Legal Question in Civil Litigation in New York

Am I responsible for Interest?

I borrowed several thousand dollars from a friend a couple of years ago. There was no agreement, simply ''I'm glad I could help'' kind of thing. It took me all this time to pay it back. Now my friend is demanding interest. There had never been any mention of interest until I had paid the entire amount back. I believe I do not owe any interest. Can someone tell me if I am right?

Thanks very much.

RayW


Asked on 8/08/07, 11:17 am

1 Answer from Attorneys
Phroska L. McAlister PHROSKA LEAKE McALISTER

Re: Am I responsible for Interest?

Your "friend" probably does not have an enforceable contract agreement with you for the payment of interest.

However, suggest that you agree to pay a reasonable sum on account of YOUR overlong loan repayment.

Such an agreement on your part would demonstrate the appreciation and respect that you have for your friend's consideration, that is not shown by your mere repayment.

Good luck,

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Answered on 8/08/07, 3:58 pm


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