A friend of mine offered to make me a personal loan for $2,400 and wrote me a check on her account. I deposited the check into my account on the day she requested. A few days later my bank contacted me and told me that the check was written off of a closed account and now my bank account is overdrawn the $2,400.
I cannot get in touch with my friend to sort out this issue. The bank expects me to pay this money, but I don't have the funds. What should I do?
If your friend knew she wrote you a bad check, it says something about how high a regard she had for your friendship. If she didn't know the account was closed, it says something about her money management and attention to detail. Either way, unless you can convince her to give you a loan of real money, you've got a problem. You might suggest to her that knowingly issuing a bum check for that amount of money could be a criminal offense.
You appear to have spent the loan before the check cleared. Now that the check has bounced, you owe your bank for it. At this juncture you must either repay the bank with funds from some other source, or ask the bank if you can make payment arrangements with them. You may be asked to pledge some collateral on the debt. They may accept payments if you can demonstrate a willingness and capability. You won't know unless you ask.
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If your friend knew she wrote you a bad check, it says something about how high a regard she had for your friendship. If she didn't know the account was closed, it says something about her money management and attention to detail. Either way, unless you can convince her to give you a loan of real money, you've got a problem. You might suggest to her that knowingly issuing a bum check for that amount of money could be a criminal offense.