You're that rich to loan such a huge amount of money to a friend
and still survive?
as long you're not into any debts or suffering from any
financial difficulties, i would suggest you place the matter one
side.
Insisting on the payment may cause the relationship to sour.
I would suggest you continue to go out with him.. Talk to him
more about his business rather than the loan. Be nice to him.
Whenever he talks about borrowing more money, change the topic.
Sometimes, all he needs is a guilt trip. Constantly being nice to
him without money involved is a more powerful reminder than asking
him to repay back the loan.
Since this year is into recession. Don't expect a full lump sum
of payment back to you. You could always compromise with him.
Instead of paying the whole payment, which he absolutely cannot,
ask him to pay in installments instead.. For starters, $500 per
month for about 20 months.. He most probably can afford it, since
he has a business. And since you're his friend, you won't insist on
the interest. Thats your part of the bargain.
Let me summarise this option again.
His side of the compromise, agreement to pay back the sum in
installments of $500 per month for 20 months. Your side of the
compromise, because of friendship, you will not charge him the
usual bank interest rate of 1.5%(some random figure) per month. And
will not go to the police to settle it.
Whichever advice or option you take, i wish you all the best.
Good luck bro.
