Legal Question in Civil Litigation in Indiana

Can't repay personal loan immediately

We have a verbal agreement to buy a vinyl lettering equipment, the repayment was for a 3 year note. Nothing in writing. My husband and I both have lost our jobs and been out of work for 1 1/2 years. The person we have this agreement with is now harassing us for the last 2 payments with a total of 640.28. I have told him that my husband just found a job at the end of July and he will be repaid in full by the end of October. We need to get caught up on our house payment first. He makes me make promises that I can't keep or he is coming to take back the equipment. He will no longer cooperate and I do understand his anger but I will not lose my house for the last 2 payments.


Asked on 8/16/02, 11:13 am

1 Answer from Attorneys
C. David DuMond Law Offices of David DuMond

Re: Can't repay personal loan immediately

Well, the man is probably entitled to his money. But if you have possession of the equipment, he cannot reclaim it without a judgment from a court. You might tell him it would be a shame if you had to spend the money on a bankruptcy lawyer that you would otherwise use to repay him.

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Answered on 8/16/02, 11:38 am


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