Legal Question in Credit and Debt Law in Connecticut
Im new to this place so Im hoping that im doing this correct.
I cosigned a private loan for a friend for the amount of $5000.00 three years ago. At the time she promised me to pay the loan off in 6 months, now its been 3 years and the loan is up to $6500.00. She works and she is married now. I have asked her many times to consolidate the loan or pay it off so that im not the cosigner anymore, im not geting anywhere with her. Do i have any legal options?
1 Answer from Attorneys
Yes you do. You will have to sue her for breach of an oral contract. (unless you have it in writing then it's a breach of a written contract).
You have two choices. You can sue her in small claims court, however, the maximum you can sue for is $5000.00 plus the filing fee. This means that although she now owes you $6500.00, you can only get $5000.00. The altnernative is to sue her in Superior Court for the total amount she owes you which is $6500.00. You could also get back the filing fee and the cost of serving her with a marshal in Superior Court.
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