Legal Question in Credit and Debt Law in California
I signed a contract when i borrowed money from my friend. It also stated that i will pay $200 in interest every month until i can pay off the debt. Can my friend take me to court if i dont pay for it? and how much will i have to pay off?
Asked on 1/16/13, 5:17 pm
2 Answers from Attorneys
Joel Selik
www.SelikLaw.com
yes but the friend may have a problem as the interest might be considered usuary
Answered on 1/16/13, 5:54 pm
Charles Perry
Law Offices of Charles R. Perry
Your friend can certainly take you to court if you do not re-pay the amount that you borrowed. There are limits on how much interest your friend can charge, however. If the interest rate in the contract is impermissible, you may not have an obligation to pay the interest.
Best of luck to you.
Answered on 1/17/13, 12:50 am
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