Debt Collection for Personal Loan
My question involves collection proceedings in the State of: Colorado
Thank you in advance for anyone who can provide any insight into this situation.
Long story short: I lent $3000 to a coworker/friend of mine to help him purchase a car to solve his commute issues he was having. He agreed to pay me back the money over time, but nothing was written down, verbal agreements only - with witnesses. He proceeded to pay back $1500 of the loan, but then something happened at work which caused him to lose his job. And the clutch part of the deal is, he blames me for losing his job. He no longer will speak to me and stopped payment on the last check he gave to me (the day before he was fired).
My question is: Do I have any legal ground to pursue repayment of this loan? He has agreed to pay back the loan (via email), but doesn't have enough to pay it off right now. I plan to get him to sign a promisary note with repayment plan (if he'll agree to it), but I wanted to see how hard I can push to make that happen (i.e. if I have any legal ground right now).
Thank you again for any advice you can offer!
Re: Debt Collection for Personal Loan
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clems
My question involves collection proceedings in the State of: Colorado
Thank you in advance for anyone who can provide any insight into this situation.
Long story short: I lent $3000 to a coworker/friend of mine to help him purchase a car to solve his commute issues he was having. He agreed to pay me back the money over time, but nothing was written down, verbal agreements only - with witnesses. He proceeded to pay back $1500 of the loan, but then something happened at work which caused him to lose his job. And the clutch part of the deal is, he blames me for losing his job. He no longer will speak to me and stopped payment on the last check he gave to me (the day before he was fired).
My question is: Do I have any legal ground to pursue repayment of this loan? He has agreed to pay back the loan (via email), but doesn't have enough to pay it off right now. I plan to get him to sign a promisary note with repayment plan (if he'll agree to it), but I wanted to see how hard I can push to make that happen (i.e. if I have any legal ground right now).
Thank you again for any advice you can offer!
You can certainly take him to small claims court.