Legal Question in Credit and Debt Law in Indiana

Paying A loan back to a friend

I split a loan with an ex-fiance but when we had problems she borrowed the money and payed it off and ended up getting a bigger loan.I am giving her the monthly payments on the part she paid off.But now she is wanting the lump sum and I can not pay it.What can happen if I cant pay it in one lump sum but continue to make my payments on time to her. and my name is not on the loan and we do not have a contract.


Asked on 8/05/03, 4:52 pm

1 Answer from Attorneys
John Bator Bator Redman & Shive

Re: Paying A loan back to a friend

It sounds like you have an oral agreement for repayment of the loan. Your cancelled checks should serve as proof. Alternatively, see if you can borrow a sum that is less and get her to discount the balance you owe for an early payoff

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Answered on 8/06/03, 10:24 am


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