You're going to have to prove tha tyou loaned the money, however, which may be difficult without a writing.
Answered on Nov 21st, 2020 at 8:19 PM