Legal Question in Credit and Debt Law in California
$10,000 loan to a friend
In 2005, I loaned $10,000 to a friend for fertility treatments. In repayment, she gave me checks that bounced or checks she told me not to cash. Frustrated, in 2007, I had her sign an agreement to pay $300 a month until the loan was paid off. She only paid me once and so $9,700 is still left to be paid. Do I have any legal recourse?
This all occurred in California.
2 Answers from Attorneys
Re: $10,000 loan to a friend
Yes, have an attorney send her a letter, polite and courteous but also showing her that you are serious and explaining why it will be more uncomfortable for her to make you go to court.
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Re: $10,000 loan to a friend
You certainly have recourse. The question is whether you can sue for all of it now or if you have to wait for each payment to come due before you can sue for it. If your "agreement" was a promissory note with an acceleration clause contained in it, then you can sue for all of it now. If no acceleration clause was part of your agreement, you may very well have to wait for each default before you can sue for that payment.
We would need to review the "agreement" to determine your rights. Call or email if you would like us to do that.
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