Questions about a given loan.......$140,000

[Ponce]

Some years ago I gave a loan of $140,000 to my then attorney who I also considered a "friend".....he has paid me most of it but it was more in the form of interest rather than the principal.....the principal is due in Nov....but.....the guy lost his office and wife and became a drunk and cought twice on a drivin drunk and so on and so on....... I really don't need the money so I feel like telling him not to worry about it and to pay me when he can afford to do so.......but.........after all he is an attorney and you know what kind of liars they are.....friend or not.....in the past he visited me twice and we used to talk on the phone once in a while.................................my only problem with him is that he is a very lazy person that expect for everything to fall right into his hands for free...............by the way, he was the one that bought my business at a bargain price and all that he did was to drain it down in only six months, in that time he only got TWO new customers..........so.......my question is........should I call him and tell him to GET FVCK and for me to keep on living as I am now?........I really don't want to get involved with a lawyer vs a lawyer......I will be the real looser $$$$$$$$.

[LuckyStrike]

Some years ago I gave a loan of $140,000 to my then attorney who I also considered a "friend".....he has paid me most of it but it was more in the form of interest rather than the principal.....the principal is due in Nov....but.....the guy lost his office and wife and became a drunk and cought twice on a drivin drunk and so on and so on....... I really don't need the money so I feel like telling him not to worry about it and to pay me when he can afford to do so.......but.........after all he is an attorney and you know what kind of liars they are.....friend or not.....in the past he visited me twice and we used to talk on the phone once in a while.................................my only problem with him is that he is a very lazy person that expect for everything to fall right into his hands for free...............by the way, he was the one that bought my business at a bargain price and all that he did was to drain it down in only six months, in that time he only got TWO new customers..........so.......my question is........should I call him and tell him to GET FVCK and for me to keep on living as I am now?........I really don't want to get involved with a lawyer vs a lawyer......I will be the real looser $$$$$$$$.

You know the situation better than any of us, but if I ever loaned money to a friend it would be a gift I would never expect to see it back for this very reason.

I'd just pretend you sold your business for 140k less than you actually did and go on your way.

[chad]

what lucky said.

[StreetsOfGold]

Matthew 6:12 And forgive us our debts, as we forgive our debtors.

[Glass]

For me it would really depend on the paperwork involved and whether there was an repayment arrangement stipulated in there that has been consistently applied.

If you guys had a plan and it was stuck to, this demonstrates that a contract arrangement was in force.

If that plan was varied from time to time because someone didn't meet the specifics of the contract and those specifics were not meet by one party but the other party let it slide repeatedly, then this could have some impact being able to enforce the agreement.

Does that make sense?

If the amount is due and hasn't been paid, then a 30 day notice sent to the other party, perhaps certified mail, should get the enforcement ball rolling.

Non response and non payment would constitute dishonour and a judgement could then be sought against the other party. then if you have the loan agreement and can demonstrate a delinquency by the debtor, you have what you need for a court judgement. You can apply for a default judgement and these can usually be done by correspondence with the Judge (via the county clerk or which ever court handles $140K debts) and not require a court appearance by you.

With a default judgement you then go see the Sherrif, the Sherrif goes and gets something to the value owed from the debtor and either auctions it or gives it to you in lieu of payment.

I am doing one of these against a debtor in the next few days. Tiny amount compared to your debt. I'm hoping the Sherrif will impound a nice car for me, if not that, then the warehouse. Done them before, no court appearance required by me. The other party may choose to protest the judgement which then goes to a judge in session. For small amounts they usually pay rather than loose the BMW or their business stock. I've had people dragged off planes trying to skip out on their debts.

One thing to consider in all of the above is if you are in the same state or if this has to go across state lines. I don't know enough about how enforcement is implemented if the parties are in different states. Example: In Australia, if I do a cross state transaction. I am in WA and the other party is in NSW then I need to go to NSW courts to get my judgement, because if I get it in my state, I cannot enforce it, unless that party comes to my state. I cannot get it enforced in New South Wales if the order is from a WA court.

