Legal Question in Credit and Debt Law in Maryland

Re: Collecting a private debt

Assuming this was an undocumented loan, you are probably entitled to interest, and certainly to court costs. You are not entitled to any penalties or lost wages. You would be entitled to reasonable attorneys fees only if provided for in a written loan agreement.

Re: Collecting a private debt

It is often said, "get it in writing". Your question illustrates the reason for this. When you lend someone money, you are generally entitled to recover interest on the loan and penalties for failure to pay on time, only to the extent that the borrower agreed to pay interest and penalties. If the borrower did not agree to pay interest and penalties, then it is unlikely that the court will give this to you if you sue to collect. As to lost wages, this is not generally recognized as a compensable loss in this type of situation. Court costs, however, are recoverable, to the extent allowable under applicable court rules, e.g., filing and service fees.