Legal Question in Credit and Debt Law in Georgia
Collecting on a Loan
If you have given someone a personal loan and repeatedly asked them to return the money, but have had no response from them what do you do? There is no written agreement for the loan or its repayment. There was only a verbal agreement.
2 Answers from Attorneys
Re: Collecting on a Loan
You would need to file suit for a breach of contract. Generally, an oral agreement is just as enforceable as a written one, but sometimes proving the terms of the agreement is difficult because it is your word versus theirs. If the total claim would be less than $15,000.00, you can file a suit in magistrate (small claims) court without an attorney.
If you would like to discuss any issues further, please feel free to contact my office. My contact information is below. Thank you.
The foregoing is general information only, not specific legal advice. No attorney/client relation has been created or should be implied.
Glenn M. Lyon, Esq
MacGregor Lyon, LLC
Promenade II
1230 Peachtree Street NE
Suite 1900
Atlanta Georgia 30309
Phone 404.942.3545
Fax 404.795.0993
www.macgregorlyon.com
Re: Collecting on a Loan
Collecting in your situation may be a major problem. How do you plan to prove what the interest rate, late fees, and other payment terms are?
If the amount is $15,000 or less, you can file a small claims suit in Magistrate's Court in the county where the other person lives.
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