... him(400$). At the same time i dont really need it at the moment since im financially stable and atm he and his wife are a wreck financially. Id have no problem approaching him if i really needed my money back but at the same time again i dont need it right away..but then again its been 5 months. I think thats a reasonable time to pay back 400. I even gave him a discount because i can sell it easily for 600
Answers (1)
If you are OK waiting for the money I suggest telling your friend that you can wait for the money but expect it back within a certain time period (maybe a year). Because of the extended time, however, you would like the friend to sign a promisory note. You can replace the note for more time after a year if the friend still cannot pay but do not simply let it go indefinitely unless you are OK never getting paid. You can find text for promissory notes on line but be sure to indicate that it is a loan, the specific amount of the loan, interest (yes there should be interest even if you decide later to forgive it), the date, and specific time tables.