i loaned $30,000 to a frend 26 years at 6% he never paid back anything..what is bal due now?

Question

i just found he and his wife .he is 79..she is 84 ..they have no family..a $200,000 house,,,she worked at phone co 44 years...help???

Answer 1

You MUST have this agreement in writing because it will be hard to prove that you made such an agreement in good faith, and didn't act upon it earlier.

Now, assuming that you have the documentation to prove that you made the loan to him, can he prove that he made partial payments of any kind?

"Of any Kind" can mean that he may have paid you back by working for you, or doing something (barter) to help you out in some way. If he can prove that he did some of these things in exchange for payment, you may not be able to claim much of the principle and interest you are seeking.

Also, it doesn't matter if they live in a mansion, you are only entitled to what you are entitled.

In the time between the loan and now, they may have decared bankruptcy, then got back on their feet. In such an instance, you wouldn't be entitled to anything because you didn't act upon it.

There are circumstances which you need to cover. Make sure you have documentation that you loaned the money at that rate for the specified amount you claim, and also documentation showing you tried to collect the amount (unsuccessfully) over time.

Your state may even have a statue of limitation (time frame to do something about it) on how long you can go unpaid without claiming he owes you the money.

Go to your local courthouse and speak with the States Attorney office. Someone there should be able to guide you on this matter.

Good luck, and I hope you get your money back (some friend they turned out to be).

Answer 2

Hmmm. Interesting story. Since you were able to readily see that your signature was faked there's a good chance that, if this went to court so would the judge. But I'm assuming that the legal route is not your favoured option. So you have a few choices... a) Leave town. Simply go and live somewhere else and hooe that the loan shark will not pursue you. b) Simply don't pay. Tell the loan shark that the debt is not yours and that the signature was faked. But this is unlikely to result in a friendly response from the loan shark. c) Kill the loan shark. Quite a radical choice for a 4K debt. Highly likely that you will be caught an sent to prison. d) Pay up. At least you have the money available. If you are certain that, once the debt is paid, you will be left alone this is the option that I would recommend. It will be painful to part with your savings but at least you should be able to put an end to this saga.

Answer 3

If I had made the same mistake, and had documentation, I would simply call my lawyer and have him handle it!
Should cost under a grand, and the return is pretty good! You can get a judgement against him, and probably get the money from his estate if nothing else. Or possibly put a lien against the house? At least screw up his credit!!

Answer 4

Get on Yahoo and search for "Amortization Calculator". You will be able to plug in those numbers and find out anything you want to know.

30k at 6% for 26 years is 136,481.49.

Hope you have a signed loan aggreement in writing!!

Answer 5

$136,481.49

This is a friend? Never paid $1. Never tried to repay you?
No Explanation.

And now you think you can get the money back? He apparently knew what he was dealing with 26 years ago. He set out to get free money from you. I'd say he succeeded.

I'm going to assume from your question that you don't have anything "legal" to prove your point. I think you were taken (purposely)..................... It doesn't sound like you ever learned from your mistake. Too bad.

Answer 6

i'm pretty sure you can't charge interest on loans unless you had to take it out on a credit card or out on a bank loan. but since it was so long ago it might be hard to prove in court. i would just go to him and tell him if he didn't pay me something i would take him to court, maybe he'll give you something.

Answer 7

If you lent it to a friend, and never had a lawyer make up and sign documents, you may not ever get your money back.

If you want to calculate the interest, if you think he's going to pay you, here's an easy way.

$30,000
X
6%
-------------
$1,800
X26
-----------
46,800

There's one answer for you......

Good luck!

Answer 8

Ok I did the math for you......163,781.34....I wonder how do you plan to get it back? Do you have anything in writing?

Answer 9

Why? You aren't going to get that money back.

Answer 10

You have $30,000? Would you be my friend, too?