Legal Question in Civil Litigation in Illinois
Collection of personal loan
In 2000 I loaned a friend $25K to protect them from legal action (their debt arouse from a series of bad day trading activities). The money was acknowledged to be a loan and the receipient continues to advise they will repay me (approx. $7K has been repaid to date however note that no repayment activity has occured in the past 2 1/2 years). I am interested in getting some form of legal acknowledgement that in fact this was a loan and the dollars are owed to me. What is the best course of action I can take?
1 Answer from Attorneys
Re: Collection of personal loan
You must do the following:
1- send a demand of payment and give them 30 days to comply; make sure that the demand specifies the legal action(s) you are planning on taking should they not comply;
2- after 30 days if no compliance has been forthcoming, file a lawsuit demanding payment and statutory interest
3- serve the lawsuit
You should really get the help of an attorney in doing that.
I hope this helps,
Nima Taradji