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  1. #1
    Join Date
    May 2006
    Posts
    2

    Default Recovering Money Loaned

    Hi,
    I realize now, how big of a blunder I made by loaning money to someone whom I knew for a very short time. Here is the situation...
    I came in contact with a person and I let that person borrow money for the college fees. Looking at my own past I thought how difficult it was for me to manage for my college funds and just with a good faith I let someone borrow close to 8000 USD. I did not write a check to the person but the person was unable to pay for the previous debt and because of that was unable to register for the consecutive semester and since that person was an F-1 student registering in school was absolute mandatory. I paid that money to a collection agency, I have all the credit card transaction receipts and all. I know for sure that the person never received the money in cash but that money was used towards college fees for previous semester.
    The time I loaned money I was told I would be paid money back in three months or at most 6 months. Its been close to three years now and so far I have received only 1500 USD. And it seems now that person is hiding from me. Either would not pick up phone calls, and would never ever respond to my email.
    Unfortunately, I was naive (or I would say fool) that I did not make any agreement. Is there any way of recovering this money?

  2. #2
    Join Date
    Mar 2005
    Location
    Michigan
    Posts
    28,906

    Default Re: Recovering money loaned

    You may wish to consider small claims court. The amount you can collect through small claims varies by state; in some states the maximum amount would probably be inadequate.

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