What are my options if an investment that is too good to be true goes bad?
I am pondering on whether I should pursue this investment. I have a guy who wants me to invest only ,000 dollars with a contract that I'm guaranteed 600% (,000) the same year, no questions asked.
I figured that it's not much money, and the contract certifies repayment. So what could go wrong?
The guy I'd be investing the money in/giving the money to would be considered a loan with guaranteed repayment. He says that the money is put in to businesses and further lent to others and multiplied easily. He says that nothing can go wrong because it's a written legal contract that he has to pay.
Would there be any loss in doing this? If he doesn't pay, suing is a very easy and remedial solution.
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Lawsuits are only effective if the entity you are suing still has the money after the suit makes it through the courts. In the US, this dollar amount would place you in small claims; even if you get a judgment, collecting is another thing entirely. You can attempt to garnish wages, levy a bank account, or put a lien on property, but those processes also take time to complete (assuming you know enough about the debtor to proceed).
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