Legal Question in Banking Law in Illinois

Help won't pay back Loan

I paid a friend of mine credit card debt. I took a loan out and paid off the debt. Had them sign nothing, no IOU's or anything the payment coupons are in my name. They have the coupon book and now won't continue to pay each month. Now what do I do ? Do I have any rights, as far as everything is in my name. All they would do is ea. month go to my bank and pay the monthly payment. Now they are nasty and won't pay told me to stick it, nice isn't it the loan was for 36,000.00. They have paid since last Sept 2002 until now.

Thank you


Asked on 3/26/03, 10:56 am

1 Answer from Attorneys
Kenneth J. Ashman Ashman Law Offices, LLC

Re: Help won't pay back Loan

Based on the facts you recounted, you have a breach of contract claim against them for the amount of the unpaid balance on your loan. Even if you win, however, it seems that collecting would be difficult.

-- Kenneth J. Ashman; www.AshmanLawOffices.com

This communication is intended for general informational purposes only and is not intended to create an attorney-client relationship, which, under the policies of Ashman Law Offices, LLC, can only be created by execution of a formal retention agreement.

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Answered on 3/27/03, 12:18 pm


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