Legal Question in Credit and Debt Law in New Jersey
family loan
MY nephew and I have a written agreement for him to repay $7,000.00 he borrowed to settle a pending lawsuit with my father due to breach of contract on a loan cosigned by he and my father
through household finace.
I made arrangements for him to borrow the money and then had him sign an agreement in February 2005 between us for him my nephew to repay the loan which he has defaulted on twice which is being put in trust for my 7 year old niece
He gives me every excuse in the book for non payment
What recourse do I have in collecting the balance of $4,800.00 the agreement runs through december 2007 and he has requested extensions ?
He claims the bank will give him an extension on a loan so therefor I should just do the same or let him pay it as slowly as possible?
Please advise if I can force collection through an agency small claims or wage garnishment
I am fed up with all the excuses and promises of repayment in larger amounts but he never follows through
1 Answer from Attorneys
Re: family loan
Sounds like a mess. If you have a written agreement, I see no reason why you can't take him to small claims court. That would be your first step. After you win, they can give you instructions on how to collect.
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