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Old 02-12-2013, 03:21 PM
 
Location: Sunshine Coast, QLD
3,149 posts, read 2,130,509 times
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Just wanting to get an idea of what my options are regarding paying back of a personal loan I gave to a supposed friend. I had loaned him $8000 to bail him out of personal financial difficulties-I wrote 'LOAN" on the memo, FWIW. It was to be paid back to me via paypal- as I have sinced moved to australia, at $120 per month until repaid in full. My friend has since passed on unexpectedly, and now the family is saying they are "withholding" $4000 of that money because I "owe" them that, for acts of kindness my friend had done for me. Is this even legal? What options, if any do I have? Would it even be worth it to pursue this from Australia, or am I just basically at their pathetic mercy? Thanks!!!!
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Old 02-12-2013, 03:40 PM
 
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If they pay you back $4,000, I'd say you'd be lucky. You might be able to file against the estate, hopefully others will tell you how to do this. I'd assume you'd need a lawyer. I lost a car in this same type of situation. His new wife refused to honor what was owed me, and took all of his millions and ran. I didnt pursue it though. Good luck and hope you get the entire amount.
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Old 02-12-2013, 03:42 PM
 
2,287 posts, read 2,492,251 times
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Oh I should say that since I settled my parents trust, they wont want a lien against it. It'll delay them getting whats due them. It could take a long time. Maybe if you tell them thats what you're going to do, it might scare them into settling with you.
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Old 02-12-2013, 05:39 PM
 
Location: The Triad (NC)
26,828 posts, read 57,830,396 times
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Quote:
Originally Posted by LeaveWI View Post
Just wanting to get an idea of what my options are regarding paying back of a personal loan...
My friend has since passed on unexpectedly...

Would it even be worth it to pursue this from Australia
or am I just basically at their pathetic mercy?
Start with getting the $4000.
Deposit the funds, take a deep breath and see how you feel then.

Beware of any release statements that may come with the money.
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Old 02-12-2013, 09:14 PM
 
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It doesn't take long to run up a big bill with a lawyer.

Take what you can get and call it a day. Be prepared to write it off.
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Old 02-12-2013, 10:49 PM
 
Location: Sunshine Coast, QLD
3,149 posts, read 2,130,509 times
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THanks all!! Looks like I'm pretty much SOL-Lesson learned!!!
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Old 02-12-2013, 11:00 PM
 
8,768 posts, read 10,329,110 times
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If you have a written and signed loan contract you can file against his estate for the total amount you can prove is owed. It doesn’t require a lawyer as the basis is the note and payment history. If all you have is 'Loan" on the memo line, write it off as odds are you will never be able to prove he still owed you the money.
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Old 02-13-2013, 01:24 PM
 
9,454 posts, read 15,010,253 times
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From what I remember from Business Law, writing something on the memo is not legally binding. Its simply a memo, like a note to yourself. To be legally binding, it must be written on the BACK of the check, below the signature line. By signing, the receipient is acknowledging the terms of the verbage written below. For example, I always write "payment in full for all services rendered to 123 street" so a repair person can't file a lien later.

Getting money out of an estate is extremely difficult and probably not worth it for the amount involved. Especially being in another country.I seem to recall you have to file a claim against the estate in person in a certain time frame, or appoint an attorney to act in your behalf. There goes your money right there! Also, it sounds like they are prepared to fight claims, so......

Pat yourself on the back for helping a friend in need at a difficult point in his life, and let it go.......
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Old 02-13-2013, 01:25 PM
 
9,454 posts, read 15,010,253 times
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Quote:
Originally Posted by Rabrrita View Post
If you have a written and signed loan contract you can file against his estate for the total amount you can prove is owed. It doesn’t require a lawyer as the basis is the note and payment history. If all you have is 'Loan" on the memo line, write it off as odds are you will never be able to prove he still owed you the money.

So true....one can't prove a negative. You can prove what he paid, via receipts, deposits, etc, but you can't prove he didn't pay it........
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Old 02-13-2013, 02:06 PM
 
Location: NJ
22,668 posts, read 28,551,950 times
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take them to judge judy!
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