California | Credit and Debt Law
Legal Question
collect money loaned to a friend
we loaned $15,000.00 to a friend last february. unfortunately, we only made a verbal agreement that he will start repaying his loan within a year. it has already been a year now and he has not paid a single payment to us. now we are building our home and need the money for construction of the house. we called him and asked him to take a loan somewhere else but he has not made any attempt to repay our loans. now we might have to take a loan for construction of the house. on the loan we will be paying interest. here our friend has our money and he does not want to pay the interest to us either if we will take a loan. Now my question is if we will take a loan can we take him to court and have him pay for the loan & interest we will pay when we will take the loan?
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