My friends in massive credit card debt

unfortunately there are more of these around than the intelligent type.

And unfortunately this is the type men seem to fall for. The ditzy one who spends all her time and money in beauty salons and won't question him. Give a man a woman who is attractive but independant and intelligent and they are scared crapless of her. :)
 
He's already starting to avoid me.......

*edit* There is only one thing I could do, and it would most likely p*ss him off so very badly that he would then want to screw me over and send a link to this thread to his future wife

Excuse me Qaz, but I am going to say what I think here.
Your responses and choices are those of a fearful boy, not a man of courage and self respect.
This lesson is your opportunity to grow your 8alls, courage determination, balance your yin with some serious yang.
Reading through this thread is like watching someone paralysed with fear.

Directing your mate to this thread, or his fiance is BS. That's scaredy cat kid in a school playground thinking.

That this guy is starting to avoid you confirms what I said in my last post. He is a weak character. And this is where you have your in to get your money back.

The more he tries to avoid you, the more you get in his face. You have to be a pebble in his shoe.....nay, a stone.

You have to make him uncomfortable. He likes comfort. He likes compulsive spending. This guy is as weak as they come, and the only tactic that will work with goons like this is a full frontal assault.

Don't go the indirect route through his finance. Get in his face every day. Phone him. Be on his front door every second day. At social events. Keep bringing it up. Don't let him try to erase you from his mind.

He is not your mate. He disrespects you, and wants you to disappear.
If it isn't clear by now, your friendship with him is over. He has chosen that.

I am not reading this thread anymore. You have had enough of other people's attention and sympathy to wake you up. If you choose to keep doing more of what you've done (being a naive boy), then you don't deserve to get the money back. You will also very likely walk away having not grown, and you will most certainly get walked on again.

Get in touch with your 8alls Qaz. The universe will support you in taking that leap into the dark.
 
The problem here is you have given him the money in good faith and now have no legal way to recover the funds unless he pays you the money back in good faith. This is a mistake and let see what can be done to fix this. If you can somehow make him to sign a legal binding and re-payment plan through direct debit then you know you have some way to get your money back.

Basically, the legal document must be framed in such a way that you have his 8alls. You know with his salary he can definitely pay you back your money.

The trick is now getting him to sign such a legal binding document (prepared by good lawyer). You know he has a money problem, he is always in need of loans due to his poor money management skills. He has a wedding coming up soon. So he should be desperate for more money and will probably do anything to get his hands on some cash. This is going to be a risky strategy but if played correctly can pay off. Offer him some more loan (No more then 5K) in return for him to sign the legal document acknowledging the current and all previous loan amounts he owes you and agrees to replay with strict repayment plan. This is where you own his 8alls. If he is desperate he will sign straight away. Once you have his signature you never have to deal with him again. You get the law on your side now.


(PS:
Some points to consider in legal binding agreement
1) Hefty late payment fees
2) Monthly accounting fees
3) Decent interest rate
4) Legal document preparation fees
5) Any future fees you incur to recover your funds
etc.
etc.

Don't giveup your money so easily)

Cheers,
Oracle.
 
You should lend him the money and then charge him 30%. Better to let a friend earn it than a bank. If you can structure it as an investment it could even be tax-deductible which will make it only like 18%

I didn't read anything in the middle so maybe you'e done that already?
 
Oh Qaz,

I was in a similar situation years ago, only to the tune of $4K, which was still a lot for me back then.

I'm a softy/sucker too.

My best advice is to do what I did & turn up on his doorstep with some friends of yours. (We weren't there to bash him or anything, just as a show of force...and possibly an implied threat ;) ).

Embarrassed the hell outta him. His mum answered to door & had no idea what was going on. His whole family was there. We were very curt & made it clear he owed me money & we weren't leaving til we had it. Get someone else to do the talking if you can't.

Make a scene!!! Behave like a ranting lunatic if you have to. I agree with Winston, you really need to pressure this person. Keep turning up on their doorstep & make them realise you're not going away. Turn up at dinner, weekends, lunch time. Put the pressure on Qaz....Pretend you've lost the plot & are in deep $$$ hole yourself. Make them believe you're ready to fight dirty. (Sometimes this is the only thing these people understand.) Act crazy! Do whatever you have to do to (within the law) to get your money.

I understand he won't have the whole $22K, but get something every time you go there!!!

How much is your wage compared to his? (Don't need to answer, just for you to mull over).

Regards, M&M
 
Oh just realised what a bad guy this guy is. Yea you should definitely pester him... tells his kids, tell his mum. Go to his mum's house and tell her. Ask her mum for the money. Or ask his kids for the money. Go to his work and ask the receptionist to speak to him because he owes you money then leave your number behind.
 
I wouldn't say that Rumpled Elf :rolleyes:

I'd say that Qaz isn't going to be letting this person walk all over him anymore, and I doubt that Qaz is going to let anyone else do the same to him ever again... well hopefully not.

But since this is such a mundane issue for you, can you spot me $22000 :confused:
 
A friend having $22,000 in credit card debt is pretty mundane, they just need advice to pay it off ... when you've lent $22,000 to your friend without legal contracts - that's the mess :p

Don't have $22,000 I'm afraid, still in scrounge mode for my next deposit. Will be until Christmas. Maybe we should both hit up qaz? :D
 
Hi all,

I met with him this morning and he's finally sat down and done his budget properly (at least thats what he's said) and will now pay me $250 a week to clear the debt. If he does that, I should get the money back fully in 2 years time.

I am gonna get a proper binding contract written up for him to sign regarding this soon.
 
Great to hear that he's sat down with you to work out a more reasonable repayment amount. Make sure you get that doc signed ASAP!

All the best,
 
yay - sounds like he's finally realising responsibility. you may just keep him as a friend and learnt a valuable life lesson in the process.
 
That's awesome Qaz :D

You've put your foot down and turned the tables around :cool:

Seems this guy actually is a friend, and is starting to respect you :)
 
Good for you Qaz, I agree with the others. Sounds like this guy is a friend afterall, just really hopeless with his money. Get that contract signed, and keep on his case if he starts to fall behind, but hopefully you'll end up with your money and your friend. Maybe this will be a learning experience for you both and he might even get his act together.
 
Hi all,

I met with him this morning and he's finally sat down and done his budget properly (at least thats what he's said) and will now pay me $250 a week to clear the debt. If he does that, I should get the money back fully in 2 years time.

I am gonna get a proper binding contract written up for him to sign regarding this soon.

Yay! Nice work...good on you for chasing this person down!

When's the 1st payment due...rock up on his doorstep at 5.15pm if he hasn't made payment by 5.00pm!

Your tag says 'billionaire in training', maybe next time someone tries to do something similar to you, you could ask, 'what would Trump do in this situation?' and follow his advice ;)

All the best qaz :)
 
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