Legal Question in Credit and Debt Law in Connecticut

Re: Owing a debt to a friend?

The BBS says this question was posted "12/31/69" -- I doubt that, but I don't doubt that you have a right to feel troubled.

Your post doesn't specify whether the two lawyers are still involved. If they are, I'm certain they will handle the settlement correctly by putting togther a document that both of the guys will sign. If the lawyers aren't involved anymore, your boyfriend and his buddy need to be a little bit creative themselves, and create a settlement document.

There's no magic to it. Whatever they want to say is OK, and whatever they want to do is OK. The document itself just has to say:

1. What argument the document is supposed to settle.

2. The total amount your boyfriend is going to pay, how much a month will be paid, who he will pay it to, and what happens if he doesn't finish paying (does he just owe the rest of the payments, or does he owe the rest of the original amount?). It should also say that the money is being paid without interest, if that is what they are agreeing to.

3. It has to be signed by both of them. It doesn't have to be witnessed or notarized.

4. It should show the date it was signed.

One more thing: NEVER PAY CASH! All payments should be by check. If your boyfriend doesn't have a checking account (or can't be certain his checks won't bounce) use bank checks or money orders.