I loaned a family member $5,500.00 to purchase a vehicle. I have the cancelled check. A month later, he sold the title to the vehicle and kept the money. Then when I was planning some financial issues, I found out that the house he rented was put in my name and on my credit report it is listed I owe $5,700.00 to a rental company that I was totally unaware of. Some how my information was compromised and my name was used for the rental company and a utilities company. I have been put through hell by this person.
I assume you did not make a police report. If this happened to me, that would have been the first thing I would have done.
Sure, you can sue him, but you know he is a criminal. Most crooks do not pay their debts, and the chances of collecting from him probably are not good. He probably doesn't even care if you did sue him.
A reliable person with good credit goes to a bank to borrow money. Unreliable people with bad credit and bad motives try to borrow from a well meaning guy like you. After he gets your money, he won't ever pay it back. There is no contract you can write that will adequately protect you from a crook, and the best precaution is not to loan money to anyone.
Yes, sue him in small claims court and be sure to renew it every 10 yeas. If he ever works (probably won't) garnish his wages. Levy his bank accounts if you can find them. In 10 years he will owe you $14,265.00 and in 20 years the judgment will be up to $37,000.00 (10% interest). But you'll probably never see a dime of that money. Good luck.
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