Results 1 to 4 of 4
  1. #1
    Join Date
    Nov 2017
    Posts
    1

    Default Sued Over a Personal Loan With No Date or Schedule for Repayment

    My question involves personal finance in the State of: new mexico

    i borrowed money from my friend he wrote me a check on my name and he put as loan , we have no agreement or term written or verbal , now he put me in a court and he claiming that loan should be paid in 36 months , i paid some but still i owe him over $ 4000 , finally i get small claim court date for next week , financially i am in bad shape because of business failure and i have proof for that , most of my dept to collection and credit carts on money management but still i am not able to pay some others ,

    wondering what to do at court ? i never refuse him i always said i owe u but i cant pay , it is real , when i get my court paper i had $ 10 on my account .
    pls advise what to expect and what is my rights.
    thx in advance

  2. #2
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Borrowed Money from Friend with No Term to Pay Back

    If you owe and admit to owing the court will likely enter a judgment against you for the amount owed plus court costs. The creditor then has the right to use any legal means available to collect such as wage garnishment or asset seizure if allowed in your state.

  3. #3
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Borrowed Money from Friend with No Term to Pay Back

    Quote Quoting alperzeren
    View Post
    i borrowed money from my friend
    How long ago?

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Sued Over a Personal Loan With No Date or Schedule for Repayment

    Quote Quoting alperzeren
    View Post
    now he put me in a court and he claiming that loan should be paid in 36 months , i paid some but still i owe him over $ 4000
    With no written agreement if he says "We agreed for full repayment within 36 months" and if you respond, "I never agreed to a date", the court has to choose which account is more credible and, even assuming no formal agreement, whether a prior pattern of payments establishes a schedule or what term of repayment would be reasonable.

    For example, if you borrowed $12,000 and made monthly payments for the first 24 months, such that repayment would have been complete in 36 months, then stopped paying, that history makes it credible that the debt was to be repaid over 36 months.

    "I can't afford to repay my debts" is not actually a defense to a debt. If you are in terrible financial shape with no reasonable way out, you should consider consulting a bankruptcy lawyer.

    1. Sponsored Links
       

Similar Threads

  1. Getting Fired: Can an Employer Demand Full Repayment of a Personal Loan Upon Termination
    By Lettuce_Head in forum Employment and Labor
    Replies: 1
    Last Post: 05-16-2016, 12:18 PM
  2. Collection Lawsuits: Personal Loan Repayment
    By ottdav in forum Debts and Collections
    Replies: 1
    Last Post: 12-27-2012, 09:52 AM
  3. Collection Lawsuits: Sued Over Personal Loan
    By Mbky in forum Debts and Collections
    Replies: 2
    Last Post: 10-15-2012, 07:24 PM
  4. Collection Lawsuits: Sued Over Default on a Personal Loan
    By crazydrywallguy in forum Debts and Collections
    Replies: 10
    Last Post: 07-22-2012, 11:04 PM
  5. Debt Collectors: Getting Sued Over a Personal Loan
    By mdavenger in forum Debts and Collections
    Replies: 1
    Last Post: 01-07-2009, 08:09 PM
 
 
Sponsored Links

Legal Help, Information and Resources