Private debt collection...any good ideas? - Page 2

onewhippedpuppy · 07-10-2008, 05:24 AM

Quote:

Originally Posted by lendaddy

I have a guess but I'll keep it to myself.

If this "calling out" doesn't work (but I suspect it will), then follow the advice above.

You mean my advice about the bat?

on2wheels52 · on2wheels52's Garage

Look for someone named Igor to wield the bat.
Jim

Porsche-O-Phile · Porsche-O-Phile's Garage

<--- Dirty deeds, done dirt cheap.

I need some extra $$$ right now.

grudk · 07-10-2008, 06:23 AM

I loaned 10K out on two separate occasions, both were supposed to be 'short term' (3 months, 6 months). One was paid in full after a year, the second after three years (both with interest). Give it more time? Take it out in trade?

Friend had success with collection agency in similar situation (loan to ex-girlfriend - OUCH!). Small claims is cheap, but will take time. Interest may be a tricky issue legally without a contract

Tishabet · 07-10-2008, 06:29 AM

Quote:

Originally Posted by Drdogface

Actually the debt is $5500 now with the interest. Anyone have any good ideas how to get this guy to make it good? I dunno if debt collection companies take on this kind of debt...yes, there is a signed contract.

Was the contract a promissory note containing the principal amount and interest rate as well as a description of the frequency/timeline for repayment? If so, as other posters have said, you've got the guy dead to rights in court.

Another option (although it may be distasteful) is to restructure the debt, i.e. agree upon and draw up a new note secured by a UCC filing on property (e.g. their car) for the same principal amount but over a longer repayment period so the repayments are more manageable. Of course that hinges on the assumption that the borrower is having a hard time financially making the payments, rather than just being a jerk.

Danny_Ocean · 07-10-2008, 11:26 AM

Quote:

Originally Posted by onewhippedpuppy

In KS, I think the limit on small claims court is $1k. Depending on your local laws, you might be beyond that.

OP is in CA. Different state, different Rules of Court.

Calif. has a $7500 limit on small claims, and in some counties it is as high as $25k.

Dantilla · 07-10-2008, 01:59 PM

A judgement is a good idea. As soon as it's turned over to a collection agancy, the debtor's credit is in the toilet. With an account in active collections, it's hard to rent an apartment, buy a car, get a credit card, yada yada....

Of course, the best solution is to post a thread here in OT so that the debtor knows you are serious, and hopefully the unnamed Pelicanhead will soon contact you with his repayment plans before his name is made known to us all.

I hope this goes well.

m21sniper · 07-10-2008, 02:05 PM

Quote:

Originally Posted by Dantilla

A judgement is a good idea. As soon as it's turned over to a collection agancy, the debtor's credit is in the toilet. With an account in active collections, it's hard to rent an apartment, buy a car, get a credit card, yada yada....

On what planet is that true?

Tishabet · 07-10-2008, 02:22 PM

Quote:

Originally Posted by Dantilla

As soon as it's turned over to a collection agancy, the debtor's credit is in the toilet.

Is that actually true? I mean, does the collection agency contact Experian of their own volition or something?

Dantilla · 07-10-2008, 02:35 PM

Quote:

Originally Posted by Tishabet

Is that actually true? I mean, does the collection agency contact Experian of their own volition or something?

Yup.

Joeaksa · 07-10-2008, 03:24 PM

Pay for a airline ticket for M21sniper. He is a PI or car repo guy. Send him over to this jerks house and sit back and wait...

This is not correct!

wrecktech · 07-10-2008, 04:24 PM

I am also in the small claims court recommendation group. Go to the library and see if they have a set of books called "Causes of Action". It is a series of books that walk you through the process for hundreds of different claims. It should have exactly what you are looking for. They were a great resource for the litigation I was involved in. If they don't have "COA" they will certainly have some other book that will be as helpful. I hope you can get this resolved quickly and in your favor.

azasadny · azasadny's Garage

Let us know who the deadbeat Pelican is so so don't do any business with him... BTW, good luck collecting your $!

RWebb · RWebb's Garage

yes - it is true, tho I wouldn't necc'ly say in the toilet with is credit rating. It will get knocked down quite a bit tho.

The cheapest way to go is DEFINITELY small claims ct. In Oregon, you have to serve him where he lives (same county), so if you traveled all the way up or down the state, you'll get to do that again for the court hearing. Check out all the Calif. rules for small claims ct. They will probably list them for you.

Once you get the judgment however, you then have to collect on it.

you might be able to find a lawyer who will give you advice on that for $50 to $100. Or there may be a legal clinic at a law school that helps people like that. Look around. Worst case, you'll have to go thru all the Calif. Civil Code to see how to do it. Figure 500 lbs. of books to sift thru.

Joeaksa · 07-10-2008, 04:35 PM

Quote:

Originally Posted by azasadny

Let us know who the deadbeat Pelican is so so don't do any business with him... BTW, good luck collecting your $!

Cannot disagree with this suggestion either. If he is going to stiff one Pelican, then he very well may do it to everyone.

Better that we know to stay away from him if he does not know how to pay his bills.

cab83_750 · 07-10-2008, 05:00 PM

Reminds me of the the "Loaning to Family" thread. Is he a friend? Are you willing to lose a friend for $5,000.00?

m21sniper · 05:22 PM

Quote:

Originally Posted by Joeaksa

Pay for a airline ticket for M21sniper. He is a PI or car repo guy. Send him over to this jerks house and sit back and wait...

Normally i like to be a bit more discrete than taking on potentially illegal collections jobs on internet forums. But i'm sure there are plenty of folks in the 'collections' business locally who would gladly take your case for a % cut of all monies collected.

It's pricey, and possibly risky, but private parties tend to operate much faster than the court systems and property liens.

Don't pay over 20% though.

PS: If you got a lien on his car, a repossessor could go out and legally take it. I'm sure that would sting like a biitch.

Drdogface · Drdogface's Garage

This thread sure generated a lot of support and energy... I'm really thankful for all the suggestions. I did go to the Court today to get the papers. I will get that done ASAP but will have to research his address to serve him.

I'm pretty sure this guy is reading this and that was part of the point....to know I'm serious. He is supposed to 'drop by and pay something' sometime this week....we shall see. If I mention his name now I've played my ace...so bear with me.

Porsche_monkey · 05:04 AM

xxxxxxx?

Note the color please.

Drdogface · Drdogface's Garage

Quote:

Originally Posted by cab83_750

Reminds me of the the "Loaning to Family" thread. Is he a friend? Are you willing to lose a friend for $5,000.00?

Having a 'friend' stiff you for five large is kinda like a pet dog that bites you...still have the dog but never quite feel the same about him ever again...