Michigan  |  Credit and Debt Law

Legal Question

Asked on: 1/14/08, 10:08 pm

Collection of Personal Loan

I want to take legal action to collect a debt from a friend. My husband and I loaned him 7400.00 for a car. He was paying interest only the first year and then stopped paying us. We continue to pay the loan and interest. We have tried to talk to him over and over but to no avail. He now owes us 8600.00. What legal action can we take and are there statuations of limitations for debt collection.

Thank you for your assistance.

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