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Alright I am going to try to state just the facts here and not my opinion. In early December 2002. My best friend (Mike) asked me and my wife to buy him a big screen t.v. valued at $1550, and he would make repay in a year. I told my wife that it was her call, I wanted no part of it, since I don't like to mix money/friends/family. She decided to do it, under the condition that he pay off $1550 of a $2600 pawn shop loan she had on a ring that she pawned from her 1st marriage before we got together. He agreed meaning that after a year she would owe $1050 on the loan. The money was to have been paid back by January of 04. Well things started off o.k. for the 1st few months he would make a payment then fax my wife the receipt of payment. I forgot to mention that he lives in Texas(where the pawn is) and we live in L.A.. the loan was transferred to his name to make payments easier for him, and to allow him to pay more than the minimum interest only payments(Pawnshop rules, no ticket in your name nore more than minimum payment). Then it started to become a hassle, everymonth it bacame "did you go pay?" followed by the "yeah yeah I'll do it". Of course no more faxes of receipts. Anyways flash forward to this week. My wife ask for the loan #, he gets pissy about it and she gets off the phone with him, and wont take his calls for a few days. He calls me yesterday and ask "whats up with Melissa" I tell him she is mad over the pawn situation. he then tells me that why is she mad he has paid the $1500 back and that for the last year he has been doing her a favor and making the interest payment, which is like $35 every 3 months. So she has no reason to be mad. I ask her whats going on. She says that she called the pawn and asked for a balance, they told her that she owes $2400. I then call up Mike and say hey what happened your deal was that you were to pay off $1550 of the principle of the loan, we just found out that $2400 is still owed. Which means that only $200 principle has been paid. He claims he has paid alot of money into the pawn. I remind him that
1-the loan was to have been paid off in a year(we are now almost 3 years into it)
2-he was supposed to have paid off $1500 principle of the loan
3- These are the things he agreed to
It has become obvious that what he has been doing is going into the pawn shop and paying the minimum (around $35) right before the due date, which is every 3 months. He told me that he was going yesterday to get a payment history from the pawn shop. I told him yes you may have paid some money , but the deal was that you would pay off $1500 principle in a year not 3 years of interest only. You have only paid $200 in actual loan money, the rest has been just no to lose the pawn(interest ayments). Which by our account cant be more than $650 he has paid in the last 3 years (4 payments a year x $35 x 3 years=420 plus the 1st few payments which were around $100 each , hence the $200 dollar less owed on the loan)
What I want your opnion on is that. he claims he only owes my wife around $900 then(based on the above figures). I say he owes her $1350. I told him deal was to reduce the loan by $1550, not to make interest only payment every 3 months. That he has only reduced the loan by $200. Of course that is a big disagreement between us. Now for my opinion is that yeah he may have put in more than $200, but that was't our deal. All those intereset payments mean nothing, he hasn't lived up to his part of the deal, which was to payy off $1550 of the loan. Also remeber this was supposed to have been paid off in a year, this december it will be 3.
What do you guys think?
Am I right?
Am I just plain worng?
Am I being a Dick?
No offense will be taken, I am curious how others see this.
1-the loan was to have been paid off in a year(we are now almost 3 years into it)
2-he was supposed to have paid off $1500 principle of the loan
3- These are the things he agreed to
It has become obvious that what he has been doing is going into the pawn shop and paying the minimum (around $35) right before the due date, which is every 3 months. He told me that he was going yesterday to get a payment history from the pawn shop. I told him yes you may have paid some money , but the deal was that you would pay off $1500 principle in a year not 3 years of interest only. You have only paid $200 in actual loan money, the rest has been just no to lose the pawn(interest ayments). Which by our account cant be more than $650 he has paid in the last 3 years (4 payments a year x $35 x 3 years=420 plus the 1st few payments which were around $100 each , hence the $200 dollar less owed on the loan)
What I want your opnion on is that. he claims he only owes my wife around $900 then(based on the above figures). I say he owes her $1350. I told him deal was to reduce the loan by $1550, not to make interest only payment every 3 months. That he has only reduced the loan by $200. Of course that is a big disagreement between us. Now for my opinion is that yeah he may have put in more than $200, but that was't our deal. All those intereset payments mean nothing, he hasn't lived up to his part of the deal, which was to payy off $1550 of the loan. Also remeber this was supposed to have been paid off in a year, this december it will be 3.
What do you guys think?
Am I right?
Am I just plain worng?
Am I being a Dick?
No offense will be taken, I am curious how others see this.
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