And yes I agree with LS also. Lend money to family and you have to put it down in the gift column - unlikely to be repaid. Lend money to a friend and you no longer have a friend.

[Serpo]

Normally when you give someone a loan they are meant to pay it back.............

[Ponce]

Yea, we do have a cotract but it was not notarize.......but because I did collect must of it in the form of interest I think that I will just forget it and keep my blood pressure down..... 187/124 is not worth the money .........hummmm, did I just wrote that?

165/119 is my life average.

[Cebu_4_2]

Normally when you give someone a loan they are meant to pay it back.............

Exactly! I am in need of some cash and no one will 'give' me any money. Status quo is it is not a loan but a gift. I have always paid everything back cept a particular bankster that sold my house during a refinance. Now I lost all equity and have a few days to relocate but since it was deemed a foreclosure I can't get any sort of loan and I can't set up shop in anything less than a full size garage ... whatever blah blah blah nevermind.

[TheNocturnalEgyptian]

You say he paid back a lot of the loan, the question becomes how much did he pay back?


What's the total amount? If he pays you back 140k then you lose the interest and the inflation, and you should count yourself lucky you even recoup that much.

[palani]

Poetic justice would be ... sell the paper for $.10 on the dollar to an attorney who specializes in terrorizing debtors.

[willie pete]

165/119 is my life average.

Compadre....you NEED to get your BP lower than that, IF your on meds for it, then your doc NEEDS to re-evaluate them because they're not managing your BP, if you're not on BP meds, then you should be.....

[Dogman]

Poetic justice ... sell the paper for $.10 on the dollar to an attorney who specializes in terrorizing debtors.

A very greedy (oxymoron) and unscrupulous one would fit the bill. (Another oxymoron)

[midnight rambler]

Spending time with Mary Jane is a sure remedy for high BP.

[Ponce]

They keep giving me BP pills and I keep placing them in the frig.......I am more afraid of pills than of death, after all, I have had BP all my life and at 72 I don't worry about it........but........if I die soon? Agnut will inherit all my tp, lucky guy.

About the loan, every time that he paid me I bought more silver so that not all is wasted, he did pay me most of it in interest............but the main thing is that I am living from my SS alone and is more than what I need, no worries about hospital bills and all my insurances are lowwwwwwwwww.....................remember what I said long ago? the ideal situation would be that I die with all my silver and xtra cash because that would mean that I never ran out of cash and WTSHTF never did happen.

And while we are at it?........whay should I do with the extra cash at hand?.......the reason that I am holding it is that WTSHTF that will be what people will trush (for a while) so that many bargains I will be able to buy for pennies on the dollar.

[Mouse]

Wow!

You are 72, you have everything you need, no debt, positive cash flow for everyday expenses, good insurance, more than fully prepped for the zombie apocalypse, bigass stack of all kinds of metals, giant hoardes of clothing and shoes and useful necessities, cash on hand. And you are worried about snapping up the deals from the miserable and needy in the event of TSHTF.

Have you ever considered helping other people that need a hand? Like, right now?

One word for you sir - GREEDY.

You hoard for a future that does not even exist for you, with the hope of hoarding more.

I feel sorry for you at this moment.

[LuckyStrike]

Wow!

You are 72, you have everything you need, no debt, positive cash flow for everyday expenses, good insurance, more than fully prepped for the zombie apocalypse, bigass stack of all kinds of metals, giant hoardes of clothing and shoes and useful necessities, cash on hand. And you are worried about snapping up the deals from the miserable and needy in the event of TSHTF.

Have you ever considered helping other people that need a hand? Like, right now?

One word for you sir - GREEDY.

You hoard for a future that does not even exist for you, with the hope of hoarding more.

I feel sorry for you at this moment.

That's pretty harsh IMO.

[vacuum]

Wow!

