I went into what I thought was a business venture and loaned someone $8,000 in cash May of 2010 along with $4,500 in shared credit cards. The agreement was to have me paid back by Aug of 2010, but there has only been requests for more extensions.
We had a notarized agreement, which I do not have a copy of, but also does not include the credit card arrangement.
As of Dec, he maxed out both credit cards and refuses to pay. There has also been no payments to honor the initial loan. It is beginning to feel like a scam because I can't even verify if this supposed business even exists.
I have no job or car, makes funds low and ability to get around impaired. I tried going to the police but they deemed the matter civil and refused to let me even make a statement. I need to know what my options are and how to go about getting any of my money back. Because most of this was strictly on a verbal agreement I'm not sure if that is even a viable option.
I have no idea what area of law this is, but this was my best guess.
1 Answer from Attorneys
You should have an Attorney sends Demand Letter and if he ignores that follow up with suit.