Legal Question in Credit and Debt Law in Texas
Unsecured Personal Loan with contract signed
I agreed to loan someone money provided they signed a contract agree to certain things. The contract was very clearly written and one of the requirements was that a certain amount of the money must be paid back each month. Well the first payment time came and no payment was received from them. My question is will this contract hold up in court, which court should I take it too, and should I get a lawyer to help in the matter. Additionally, if in default one of the conditions was that all purchased property with said money was to be respossed by and me to cover remaining balance. Can this be done?
2 Answers from Attorneys
Re: Unsecured Personal Loan with contract signed
Without reading the contract itself, it sounds as if you drew up what is called a promissory note; a promise to repay a certain sum. That is enforceable in court. The proper court will be determined by the amount in issue, and the county within which the contract is to be enforced.
Within your lawsuit you may ask for repossession of the purchased property, but that will be considered an offset to the debt. I would not recommend self-help since there are other necessary steps that should have been taken in order to allow reposssession without court orders, and I can see from your question that those steps haven't been taken.
Re: Unsecured Personal Loan with contract signed
I agree with Mr. Bradie, but would add - Self-help measures such as repossession are a great risk to the creditor (you). If the money and the property are significant, an attorney will work on this for a contingent fee. If you want my assistance on this matter, please contact me by e-mail.
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