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  1. #1
    Join Date
    Aug 2009
    Posts
    3

    Default Lender Refuses to Return Collateral

    My question involves collection proceedings in the State of: California.

    My former employer gave me a personal loan but required me to put up collateral to insure it would be repaid. A personal loan contract was signed by both parties. The contract listed the dates and amount of money that would be paid each month.

    The loan has been repaid in full and I have his signature confirming the loan was repaid, yet he refuses to return my collateral. He is trying to extort more money from me before returning my collateral.

    My question is, what can I do and how do I get my collateral back from him?

    Thank you for your help

    Alan

  2. #2
    Join Date
    Jan 2008
    Posts
    1,948

    Lightbulb Re: Lender Refuses to Return Collateral

    You can take him to small claims court.
    http://www.courtinfo.ca.gov/selfhelp/smallclaims/

  3. #3
    Join Date
    Aug 2009
    Posts
    3

    Default Re: Lender Refuses to Return Collateral

    That's what I was afraid of. The amount of money he wants is only $100 which is nothing. It's the fact that he is trying to extort money from me for personal reasons that I don't want to just pay the $100 and be done with it.

  4. #4
    Join Date
    Jan 2008
    Posts
    1,948

    Talking Re: Lender Refuses to Return Collateral

    $100 isn't nothing if you need the money

  5. #5
    Join Date
    Aug 2009
    Posts
    3

    Default Re: Lender Refuses to Return Collateral

    true... the worst part is my collateral is worth about $6000.

  6. #6
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Lender Refuses to Return Collateral

    Consider this: Trade your check, marked "paid under protest", for your collateral. Then sue your landlord in small claims court to get the $100 back.

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