Legal Question in Credit and Debt Law in New York

Re: Debt

You bet.

Good Luck

RRG

Re: Debt

Yes, but, they may argue that this was a gift. Any witnesses? Have you made any written demands for payment?

Re: Debt

both my esteemed colleaques answered your question correctly. As the eldest in the group I will try to explain. Under the law, if you have a oral agreement it is as good as a written agreement if both parties admit to it. If your friend admits he agreed to pay you back and he does this after you sue him, the court will give you a judgment against him that you can enforce. You could seize his cash assets if you can find them. If he denies that he agreed to pay you back, then you have a problem. A judge will have to decide, based upon the credible evidence placed before him whether to award you a judgment or not. Since you are the one suing for money the law places the burden of proving your case on you. THerefore, if you cannot prove there was an agreement (that where the witnesses come in) the court will NOT find in your favor. It would be a good idea to get your "friend" to make some sort of admission that the funds are owed (partial repayment would be an act consistent with your version of what happened). If you would have him sign a letter (just to verify the amounts you added up) that would tend to support your claim he agreed to pay you hack. Anything is better than just going to court with only an oral agreement. Next time, don't lend money. If you do, get it in writing.

Re: Debt

Possibly, take the matter to small claims court for a resolution and you will end up saving more money in the long run. This however depends on the amount, and if it is over $5,000 that you're oweed perhaps you should consider other approaches.