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I have asked a few people on this subject, and the consensus seems to be split down the middle, so I thought I would pose this question here.
I have a friend I've known since high school, so about 20 years, maybe more. We have always helped each other out, never had any issues prior to now.
Back in November, I was moving. Said friend helped me move, but also wanted to get a cell phone with Verizon, however because of his credit, he would have had to put down a deposit of 1k. Since I had an account with them, he asked if I could add a line on to my account for him and he would pay his portion of the bill. November through March he paid the bill, but always paid it about a week or 2 late, and usually after I had to remind him a few times that the bill was due. I usually didn't make a big deal out of it until I would get the collection calls on my case threatening to cut off my phone.
In April he ran into some legal issues and had to shell out for a lawyer. He never paid the bills for April and May, which I now had to cover just so I could keep my own phone on. He promised to pay the next 2 bills in full (meaning even the charges for my phone) to make up for it. I told him if he couldn't pay anything in June I was going to turn off the phone and he would have to reimburse me for any termination fees and he agreed to it. Well June came and went, and nothing. I didn't even hear from him. So I waited until the end of the month and finally cut it off and got stuck with the termination fee.
When all was said and done, the total was close to 1K that he owes me, the amount he would have had to pay to get the phone on his own anyway. He cried to me that as a friend I should be more understanding of his issues. I told him I was, but I also didn't appreciate being left almost broke to have to cover expenses that are not my responsibility. It's also worth noting that in June after not paying the bill, he had the nerve to ask if he could borrow an additional 1k for the lawyer.
We haven't spoken since I shut the phone off. I feel horrible about his situation, but it was because of stupidity that he got himself into this mess in the first place. I don't want to sue, but at the same time I hate the fact I feel like I was taken advantage of. I would have appreciated it more if he would have just told me, "look this is more than I can handle right now" instead of outright lying or just trying to avoid me all together.
At the very least you will learn not to do something this stupid again. If they can't get credit, why would you give it to them? He is not the type of person anyone needs for a friend.
Take the loss. Keep your distance from this "friend."
Don't loan money to friends, or borrow from them. It's the quickest way to end a friendship. (Also don't babysit for friends, that seems to do it too)
I don't think there's any point in suing him. It sounds like he has too many problems and not enough money, and you'd be unlikely to get anything out of him for your time and effort.
Not worth taking legal action for a measily thousand bucks. A lawsuit would cost more than that. Take it as a thousand-dollar lesson learned, and never lend money to friends again, especially ones that you KNOW have bad credit.
This is why so many mortgage companies failed--knowingly lending to people who have demonstrated that they can never and will never pay back. You got a bargain by learning that lesson for $1000.
We rented out house in Utah to "friends" and in the end had to evict them and sue for $7,000 in back rent, then had to attach his wages to get the money. So yes, I've sued a friend.
In your case however, unless you have something in writing that the friend would pay for his portion of the bill I don't think there is much you can do.
I would cancel his line and chalk this up to a learning experience.
We rented out house in Utah to "friends" and in the end had to evict them and sue for $7,000 in back rent, then had to attach his wages to get the money. So yes, I've sued a friend.
In your case however, unless you have something in writing that the friend would pay for his portion of the bill I don't think there is much you can do.
I would cancel his line and chalk this up to a learning experience.
I have the entire exchange via text message, which I'm told can be printed up and shown as evidence.
However, I will just chalk this up to being foolish enough to let this go on so long and cut this friend off. I guess some people will never grow up and take responsibility.
His credit sucks and he can't get his own phone, then he has more legal problems and you are extending him credit; and keep right on doing it as he slowly but surely month after month slides the shaft into you.
You were a fool to do this.
Forget suing him, just let this fiasco smarten you up.
Just think of it as paying 1K for a lesson learned. Seriously, it's not worth pursuing because he is broke and even if you were to get a judgement against him, it means nothing because you can't collect. It's just a piece of paper. His credit is already shot so why should he pay? And if he needs lawyers, your measly 1K is a drop in the bucket.
Study up on this and you will find I am right. You will just end up spending more money for court/filing fees on top of what you already lost.
This is a lesson many of us learn. Mine was worse than yours. I loaned 7k to a friend who then filed bankruptcy. The whole thing was fraudulent. She wanted to get married debt free. Her bankruptcy was final and she had new cars, jewelry, and a house within weeks. And a new husband. I'm sure he insisted on her filing because he didn't want to be responsible for her debts. And I bet it's all in his name, not hers. Where does that leave me? 7K poorer. And yes, I did respond to the Bankruptcy Court but that didn't help ME at all. I did hear that what I wrote was good enough to delay her bankruptcy for 3 weeks and I'm sure she was mad as a wet cat. But I'm still 7K poorer. And I have one less friend.
And if you don't have a formal, written loan agreement with a repayment plan, you can't write it off as a loss on your taxes either.
Need a cup of coffee or $5? Fine. More than that, forget it. Once burned, lesson learned.
Sorry, but if really needed a cell phone, he could have gotten a pay-as-you-go from t-mobile at Walmart, they are around $30, maybe even less because I got mine for $20 from target.
Small claims court.
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