Legal Question in Credit and Debt Law in Texas

Collection of a verbal debt

I loaned two people money about two years ago, one about 65,000 thousand dollars and one about 3,900 dollars. I made a verbal agreement with them to pay me back. Is there a legal way to get them to pay me back? Also, is there any statute of limitations on this type of agreement? Thank-you for any help you can provide.


Asked on 7/13/04, 12:35 pm

2 Answers from Attorneys

Re: Collection of a verbal debt

Did you pay them in cash or by check? Did you make any notes on the check memo line?

You have nothing in writing? Are you still in touch with them? Have they ever written you about the loan or emailed you?

Read more
Answered on 7/13/04, 12:53 pm
Peter Bradie Bradie, Bradie & Bradie

Re: Collection of a verbal debt

A verbal agreement is enforceable. The problem is in proving up the terms of the agreement. If there's no paper trail whatsoever, then it's your word against theirs. Witnesses, memos, canceled checks, etc. help prove up the claim. Also written demands for payment, and the other party's response, help as well.

The odds are stacked against you with a verbal agreement, but it's not an impossibility.

Read more
Answered on 7/13/04, 1:07 pm


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in Texas