I loaned a “friend” some money a while ago and made him sign a promissory note just to be safe. The amount was over 5k (so I understand this does not qualify as small claims court). So it turns out that he has literally disappeared…phone is disconnected, address is no longer valid. For all I know he left the country. What are my options, if any?
Please no remarks about how stupid I was to loan this person money…I’ve already kicked myself enough.
I may be in a similar boat soon, but at least the guy hasn’t vanished off the map. I loaned him 2K, but I know where he lives and works.
IANAL, but I think that’s where you have to start. You have to find him to have papers served on him.
A private detective should be able to find him easily, however, be forewarned that it might be VERY difficult to get the money out of him.
First of all, he may not be employed, or have any assets. Secondly, getting a judgement is one thing, and getting people to actually PAY the judgement is quite another. You may wind up spending a lot of money in court, and still never see a dime. Third, you may be in a long line of creditors all itching to get paid.
If you decide to go the detective route, you may want to have him look into your friend’s financial situation before taking any legal action. If its found he has any assets, like a bank account, you could possibly get the court to freeze it if you can get a judgement. (I don’t know the legalities of this particular situation.)