Hi,
We lended about $67000 to a person we know for business a year ago. He agreed to 20% a year (written on small piece of paper). Now When we went to get the printed promissory note signed, he declined to sign our promissory note and made us sign a promissory note with only 3%!!. We had no choice since we had already lent the money. We already got a judgement for $670000 + 3% because he never showed up to court after defaulting.
isnt that illegal? he clearly took advantage of us because we did not have the hard copy version of the promissory note ready? could i get criminal charges involved for him doing that and forcing us to agree to only 3%? The prospect of such charges will probably make him pay up atleast.
2006-10-03 12:53:34 · 5 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Why the hell did you lend the money before you got the signed note? It goes like this: Note is signed first , money is handed over afterwards.
He didn't do anything illegal unless he had a gun to your head when you signed for 3%. He didn't "force" you to do anything. He stood his ground and you didn't.
You did something unbelieveably stupid and are now trying to pass it off as a crime in order to escape responsibility for your actions, and now you are sitting around waiting for him to "pay up". Good luck with that.
Your only option is to execute on the judgement if he has anything you can touch. I am betting he doesn't.
2006-10-03 14:01:47 · answer #1 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋
Verbal agreements with no promissory note signed prior to the money being given are difficult to hold up in court. Especially since the person you loaned it to is nowhere to be found.
Seems one solution would be to find out if he owns any property anywhere and put a lien on it in order to get your original interest charge.
You can do this at a county courthouse or seek a lawyer, who shouldn't charge too much for the lien.
2006-10-04 12:20:01 · answer #2 · answered by Big Bear 7 · 0⤊ 0⤋
Time to take this man to court and hope to get back some of your money, make sure no more lending is done with anyone.
2006-10-03 19:57:18 · answer #3 · answered by Louisa R 3 · 0⤊ 0⤋
YOUR SOL. Only thing I can suggest is to take him to a TV
show court room, you probably won't get anything more,
but he would look like and jerk in front of millions of Americans
watching.
2006-10-03 19:58:56 · answer #4 · answered by Mark 3 · 0⤊ 0⤋
You're boned.
2006-10-03 19:54:56 · answer #5 · answered by Anonymous · 0⤊ 0⤋