How can I collect my money $75kI loaned $90k 10 years ago to a friend, since then he has returned $15k only. The last payment he made was 4...

Question

How can I collect my money $75k

I loaned $90k 10 years ago to a friend, since then he has returned $15k only. The last payment he made was 4 years ago. Can I get some legal help to collect my money.

Thanks,

Kevin

Answer

Re: How can I collect my money $75k

The Statute of Limitations on filing an action to enforce a debt is four years on a written contract and two years on an oral contract. Presumably, you have a written contract (or at the very least, an oral one that was acknowledged in writing). I would need to see the contract, but in general, if the last payment was made more than four years ago, you may be beyond the Statute for purposes of enforcement.

You will likely need to have an attorney review the contract to determine whether or not you have a viable claim.

Answer

Re: How can I collect my money $75k

If a stern letter from an attorney does not work, you may have to file a partition action. This does not mean that you have to complete the lawsuit. Sometimes, the filing causing reconsideration of the problem owner. Please call me if you have any questions. You may have a statute of limitations problem if the payment was over 4 years old (even a day).

Answer

Re: How can I collect my money $75k

The statute of limitation on a written agreement is 4 years, on an oral agreement is 2 years. If you had a written agreement and the last payment was slightly under 4 years, you can still file suit. Otherwise, you might be out of luck.