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I gave money lent to a person who promised me that he would

return back to me in...
I gave money lent to a person who promised me that he would return back to me in two months, money that he would use to buy additional equipment to expand his business, the new equipment would help his business to produce immediate gains, we signed a contract as evidence of the loan, the term of first payment already overcame and after several attempts to collect the first payment, the person has not paid anything, now he has invented stories of tragedies in his life, I have noticed that he lied to me from the beginning to obtain the loan and he continues lying every time I have contact with him. What should I do now?
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Answered in 5 minutes by:
8/1/2013
Thomas McJD
Thomas McJD, Attorney
Category: Legal
Satisfied Customers: 6,516
Experience: Legal Expert
Verified

TMcJD :

Hi, I will be happy to assist you, and it is my goal to make you a very satisfied customer! This may take a few minutes, so thanks for your patience.

TMcJD :

How much was the loan?

Customer:

7,500.00

TMcJD :

Did you lend this money to him from you personally or a business you own?

Customer:

personal money

Customer:

He said that he would pay back the $7,500.00 within two months, and he promised another $7,500.00 within a year.

TMcJD :

Okay. Thanks. The amount you can sue for is up to $10,000 in small claims court, so that is going to be the best way to proceed. Small claims court is a very simplified court system and is intended to allow a person to sue without the assistance of an attorney. The court system provides very detailed information on all the steps will need to take as well as forms that you will need to complete and file. Here is a link to the small claims court website: http://www.courts.ca.gov/selfhelp-smallclaims.htm

Customer:

He said that his earning will be between $15,000 to 30,000 per month

TMcJD :

I see that he promised additional sums at a later date (presumably as additional compensation to you for lending him the $7,500 to begin with). If you intend to try and collect that additional sum, you could of course not utilize the small claims court process to do so because it would exceed the $10,000 limit. You could ask for up to $10,000 however. If you do want to try and collect an additional amount, you would need to retain an attorney to assist you with suing him in regular civil court. That, of course, may end up costing several thousand dollars in attorney fees, so it may still be in your best interest to do this yourself in small claims court and ask for the full $10,000 that you can ask for in small claims court.

Customer:

He lied to me to obtain a loan, is there something else I can do against him. I think what he did is fraud.

TMcJD :

Give me just a moment to review all the facts you provided again.

TMcJD :

How did he lie to you in obtaining the loan? Are his earnings less than represented? Did he make some other misrepresentation?

TMcJD :

Let's just assume that he did lie or make some type of misrepresentation. You are correct that such a lie or misrepresentation would be considered fraud. However, when you prove fraud, the legal effect is simply that it invalidates the agreement between you and him. You would have an additional ground to sue him to get your money back. But you have that already with the contract/promissory note that he signed promising to pay you the money, so I don't see that proving fraud would help you. In fact, it could hurt you because it could invalidate the contract and limit what you might receive to only the money you lent -- the $7,500 and no additional funds.

Customer:

He told me that he was going to buy equipment, later I asked for receipts and he never provided those receipts to me.

TMcJD :

Did you see my additional answer concerning the fraud aspect?

Customer:

Then he said that he was involved in an auto accident and that nobody had auto insurance, I asked for proof of the auto accident, police report or any other proof but he is not giving me any proofs.

TMcJD :

Yeah, it sounds like he's just trying to avoid paying you with no justifiable reason. Suing him is going to be the only way to force him to make right on the situation.

Customer:

Every time we talk he lies

Customer:

I think he did not buy any equipment and that the auto accident story is another lie.

TMcJD :

Yeah, it most likely that he is lying. I'm sorry to hear of the situation. I know it's very frustrating. Again, small claims court will likely be the best option and suing for up to the $10,000 limit.

Customer:

I went to his office a month after I gave him the loan and he said that the equipment was in another place for repair.

Customer:

Ok, thank you for your advise.

Customer:

If I have more questions later, how do I contact you?

TMcJD :

You're welcome. Again, I'm sorry you're having to deal with this. I wish you the best of luck. I think you' find a good remedy in small claims court.

TMcJD :

You can just log back in to JustAnswer and you can post a new question and ask for me specifically.

Customer:

Thank you!

TMcJD :

Absolutely and thank you!

Thomas McJD
Thomas McJD, Attorney
Category: Legal
Satisfied Customers: 6,516
Experience: Legal Expert
Verified
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