first, this is deffinately not a good position for either party to be involved.
what to do is dependent on how you feel about things:

if you did not know this person and it was strictly a business agreement .. you have a signed contract that you should go to court with and settle things up.

on the other hand you say you knew this person and if it was a friend you might handel things differently. if it is a friend and you believe they are truely in a bind i would be willing to work out a payment plan that makes both parties some what happy.
additionally if i was the one in a bind and i had the means to make good on a sour deal with a friend i most deffinately would (ie. give them a snake of equal value).

tough situation, and to me it would depend on your relationship with the person as you are obviously (by contract even) entitled to repayment.
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- Jason F.

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