Legal Question in Credit and Debt Law in Iowa
smal claims
Im owed 5000.oo by my nephew in Iowa. Ihave returned checks that have '' short term loan'' in the memo field. he deposited it to his business account (automotive business). he has sent me an email offering 4300 to settle After I filed a small claims against him in his county. He is avoiding the server but Im wondering if I can get the 5g and interest in small claims and is there a statue of limitations for debt like this. If so when dos the clock start? from the date of default or the date of the loan?
1 Answer from Attorneys
Re: smal claims
Do you have a promissory note which specifies an interest rate signed by the borrower? If so, you should be able to get interest from the date you loaned the money. If not, you likely are only going to get statutory interest from the date you filed your petition, which is not much.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
