Nick, if you are going to be a loanshark, someone is going to renege eventually, especially with the interest you are taking.
If I were a real loanshark, I'd have the infrastructure and experience to deal with this situation. Obviously I'm not. I do not have outstanding contracted loans with other people.
I expected people to take the interest issue and turn me into the bad guy over it - but it's unfounded. First of all, this isn't a situation where someone has paid back all or most of a principal, and it's just the "juice" (That's what real loan sharks call it, right?) left over.
The interest is of secondary concern to me at the moment. Let me requote here something I said on facebook:
" The original agreement, (which again, was of Jay's drafting. I'm not going to suggest someone pay me less than he wants to), has already been renegotiated.
I've never been opposed to having whatever conversation needs to happen to get paid. The question on whether I would be willing to rerenegotiate and write off some of the interest amount is a conversation worth having once $4990 is paid back. That is the main issue currently." Second, as I have said before, I did not charge, suggest, demand, etc, the interest rate. In the same vein, I was not doing a favor for a friend either. I am not going to counter someone's contract offer with another offer more in his favor - it doesn't make sense.
Sakal CAI, or some arbitrator was the right answer.
There is no dispute for an arbitrator to sort out. Nobody is claiming this money isn't owed.
I'd consider selling the debt to Sakal or anyone else, but some bit of research doesn't lend itself to being an easy, or possible, process.