Legal Question in Credit and Debt Law in Illinois
default on loan
I loaned $1000.00 to a former boyfriend. It was plainly discussed and agreed that this was not a gift. It was agreed that this sum would be paid back in full. Of course, he has not repaid or made any attempt. The agreement was verbal. I am not concerned of the money. This is a matter of principle. I trusted this individual to be honorable and return this loan. The break up was amiable. The romantic relationship only 3 months. Do I have any recourse to collect this debt? Should I attempt to collect by calling or writing?
2 Answers from Attorneys
Re: default on loan
The simple answer is "Yes, you do have recourse!"
The fact that the loan was not in writing will not necessarily prevent you from collecting. Perhaps a polite demand letter telling the borrower that you are giving him 10 days or 30 days to repay the loan and stating that you will file a suit in small claims court if he fails to pay will get a response. If not, you may file a small claims suit without an attorney in the County Court House where you reside. I hope that this has been of some assistance.
Re: default on loan
You may telephone him and/or write to him regarding his default of the loan; however, given the facts as you describe them, it seems unlikely it will prove effective in collecting the debt. Also, you cannot be harassing regarding the collection, i.e., do not call at 3:00 a.m. or repeatedly or make unlawful threats, etc.
Of course, you may file a lawsuit in small claims court seeking repayment of the debt. The issue would be whether the amount at issue was a loan or a gift.
-- Kenneth J. Ashman; Ashman & Griffin, LLC; 312-648-1700; [email protected]
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