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Zachary
Zachary, Attorney
Category: Legal
Satisfied Customers: 3927
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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I have an outstanding loan to a friend that is not making payments.

Customer Question

I have an outstanding loan to a friend that is not making payments. I hold a title to a dirt bike for loan. I heard he sold it. I so have a written agreement with him. Do I have any way to get him to either give me the bike or get my money?
Submitted: 1 year ago.
Category: Legal
Expert:  Zachary replied 1 year ago.
Are you listed on the title as a lienholder on the bike, or do you simply have the title paper that he gave to you?

How much money does he own you?

Did the written agreement state when the payments were due?
Customer: replied 1 year ago.

I just hold the title.


 


$3350


 


They were to start 11/01/2011. with 10 payments of $500 and 1 payment of $250

Expert:  Zachary replied 1 year ago.
Thanks,

One more question.

Does the written agreement specifically state in it that the dirt bike is collateral on the loan?
Customer: replied 1 year ago.

no it does not. dumb on my part

Expert:  Zachary replied 1 year ago.
OK.

Without a written contract making it collateral on the loan, it really isn't worth anything.

That does not mean you are without recourse though. This type of claim is easily resolved in a small claims court. All you would need to do is file the claim in the small claims court nearest where you friend lives. The costs of these lawsuits are very inexpensive and you do not have to hire a lawyer.

Further, the court's have claims forms you can use and are set up to where all you have to do is write in laymen's terms why he owes you the money.

Then the court will set a hearing date. ON that date all you have to do is go to court, show the judge the written agreement and then tell the judge that the guy hasn't paid you. Then you tell the judge how much he owes you. Barring your friend having a legitimate defense (which from what you've told me it doesn't sound like he has one), then judge will find in your favor and issue a judgment for you.

You can then take that judgment and either seize property belonging to him to be sold by the sheriff to satisfy the judgment, seize a bank account or get an order to garnish his wages.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best Regards,
ZDN
Zachary, Attorney
Category: Legal
Satisfied Customers: 3927
Experience: Lead trial/International commercial attorney licensed 11 yrs
Zachary and 16 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

I do have messages where I asked him to let me take the bike so we could get this cleared up. He does not mention the bike in his answers, only that he will make a partial payment..

Expert:  Zachary replied 1 year ago.
To make a title piece of property collateral subject to a loan agreement, there must be an explicit agreement which is acknowledged by both parties.

A one-sided message is not explicit enough to create a collateral interest in the bike.
Customer: replied 1 year ago.

thank you

Expert:  Zachary replied 1 year ago.
You're welcome.

Good luck and I hope you get your money back!

-ZDN

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