Legal Question in Credit and Debt Law in California
Money owed by ''friend''
I lent a ''friend'' $15,000 due to a gambling debt he accumlated. This was 4 years ago. I had him sign a letter stating what he owed and that it would be paid back within 2 years. I also signed the letter w/ a witness. Will this hold up in court? Can I charge interest?
1 Answer from Attorneys
Re: Money owed by ''friend''
Your question was submitted 6 times!
I would have to see the 'letter' to tell you. If the writing is not sufficient, you may have a claim against him based on an oral agreement. Keep in mind the statute of limitation (time beyond which you cannot file a lawsuit to collect your debt) for an oral agreement is 2 years and for a written agreement is 4 years in California and it began to run from the time your friend breached his agreement with you. If you have passed the 2 year mark to sue on the oral agreement, AND your written agreement is not sufficient, you cannot sue him.
If you want me to look at the letter, call my office.
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