Legal Question in Credit and Debt Law in Indiana

What do I do if the money i'm trying to collect isn't there?

I have a self-written contract on a person that doesn't have a job, how do i collect? The contract reads (exactly), I (name) agree that borrowing $250.00 (two-hundred and fifty) from (name) I will pay back the money with a $20.00 (twenty) loan fee. The $270.00 (two-hundred and seventy) will be paid in full in a month, if not I agree to a 15% (fifteen) intrest rate for each week past due. The total rent is $500.00, (name)is giving (name) $250.00 cash and (name) is giving (name) a check for $500.00. If for some reason the check don't go through (name) will refund (name) $250.00. I have a loaner, a laonee, and a witness' signature on this document. Does this contract expire?


Asked on 1/30/02, 3:41 am

1 Answer from Attorneys
John Cook Dunn & Cook

Re: What do I do if the money i'm trying to collect isn't there?

For the amount of of the contract, your best bet is to file a small claims action. These proceedings are informal, and if there is any ambiguity in the "contract" the small claims court judge will be able to sort it out.

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Answered on 2/01/02, 2:28 pm


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