How do I prove someone owes money?
You can prove your claim by almost any kind of evidence: a written contract, warranty, receipt, canceled check, letter, professional estimate of damages, photographs, drawings, your own statements, and the statements of witnesses who come to court with you.
Can you sue someone for not paying back borrowed money?
Yes, you can sue someone who owes you money. When someone keeps “forgetting” to pay you or flat out refuses to pay up, the situation can quickly become frustrating. You can take the issue to a small claims court and pursue legal action if it meets the minimum and maximum money thresholds.
Can you afford to live without paying back a loan?
If the loan is for a few thousand dollars on the other hand, you may need to assess whether or not you can afford to give the money away in the first place, living without repayments if they are not able to pay you back.
How can I get my money back from a friend?
Keep a copy for yourself and send the letter in the post to their home address, or where they are currently living. The best outcome is that your friend pays you back or at the very least you agree a payment plan that starts to recoup the loan. That way you avoid court costs and will eventually get your money back.
Can a lawyer help me recover money from a debtor?
Some of your legal costs can also be recovered from the debtor as part of your claim. Remember getting money back from a friend, an ex-partner or family member can be complex and emotional process, so having your lawyer deal with the proceedings and ongoing contact with the debtor may help in the long run.
What should I think about before taking out a loan?
You may have to think about any upcoming bills or events where you might actually need the money for yourself, so think about your own financial situation before loaning it out. Please note, the loan you are given is not considered taxable income, unless it is ‘forgiven’ and is considered COD, or cancellation of debt income.