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NY/MA Attorney
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I loaned a person $5000 with the promise of being paid back.

Customer Question

I loaned a person $5000 with the promise of being paid back. The person keeps saying he's getting the loan, he did the paperwork, the check is in the mail, etc. and now the bank messed up the paperwork. I'm tired of being lied to and played. Can I take him to small claims court and if so what are my chances? Also, I co-signed for a motorcycle and I'm the primary. The secondary is not paying. If I sell the bike, is there any chance of backlash to me since both names are XXXXX XXXXX title, but like I said, I'm the primary, the one who is paying for the bike, but shouldn't be since I had the great credit to finance it!
Submitted: 5 years ago.
Category: Legal
Expert:  NY/MA Attorney replied 5 years ago.
First, with respect to the $5,000.00 loan, you can certainly take him to court. You should get a copy of the check or money wire transfer to prove that you actually gave you friend the money. However, most states have limits on the amount that you can sue for in small claims court. Your post didn't say where you live, but in Massachusetts, for example, the limit is $2,000.00. If your state's limit is less than $5,000.00 you will need to sue your friend in the regular trial court which is much more complicated than small claims court. Next, with respect to the motorcycle, if both of your names are XXXXX XXXXX title to the bike, you will both need to sign the back of the title to sell it to someone else.

PS I just saw in your Question that you are from North Carolina. You are in luck the limit in North Carolina is $5,000.00. Here is the web site that tells you how to file a small claim action.
Customer: replied 5 years ago.

Hi,

I am located in North Carolina, and unfortunately I had withdrew the funds from my mutual funds account, cashed the check, and put the $5000 down for payment on HIS motorcycle (which is listed on the sales receipt for proof), which again I co-signed for and am the primary account holder.

 

About both of us signing the back of the title, he says he won't sign anything, yet he won't make payments!

Expert:  NY/MA Attorney replied 5 years ago.
Well you could take him to court to compel him to sign the title. Unfortunately with respect to the loan you may be in a situation where it is your word against his. He may claim that you agreed to purchase the bike together (since you are both on the title). If you sue him he may back down and sign the bike over to you. If yo can sell the Bike you may recover most of your money. It sounds like doing nothing is not an option, if I were you I would put some pressure on him by taking him into court. By the way, here is that web site address: http://www.aoc.state.nc.us/magistrate/small_claims.htm.
NY/MA Attorney, Attorney
Category: Legal
Satisfied Customers: 16
Experience: 20 years experience practicing law.
NY/MA Attorney and 15 other Legal Specialists are ready to help you
Customer: replied 5 years ago.
Thank you!
Expert:  NY/MA Attorney replied 5 years ago.
Don't back down!

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