Legal Question in Consumer Law in California
I have a loan with a couple I have been paying them for over 6 years. For the first 5 years I was paying them interest only. Then in 2011 we entered into a long term loan I paid the original loan down by $14k I have been paying interest and principal for the last 12 months. On March 22, 2012 they send me an email asking for the balance of the loan to be paid by April 2 1012. Can they do this?
1 Answer from Attorneys
When you say you "entered into a long term loan," do you mean you have a written agreement with the terms of repayment? If so, then the written agreement controls. If not, it would be your word against theirs as to what the agreement states. Your course of payment over the years would be influential to a trier of fact as to what the terms were in an oral agreement. It sounds like the folks need the cash. Perhaps you can negotiate an accelerated repayment that would not be too onerous for you.
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