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  1. #1
    Join Date
    Jul 2014
    Posts
    1

    Default Large Personal Loan Not Paid Back

    My question involves personal finance in the State of: Kansas

    Someone has loaned $400,000.00 to a borrower in 2008. The borrower signed an agreement stating that they will return the money with interest at various intervals in the year. The document they signed also stated that the borrower must repay the full amount by 2010. However, nothing has been paid back. What can I do, I still have the document signed.


    P.S - (asking for professional advice please. This has tormented my family for years and I have just became of age to fully comprehend this situation, I am not sure what I can do in my power so I am trying to find some assistance)

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Personal Loan Not Paid Back

    The lender should consult a lawyer tomorrow. Depending upon when default occurred, and the full terms of the contract, they may have already blown the statute of limitations.

    We have no way of telling you if the borrower is capable of repaying the money, but if they are the lender should sue them (assuming the statute of limitations has not run). For a lawsuit over that much money, they would be wise to retain counsel.

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