Wht are my options regarding repayment on a loan if the terms were not discussed?

UPDATED: Aug 6, 2012

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Wht are my options regarding repayment on a loan if the terms were not discussed?

I borrowed a loan from a friend approximately 7 months ago, the verbal agreement was that I would pay him back, no terms, no time frame, no talk of interest being tacked on after a certain amount of time, no documents signed or written up on the matter. I received a letter from his attorney the other day demanding the money be paid in full within 31 days or a 6 month payment plan is offered with 8% interest. Seeing as how we never discussed/agreed on any of these terms/

Asked on August 6, 2012 under Bankruptcy Law, Ohio


FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I suspect that if you cannot pay back your friend the money that you owe him or her at this time that you enter into a written agreement setting forth the amount owed, the accrued interest on the amount and a monthly payment plan until all owed is paid back. In retrospect, you should have had the loan memorialized in a written document signed by all at its inception.

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