Legal Question in Civil Litigation in Illinois
Collection Issues
We signed a written agreement on, October 1, 2007, with someone. It states that a personal loan of $4,000 was given. If loan is not paid in full their car title and diamond ring will become the property of the loaner. The promise to pay back the loan on a certain date was never written in the agreement, it was a verbal agreement to be paid back in January, 2008. The car title is in the possession of the loaner and the ring was also until they took it back to sell it that day. It was never sold that day and they refused to return to the loaner. The car title was never signed over and does not have their correct mailing address. What can we do?
2 Answers from Attorneys
Re: Collection Issues
Your only choice is to sue them in the small claims court and HOPE that the judge will accept the verbal agreement about the time the loan was due back.
Keep in mind, that even if you win, and get a judgment against the person for the loan amount, interests and costs of filing a suit, collecting a judgment is another story.
You may end up spending money and time and seeing nothing in return.
I hope this helps-
Nima Taradji
Re: Collection Issues
Next time consult a lawyer when you make the deal, not when it goes sour. For now, I would suggest small claims court. This written agreement may or may not be enforceable since it didn't contain material terms. If you are only left with an oral agreement, then you will have to prove the terms. Not enough money is at stake to warrant an attorney suing on your behalf, especially in light of the ambiguous legal situation.
Shell Bleiweiss
http://www.shell-bleiweiss.com
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