Legal Question in Civil Litigation in Illinois

Collection of personal loan

In 2000 I loaned a friend $25K to protect them from legal action (their debt arouse from a series of bad day trading activities). The money was acknowledged to be a loan and the receipient continues to advise they will repay me (approx. $7K has been repaid to date however note that no repayment activity has occured in the past 2 1/2 years). I am interested in getting some form of legal acknowledgement that in fact this was a loan and the dollars are owed to me. What is the best course of action I can take?


Asked on 8/05/05, 10:16 pm

1 Answer from Attorneys
Nima Taradji Taradji Law Offices

Re: Collection of personal loan

You must do the following:

1- send a demand of payment and give them 30 days to comply; make sure that the demand specifies the legal action(s) you are planning on taking should they not comply;

2- after 30 days if no compliance has been forthcoming, file a lawsuit demanding payment and statutory interest

3- serve the lawsuit

You should really get the help of an attorney in doing that.

I hope this helps,

Nima Taradji

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Answered on 8/05/05, 11:08 pm


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