Legal Question in Civil Litigation in Florida
Oral Loan
I had a oral agreement with a friend to lend her a large amount of money ($25K) to start a business. She had bad credit, I had excellent credit so I obtained a personal loan from a bank for 25K. I am the gurantor of this loan. The agreement, she was to make the monthly payments to the bank as the statements were received. There were only seven payments made and she has since left the business. The current business will not make any more payments toward the loan stating ''the loan was her's not the business'', ''she's responsible''. I have since been making these payments myself and she will not return any of my calls or e-mails.
My questions are:
1) The loan is two years old on a four year loan. Is there a statute of limitations to file a civil suit.
2) Do I have a suit over an oral agreement, My fiancee was a wittness to this issue.
3) Is there fraud also in this matter.
Thank you
2 Answers from Attorneys
Re: Oral Loan
Your responsible for repayment of the loan. You have a claim against the other debtor who you made the verbal agreement with, and you should first consult with an attorney regarding all of your options. Next time get the agreement in writing and get your "friend" to sign the loan documents together with you. Alternatively, stop doing these kinds of favors. Good luck.
Re: Oral Loan
Sounds like you may have a case against your "friend" for Count I Money Lent, and Count II Breach of Contract. Based on what you have stated it sounds like you are still within your statute of limitations to sue your "friend" to recover the money lent, but I recommend you contact an attorney as soon as possible, so as to avoid being barred by any statute of limitations. If you need any help, you may contact the undersigned.
Good Luck,
Randall Gilbert
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