My husband loaned his brother $10,000.00 back in June 07. Now his brother refuses to start paying him back. We evern tried working out a easy payment plan for him but he still hasn't made one payment. He wont return his phone calls or emails. We're thinking about contacting a lawyer since we can't get him to cooperate with us. It was DEFINITELY a LOAN. It even says "loan" on the check. Does anyone have any information on how we can get our money back?
2007-12-31 06:45:04 · 5 answers · asked by azcreditcounseling 1 in Business & Finance ➔ Credit
this sounds like a case for the People Court...not small claims. I would sue them and charge them late fees...hurry before they file for bankruptcy!
2007-12-31 07:03:16 · answer #1 · answered by Geminat 5 · 0⤊ 0⤋
Your ONLY documentation is that it says "loan" on the check ? You poor thing. All THAT means is that you didn't intend to give him the money permanently, but it says NOTHING about repayment terms, interest rates, or anything similar. When you appear in court and the judge asks the terms of the loan, what will be your response ?
According to what you wrote, this guy has just about FOREVER to start paying you back without being in breach of any verbal contract.
Next time, don't be so stupid. Write up a binding and legal contract detailing the terms of the agreement.
2007-12-31 15:04:49 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
You need to get a judgment against him so court can garnish part of his wages or income. If you have good lawyer friend ask them how much to write letter explaining how his income will be garnished and credit rating ruined, and if he won't make payments sue him.
2007-12-31 15:02:58 · answer #3 · answered by Mister2-15-2 7 · 0⤊ 0⤋
Take him to court. If he doesn't pay, they can garnish his wages.. $10k is definietly worth the trouble. You can also put a lien against his property if he owns a home. That way, if he ever tries to sell the house, he will have to pay you off before the deal is finished.
2007-12-31 14:59:56 · answer #4 · answered by kta kta 2 · 0⤊ 0⤋
i think the old saying still holds true a fool and his money is soon parted...... dont ever loan money to anyone that you cant afford not to lose..... and sure you could get a lawyer and buy them to sue but if one dont have money to repay then your wasting your time... it dont matter what papers you got... good luck
2007-12-31 14:51:25 · answer #5 · answered by Anonymous · 0⤊ 1⤋