Legal Question in Credit and Debt Law in North Carolina

Re: Verbal agreement/contract

I agree 100% with all that Ms. Freiman said and

would have said all that myself.

I'll add a couple of comments: if the interest rate

is the same OR LESS for the new 'proposed' payment schedule

and you can afford the higher payments, consider doing it.

Could there just be a communications gap where the lender is

just asking you to pay it off sooner? How to find out the

interest rate: send me the all the numbers: the amt of the loan,

the monthly payment and number of remaining payments on the original

deal and then what was in the proposed written deal and I'll 'impute'

the rate; you might actually be better off!!!

If you did sign it, there's a strong chance it could never be

enforced, since signing it with today's date, where you are getting nothing for doing so,

lacks contract consideration. But don't sign it. You're right not to sign anything new

now that doesn't comport with your understanding

of the deal.

You understand that higher payments SHOULD get a loan paid

off sooner, and that can be good! Right?

[email protected]

Stuart Williams

Law Offices of Stuart J. Williams

21 Walter St.

Newton, MA

02459-2509

(617) 527-0050

Stuart Williams

Law Offices of Stuart J. Williams

21 Walter St.

Newton, MA

02459-2509

Re: Verbal agreement/contract

A verbal contract is just as valid as aw ritten contract. The problem is to prove what it said.

If the lender sues you, he has the burden to prove the terms of the loan. The fact that you consistently made payments in a certain amount, and the lender accepted those payments without protest, would be some evidence that those were the terms of the loan, and not a higher amount.

I hope you have written receipts for the payments!

There's not much more you can do now - unless you had a witness to the oral agreement. If you haven't got receipts until now, you have two choices:

You can refuse to make payments unless the lender gives you a receipt. That would probably provoke the lender to sue you, and you might not be able to prove any payments.

If you don't want to take that risk, you can be sure to make payments only by check or postal money order, or have a witness.

Good luck!