If afriend loaned me money and we did not sign anything, am I legally obligated to pay him back?

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If afriend loaned me money and we did not sign anything, am I legally obligated to pay him back?

We were loaned the money and have made payments for the past 20 months. There was nothing signed, only a conversation. Are we legally obligated to pay back the money? We have 28 more payments to make

Asked on February 15, 2012 under Bankruptcy Law, Colorado

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If a friend loaned you money by way of an oral agreement, you are legally obligated to pay back the entire amount loaned. In fact, the 20 or so payments that you made are evidence of an obligation that you owe this person. I suggest that you continue making the balance of the 28 payments owed.


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