Legal Question in Credit and Debt Law in Virginia

I was gifted a sum of $20,000 by an acquaintance. She stated that it was to help my struggling business and help get me ahead. She deposited the cash directly into my checkings account. We signed no paperwork and at no time was repayment ever discussed.... instead, I was told to "take the money and enjoy it." Again, nothing signed, no verbal agreements.... I assumed it was what she said, a financial gift as she is wealthy. Now, 8 months and a failed relationship layer, she is demanding that it was a loan and I need to start repaying. How can it be considered a loan if there was never a loan agreement signed? I truly believed it was a gift, just as she said. But once she discovered we weren't going to be together, it suddenly became a loan. Can I be held accountable for repayment?

Asked on 3/12/14, 6:30 am

Michael Hendrickson Law Office Michael E. Hendrickson

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Loans don't necessarily have to be evidenced by a properly signed agreement

in writing. Given what has now transpired, it would appear prudent on

your part to begin gathering whatever evidence you can muster to support

your claim that what you received from this apparently now former girlfriend/acquaintance was in fact a gift rather than a loan. This evidence might

include written testimonials or formal affidavits from others who were in

a position to see and to hear what went on when this particular (and now disputed) transaction occurred.

And, to address your last question, yes, it is possible (in my opinion) that you could "be held accountable for repayment".

Answered on 3/12/14, 7:01 am

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