Brother-in-law Won't Pay Back Loan

[BollyBonk]

I have a brother-in-law whom I loaned money to who won't pay back a loan. If I had that loan back I could save some money. I'll never lend money again. Any advice on how to get the money back? Also, does anyone know how to get the phone number of someone who owes you money? I only see his address on the Internet. I call 411 but they couldn't find the phone number listed either.

[disneysteve]

You don't know your brother-in-law's phone number?

Any time you GIVE money to another person, you need to assume you will never get it back. If you can't afford the GIFT, you shouldn't give it.

[bjl584]

Originally Posted by BollyBonk

I have a brother-in-law whom I loaned money to who won't pay back a loan. If I had that loan back I could save some money. I'll never lend money again. Any advice on how to get the money back? Also, does anyone know how to get the phone number of someone who owes you money? I only see his address on the Internet. I call 411 but they couldn't find the phone number listed either.

I'm going to assume that your brother-in-law is married to your sister, so then why don't you just call her?

Unless you had a legal agreement in writing and notorized, you are SOL. You may get the money back, but I wouldn't count on it. Take this experience as a hard lesson learned.

[Joan.of.the.Arch]

If he owes you enough money to make a significant difference in your life, I would not give up so easily. Are you in the same city/area? If so, instead of phoning, go to his place. Talk to him in person. Steel yourself up to be calm but firm.

What have you tried so far to recover the money?

[disneysteve]

Originally Posted by bjl584

Unless you had a legal agreement in writing and notorized, you are SOL.

Even if you did have a legal written notarized agreement, that doesn't mean you are going to get your money back. First, he needs to have the money to give you. Second, he needs to actually give it to you. Sure you could take him to court, but you need to decide if that is worth the expense, court costs, time away from work and the ill will you will create in the family.

Write it off as "stupid tax" as Dave Ramsey calls it and don't ever make that mistake again.

[cypher1]

Call up Uncle Vinny, and he'll have Moose and Rocoa make your BIL an offer he can't refuse.

All in all, depending on how much the loan was, sounds like the hard lesson learned option. Or you track him down via family, and take something as collateral.

[maat55]

If you are going to play banker, you need to learn how to do it. If you want to lend to someone who cannot borrow from a bank, you should expect the results the bank did.

[jpg7n16]

Originally Posted by maat55

If you are going to play banker, you need to learn how to do it.

This must be why they ask for phone numbers on loan applications...


If the agreement wasn't in writing, it didn't happen.

Also, if you have his address you could - call me crazy - send a letter through the mail. Just a thought.

[cschin4]

I would let it go. It is gone, over, done deal. The money is gone. He knows he owes you the money and obviously isn't going to pay it. You are only going to cause yourself more angst. It isn't worth it. You now know the person he is. Better to direct your energy elsewhere. Work OT or whatever instead of wasting your time on this. Case closed.