Legal Question in Credit and Debt Law in Florida

suit over loan

We borrowed 34,000 to purchase a vehicle. with a 6% intrest rate from a relative and have not completely fulfilled the agreement. We were to pay $580.00 per month and we did so for 14 payments. My wife took a large cut in pay, which has made it difficult to contine paying. The relative was ok with us not making payments. We recently traded our vehicle in for a newer vehicle and were issued a check for $15,000. this money mainly went to paying off bills and taxes. We have very little left. The relative thought we should give the entire check to him. When we did not, he retained a lawyer. He now demands the back sum of $8,140.00 and to continue with agreed payments. We cannot afford this. We dont know what to do. It appears that the original written agreement has been altered.


Asked on 7/17/07, 7:52 am

1 Answer from Attorneys
Scott R. Jay Law Offices of Scott R. Jay

Re: suit over 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 information, 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.

You have a serious problem. You sold the collateral that guaranteed the loan and did not use the proceeds to pay your relative back. You will have to deal with your improper dealings and face the decision of the court.

As to any possible altering of the written agreement, that would be a defense if so. You should be able to prove that by showing your copy which would be different if it was, in fact, altered.

Scott R. Jay, Esq.

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Answered on 7/17/07, 10:41 am


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