3 options:
Ask your parents to get it back.
Tell him yourself.
Take the matter to court Judge Judy style.
If you want to sort it yourself don't get heated about it, telephone him and ask what time he is home tomorrow; only AFTER he has told you what time he is home, tell him you are coming over to pick up your bike.
I suspect that when you arrive he won't be home and the bike will still be locked up: You've got two choices; cut the chain (either saw it or use bolt cutters) or take a few photographs of the bike and go to court.
Going to court is really easy, you just need a witness or some kind of evidence that you own the bike and any other bits of useful info you can think of. Photographs are important because if he gets pissy and gives the bike a good kicking you can prove he vandalised it.
I hope it was just an old/cheap bike to begin with, I bet he hasn't looked after it. This guy is not your friend, he's a freeloader.
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