Background: Money is owed to me by an individual, a personal friend, who signed a personal loan
agreement for a certain loan my wife and I made to him in April of 2012. After delequently re-paying a portion of it, he has ceased making further payments, despite my frequent requests and his equally frequent promises to pay. The loan should have been re-paid, with interest, by the end of July 2012. We allowed him to make installments payments rather than paying it off in a lump sum as required by the agreement. He last made payment to us in March 2013. There is a substantial balance due. In addition, and prior to this loan, we made a personal Capital Investment to him, which he signed personally and corporately, in an investment in a certain site development project. That project has been delayed due to problems with land procurement issues. In fact, our investment capital has been used to maintain certain options with one bank regarding one parcel of land, while waiting for another parcel, currently in foreclosure
, to be made available to us. That investment has not been re-paid, as agreed, in spite of previous demands.
My Question: Should I make one final request for payment in full before I turn this matter over to an Attorney? And what course of action would you advise?