Legal Question in Credit and Debt Law in California
loan to a friend
i loaned a father and son $12,000
and $10,000 respectively- a year and
a half ago. it was a verbal agreement
that i would be paid back in a few
months. it did not happen. i have
since
had email correspondance with both,
agreeing to a payment plan that was
to commence 1/1/08. again, no
such luck. what recourse to i have?
4 Answers from Attorneys
Re: loan to a friend
Separate loans, yes? If so, then one has nothing to do with the other. You will file two separate lawsuits.
Is the debt evidenced by a check? You must present evidence to establish the loan. Ideally, you have written confirmation of receipt of the money, and an agreement to repay.
Any decent collections attorney can handle. If you need help, contact us.
Re: loan to a friend
If they borrowed the money and agreed to pay it back, you have at a minimum a verbal agreement. The Statute of Limitations for a verbal agreement in Ohio is 6 years. If it was a written agreement, it would be 15 years. Check the statute of limitations for these claims in California. You could evidence the loan with the checks or other evidence of payment or deposit. You could evidence the terms of the agreement with the emails, and your testimony. If you can't work it out, you should file a claim or hire a collection attorney.
Re: loan to a friend
There is normally a 2 year statute of limitations on a breach of an oral contract. Were there any payments made? Please call us if you have any questions.
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