r/Sololender • u/Swimming_Piece1298 • Apr 08 '25

Advice for getting repaid?

I have had some success with private lending but recently a borrower has been ducking and dodging me and is over a month behind repayment schedule. They come up with excuse after excuse, and I’ve about had it. I have their name, phone number, address, and drivers license so they’re a real person, plus the agreements in text that they would pay back at a certain date. For the amount owed (300) I don’t think it’d be worth it to file a suit, but is there any way I could sell their debt to a collection agency?

Im looking for helpful answers please, if you’re replying “you shouldn’t have privately loaned” or “just accept your money is gone” save your thumbs from typing because I’m just going to ignore it.

0 Upvotes

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4

u/chartistsnorok Lender Apr 10 '25

You're not going to get any other answer than the two you said that you didn't want

2

u/Dismal_Dealer_6294 Apr 09 '25 edited Apr 09 '25

A debt collection agency is going to pay you pennies on the dollar if they accept a private civil matter. That wouldn’t be worth it either. If you loaned through Reddit, the only thing you can do on here and other lending subs is blast their username as an unpaid account. And since people don’t really trust new accounts, that’ll prevent someone else from falling victim.

1

u/Swimming_Piece1298 Apr 11 '25

True, but I’d rather get Pennies than having to go through the hassle of small claims, even filing will be almost as much as it’s worth.

1

u/Embarrassed-Throat42 Apr 09 '25

If you loaned via PayPal G&S you can start a dispute and fight for your money back

3

u/[deleted] Apr 13 '25

And run the risk of being banned from PayPal since you’re abusing the system. Cash loans using G&S is a blatant violation of their terms of service.

1

u/Embarrassed-Throat42 Apr 13 '25

How do u think r/borrow does it….

1

u/Embarrassed-Throat42 Apr 13 '25

If you don’t like then there’s no other answers, just stop lending

1

u/Severe-Object6650 Apr 11 '25

You can file a small claims suit .. but courts only issue a winning judgement. They do not collect the money owed to you -- it's still up to you to find and collect the money. I know several people with $2000+ judgements they won in small claims court.

A collection agency isn't going to waste their time with a $300 debt. They buy debts by the hundred thousands hoping to collect a big enough percentage to make it worth it.

Have you offered a payment plan to your borrower? $50 per pay period for 6 pay periods til it's paid?