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loaned money=double trouble
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Posted by paperroses
(64.12.96.205) on March 14, 2003 at 17:17:30:
Hi there all!
I've been reading these posts and hope there is some hope for me here.
I'll try to give the condensed version of my long and complicated story.
Bottom line, I loaned money,(12/7/01) where did I get the money? from the credit cards! Lead on with the promise of repayment just around the corner, I kept helping out this person. I do have a promisary note for 30k and wire receipts for the rest. This person knows I hit the cards to help out, but they are not dilligent in keeping up with payments or contact with me.They also implied that If i took leagal action I may not get paid.
I've managed to keep the cards current on my own.I just went into debt councelling and I missed a payment on the cards. It is hard to keep explaining to the cc that I am working on the problem and to please bear with me. Citibank calls at least 3x a week!(I got them current as of today) the other two know what im doing and they are more compliant.Did I make a mistake in going into credit councelling? They say I can have my debt paid in 6 years or less.That sounded alot better than the years upon years of payments or worse (in my mind) BK
I guess what im asking is how badly will this hurt my credit and for how long( I had A-1 credit feb is the only late/missed payment in my history)
And what recourse to the law do I have to the money owed to me. I did talk to a lawyer in NJ (i live in pa)and he basically called me an idiot,I do feel like a total idiot. I didnt need that from the lawyer i paid 45$ to. the words he used implied it. and another lawyer said theres not much i can do. I'm just annoyed that I allowed someone to take total advantage of my good nature.Im stuck with the bill
I hope someone can point me in the right direction, im not even sure if this even belongs on this kind of board!
Moral of this story... NEVER LOAN MONEY!!!!!
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