Legal Question in Mediation in California

Person to person loan

I loaned a friend over $3000.00 to purchase a vehichle on jan.29 2008 and i

created an agreement to recieve monthly payments from him of $250.Oo

starting feb.2008.Which he still has not paid me a dime.But i also added in

this agreement that until the money i loaned him was returned to me in

full,that the vehichle is my property and if he fails to make payments the

vehichle must be sold for the loaned amount or more and the money is mine.I

also included that if the matter becomes a legal issue that he is

responsible for paying all of my legal expenses.

I gave him until august 15 2008 to pay the money owed do i have to wait

until this date to take action or can i take action now?


Asked on 2/29/08, 7:21 am

1 Answer from Attorneys
Benjamin Berger Berger-Harrison, A Professional Corporation

Re: Person to person loan

If the deal required him to make a payment in February, and he failed to make a payment in February, he has breached and you can take action now. There are many other issues to be determined (what remedies can you seek at this time, can you seek more than $250 at this time, is your agreement enforceable, etc.) but . . . . to answer your question . . . . you don't have to wait until August.

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Answered on 2/29/08, 10:59 am


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