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

Get Legal Help Today

 Secured with SHA-256 Encryption

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

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption