Legal Question in Credit and Debt Law in Florida

Repayment of Personal Loan

My Boyfriend and I made a personal loan to a friend of a friend. The entire loan was for $20,000. We had a verbal agreement that all funds would be repaid within 3 months (April 28, 2007, to be exact). In the memo line of the checks we specifically wrote �Loan-Apr. 28�. Since the arrangements were made we have only received one payment of $5,000 in March. The loan was supposed to have been paid in full almost 2 months ago and we have yet to see another penny. When we ask the individual for our funds she states that she is having a rough time and that she will try to get us the money, but that she can�t make any promises. We�ve been hearing the same excuses over and over and it is time for us to pursue legal actions, and I have no idea where to start. Help us Please!!!


Asked on 6/25/07, 4:18 pm

2 Answers from Attorneys
David Slater David P. Slater, Esq.

Re: Repayment of Personal Loan

A lawsuit may be required. You will have to prove the loan was made. Another issue is collection.

Read more
Answered on 6/25/07, 4:34 pm
Scott R. Jay Law Offices of Scott R. Jay

Re: Repayment of Personal Loan

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such nformation, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

I am not sure what you are seeking, however, I will give it a try. You will need to retain an attorney to send a demand letter to the debtor. If not successful in collecting the monies, the next step is to file a lawsuit for collection in court. This case is right on the dividing line between county and circuit court. You can ask for the debtor to pay your costs. Unfortunately, you do not have a written instrument which would provide for attorney's fee but a court may award a reasonable attorney's fee pursuant to Florida Statute 57.105.

Good luck.

Scott R. Jay, Esq.

Read more
Answered on 6/25/07, 8:39 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Florida