Contract

A friend of mine needs to borrow some money. I normally don't worry about it, but it's a large amount of money. I got screwed in the past and want to make a contract, saying we both agree she owes me money and she will pay me back by this time. In case I need to take this to small claims court, I want something that will stick.

How do I come up with one, that will stick and hold it's self?

Thanks,
Steven

(Don't call me an ass, I want to help out. But don't want to loose allot of money in this economy. Also, she works for her grandpa, and his business is doing good. She won't loose her job, if for some reason she did, I would be understanding, if she made effort.)

how much we talking here? tell her to get a loan if it's actually that much. or go to her grandpa?

get the contract notarized

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Originally Posted by third_shift|studios

how much we talking here? tell her to get a loan if it's actually that much. or go to her grandpa?

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$500-1,000 to get her car fixed. Her grandpa said no and she can't get a loan.

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Originally Posted by SHines-IT

she can't get a loan.

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red flag

Generally a bad idea as there is no security for such a loan. Yes, you will end up with an enforceable agreement stating that your friend owes you money. But that does not mean you will be paid.

Should the friend choose not to pay, or simply be unable to pay, you would have to bring a civil action to collect. Even then, assuming you obtain a judgment through a civil action, you may not get your money. A judgment is simply another piece of paper stating that you are owed money. Plus you have the expense of filing, service and collection to add to the original amount due.

If your friend can post some security or collateral, or owns real estate that you could enter a mortgage on (and hold first lien position) then you have something to work with. Many a friendship has gone south over a matter of money...

Sounds like more of an acquaintance than a friend. A friend is someone you have 100% trust in.

I had a friend who needed money once. He came to me and said he need fifteen hundred dollars no questions asked, and would pay me back in full within 6 days. This was a lot of money considering we were both 17 at the time. But I didn't think twice, and went to the bank. I never once worried about him not paying me back or anything of that sort.

I had the money back in hand at the end of the fourth day.


No matter how good your intentions are, if you need a contract for anything between 'friends,' your money is probably better kept to yourself.

Just my opinion.

Get it notarized etc. Blablabla, but if she can't pay you back it's free hootenanny for a year whenever, wherever, and however you want. Sounds like a good deal to me

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Originally Posted by wheeliE-maxx

Get it notarized etc. Blablabla, but if she can't pay you back it's free hootenanny for a year whenever, wherever, and however you want. Sounds like a good deal to me

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If you mean sex, we do that from time to time. I will probably get it notarized. But a $1,000 is allot of money at the moment.

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Originally Posted by Detroit Power

red flag

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I am 18, she is 20. She has no credit cards, I have one credit card. Because I chose to build my credit up and she has not. I am sure she can't get a loan... I am sure I can't get a loan, even though I have no flaws. It's the whole lack of credit history and economy going belly up, that fucks some one of use young people.

When I was looking into a NEW car, saved up $10,000 to put down. Was looking at $23,000 or below cars... I played hell getting loans and if I did, interest rate was higher then my credit card... So in turn, paid cash for my Trans Am.

do you know how fast a CC company will give her a card? in about 2 minutes. 20 y/olds have terrible credit b/c they spend money and owe a LOT of it to the banks that loan it to them-and card companies love that.

tell her to get a CC. or get someone to cosign the loan.

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Originally Posted by third_shift|studios

do you know how fast a CC company will give her a card? in about 2 minutes. 20 y/olds have terrible credit b/c they spend money and owe a LOT of it to the banks that loan it to them-and card companies love that.

tell her to get a CC. or get someone to cosign the loan.

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We tried, three different CC companies. Capital One even said no... I think maybe because she had a few occasions of over drafts?

The word "SHE" kills it for me

I have the money to loan her, I don't mind loaning her the money. But just don't want a repeat... I want to be sure that I am going to get paid, if at all possible. IDC, if it takes her 3-6 months to pay me back. Just want to be sure I get it back... All thought, hope she makes monthly payments if she takes that long.

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Originally Posted by rbob93

The word "SHE" kills it for me

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Exactly, bitches and money... They take and don't return. Unlike a guy, I can beat there ass or take it back. Don't even feel bad, but can't do that to a girl.

Use her car as collateral. ;)

women have no sense of right and wrong, dont do it!

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Originally Posted by Ed Blown Vert

Use her car as collateral. ;)

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Hah, excellent idea, it's what he's investing in anyway.

Don't do it.

If she doesn't have the money. Why would she have it later?
Just prepare not to get it back.

lolz

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