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NSW Lent a Friend Money Who Hasn't Paid Me Back

Discussion in 'Debt and Bankruptcy Law Forum' started by Wendy1978, 28 January 2015.

  1. Wendy1978

    Wendy1978 Member

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    Hi there,
    First off thanks for any advice, its very much appreciated. I've lent a friend $20,000 (personal loan) and its been a year and she isn't putting any effort in paying it back, also there has been lies that she will but never has come through. She has no money and is unemployed so I am worried she will just declare bankrupt so she doesn't have to pay it back. The agreement was verbal but there is bank transaction records.

    What should I do, or will she get away just declaring bankruptcy?

    The choices I have right now that I am deciding is one) go after her and get her bankrupt, but i'm not sure the effect, or two) to just wait for the best and hopefully she gets a job and hopefully she pays me back a little at a time?
     
  2. Rod

    Rod Well-Known Member

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    First step is get something in writing from her acknowledging the debt, even if is text messages. Email is better.

    Then see if you can arrange a payment plan while she is unemployed at say $10/week, and enter into a new payment plan when employed.

    If she refuses to enter into a payment plan, then court seems like your only option.
     
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    John R likes this.
  3. John R

    John R Well-Known Member

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