Does my lender owe me a duty of care?

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Does my lender owe me a duty of care?

I took a short term loan form a micro-finance bank. It has a 30 day maturity. I have taken the loan severl times and this last time I didn’t remember that I hadn’t paid. Infact I didn’t need the loan anymore. 6 months down the line, I get a call from receovery and I am told that I owe them nearly 3 times what I borrowed

Shouldn’t they have sent me a reminder the moment the loan matured? Don’t they owe me a duty of care? Why wait till 6 months later? Do I have any rights here?

Asked on December 18, 2017 under Business Law, Virginia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

No, your lender does not owe you a duty of care and, conversely, you do not owe them any duty of care, either. In a contractual relationship like this (the loan is a contract), the parties cannot act in "bad faith" towards each other, but that does not require providing any affirmative help or reminders; each party is responsible for tracking and fulfiling its own obligations without help from the other.


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