No payments have been made barring a few thousand dollars. It's now 1.5 years into it and we continue to receive occassional emails stating that wonderful deals have been made and the money is coming. All meetings with the debtor have been ignored, despite prior agreement by all parties. It was also stipulated that we could receive the money back with 30 days notice. We were assured that the contract was signed by the debtors lawyers, yet they have never delivered them and ignore all such requests. I now qualify for food stamps, have had to cash in retirement money, obviously at a loss. The money was awarded to me as part of a medical settlement, and the debtor knew that and made many further assurances over the telephone. Unfortunately my spouse released the money w/out my approval
Chapter 7 Bankruptcy Attorney
Any loan of any appreciable size must be in writing in order to be able to collect on it. I would urge you to take whatever paperwork you have confirming that you did give them the money and that they are promising to pay to an attorney right away for specific advice on what you can do to collect. The longer you delay to act, the harder it will be to collect.
Hope this perspective helps!
Personal Injury Lawyer
My colleague is correct. You need to get copies of everything proving you loaned the money to the debtor and find yourself a local attorney to sue on your behalf. These types of cases are often taken on a contingency fee, so you may not have to pay unless money is recovered.
Even though your loan is not in writing, if you can prove the existence of the loan, you may have a case. The fact that some payments were made will help you prove the payment terms of the loan.
Make an appointment with an attorney, bring all your documentation along, and see if you can get this money back.
If you have any questions, feel free to contact me at 718-720-7000 and ask for Guy.
DISCLAIMER: Although the above response is believed to be accurate as a general matter, it should not be relied upon as any type of legal advice that is specific to your situation. It is intended to provide general information to the reader. A definite answer should be based on a consultation with a lawyer. No attorney client relation is formed with my firm without a written contract.
Why in the world would you make a loan of that magnitude without consulting a lawyer and getting proper documents drawn?
Was the borrower named Madoff, perchance? This has the earmarks of a scam or a Ponzi scheme. Hire a tough aggressive lawyer to try to recover. Be ready to just report it to your local district attorney as a fraud if they continue not to respond to your requests.
I am sorry this happened to you. I hope other AVVO readers will take this as an object lesson. Never give more money to an individual than you can afford to lose without its affecting the way you live.
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(Bryant) Keith Martin
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