You are 72, you have everything you need, no debt, positive cash flow for everyday expenses, good insurance, more than fully prepped for the zombie apocalypse, bigass stack of all kinds of metals, giant hoardes of clothing and shoes and useful necessities, cash on hand. And you are worried about snapping up the deals from the miserable and needy in the event of TSHTF.

Have you ever considered helping other people that need a hand? Like, right now?

One word for you sir - GREEDY.

You hoard for a future that does not even exist for you, with the hope of hoarding more.

I feel sorry for you at this moment.

The big question you have to ask to determine if someone is a net positive or a net negative on society is: does the person give more than than consume? While Ponce does have a lot, he doesn't waste anything. He isn't destroying wealth, he's not funding the entertainment industry or funneling money to the government or banks.

Now the lawyer friend, while he may be in need, probably wastes a lot more. He probably has an expensive house and car, probably eats out all the time, pays for cable, and has at least one expensive vice (these are all assumptions, I'm just giving a typical example). So just because someone doesn't have money, it doesn't necessarily mean someone who does have money should give them any.

[slowbell]

And while we are at it?........whay should I do with the extra cash at hand?.......the reason that I am holding it is that WTSHTF that will be what people will trush (for a while) so that many bargains I will be able to buy for pennies on the dollar.

Ponce, you are well prepared for SHTF. What about travelling? Taking a vacation on the beach somewhere with some nice looking ladies to help lower your BP a little?

In regards to your original question, I agree with Lucky. What he said.

[chad]

at a certain point, $$ doesn't mater anymore. i have a friend who just spent $480,000 (yes, that much) running power almost 10 miles back in to the woods so he could have power for his deer hunting "cabin" (it's a palace). he uses it maybe 1 week at year at most. it's his money and can do with it as he wants, but at some point in time, i think it's time to step back and look at the larger picture of life + how you fit in to it.

[Neuro]

So your friend took over your business, but couldn't at the time, pay you in full, so he owed you $140.000, and since then he has payed you back about that sum in interest, which you dilligently invested in Silver at an average price of $5.16, further the business he bought from you failed, and since then he has been down on his luck with divorce etc, and says he can't pay you at this time.

Squeeze the lazy bastard out of everything he has, and then some more. There is a time for mercy, but this is clearly not it! ;D

[Neuro]

at a certain point, $$ doesn't mater anymore. i have a friend who just spent $480,000 (yes, that much) running power almost 10 miles back in to the woods so he could have power for his deer hunting "cabin" (it's a palace). he uses it maybe 1 week at year at most. it's his money and can do with it as he wants, but at some point in time, i think it's time to step back and look at the larger picture of life + how you fit in to it.
Someone should have told him about Solar panels and/or a wind generator...

[horseshoe3]

Or he could have just bought a diesel generator and 99 backup generators in case that one broke.

[chad]

it's a 1 million dollar or so house/palace. he wasn't going to run it on a diesel generator. in the end, an ostentatious waste of money, i agree. the point is, money isn't anything to him, he just wastes it on foolish things. he could have done solar, etc. and given the money to worthy causes and done something good with it, but he just spends it because he can. when yu get to that point, you need to re-evaluate your place in the world.

[midnight rambler]

it's a 1 million dollar or so house/palace. he wasn't going to run it on a diesel generator. in the end, an ostentatious waste of money, i agree. the point is, money isn't anything to him, he just wastes it on foolish things. he could have done solar, etc. and given the money to worthy causes and done something good with it, but he just spends it because he can. when yu get to that point, you need to re-evaluate your place in the world.

Admit it, your friend is an irredeemable systemite (one who willingly and merrily facilitates the beast), an enabler of the worst kind.

[chad]

Admit it, your friend is an irredeemable systemite (one who willingly and merrily facilitates the beast), an enabler of the worst kind.

oh, absolutely. he believes everything on fox news, etc. i was friends with him long before i woke up so to speak. mostly we hunt or fish together, and that's all. he's an interesting case study to sit back and observe.