How do I go about getting someone to pay back a loan?
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How do I go about getting someone to pay back a loan?
About 3 years ago I loaned my at the time fiance $20,000 to help boost his business. He has made no attempt to pay me back any money. I have papers signed that this was a loan and it was to be paid back. Now he is telling me that when we were together I signed his name on his credit card (I did this with his permission and knowledge when I would get gas in his car or pick him up lunch or dinner etc.) but now he is telling me the $300 I signed for makes us even. Are these charges still valid and can I still collect my money.
Asked on August 9, 2011 Pennsylvania
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
1) If you loaned him the money pursuant to some agreement that he would repay the loan, that agreement is enforceable as per its terms--that is, he needs to repay according to whatever schedule or timeline was in the agreement.
2) The statute of limitations for enforcing a debt on a written agrement in PA (either on a contract or promissory note) appears to be 6 years. While there is no reason to delay and should contact a lawyer immediately to confirm this and bring a legal action, it appears you are within the time period to sue.
3) Even if you did improperly take $300, the most that does is give him an offset of $300--i.e., arguably, he owes you $19,700.
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