The best friend convinced my spouse to take over his student loan.
The friend promised to reimburse my spouse monthly for the debt.
The debt is in bank draft form.
Each month the payment comes out of our account.
Unfortunately, the friend is several months behind with what seems to be no intention to pay.
Any advice for a promise gone wrong?
That means hes on the hook for payments.
If your husband fails to make them, hell destroy his credit score and could even get sued.
Second, is his friend struggling to make ends meet?
Or do you think his friend can afford to pay you back but is choosing not to?
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Your husband could try some guilting if theyre still on good terms.
Your husband could offer to accept lower payments and stretch the loan over a longer repayment period.
But in this case, getting something is better than nothing.
If he still doesnt get anywhere or if theyre already not speaking its time to up the ante.
Regardless, your husband can apply some pressure.
He can use a website like RocketLawyer or UpCounsel to find a free template for a demand letter.
He should send it via certified mail.
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Sending a demand letter doesnt necessarily mean that your husband has to sue his best friend, of course.
But sometimes people fail to repay friends and family members because they think there are no consequences.
Your husband may get his friends attention by putting him on notice that he could face repercussions.
Of course, suing his best friend will end the friendship.
But I certainly wouldnt want to be friends with a person who would abuse such generosity.
The other question here is whether it would be worth it to sue.
You dont say how much money is involved or what your husbands best friends financial situation is.
If you know that hes dead broke, getting a judgment may be meaningless.
Remember the old saying about trying to squeeze blood from a turnip?
You and your husband may wind up having to eat the costs of this promise gone wrong.
But there are definitely some lessons you’re able to take moving forward.
Id much rather help someone out with high-interest payments by gifting them cash.
Never again will either of you assume legal responsibilities for someone elses debt.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected]or chat with her inThe Penny Hoarder Community.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
