What to do if I had an agreement to take out a student loan for someone in my name and they agreed to pay it all back whendue but they haven’t?
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What to do if I had an agreement to take out a student loan for someone in my name and they agreed to pay it all back whendue but they haven’t?
Now the loan is due and they aren’t paying it back. Amount is for 60k. The agreement is informal and I have nothing in writing saying they agreed to pay it back but I have checks showing where I sent the money to them. How do I get them to pay it back?
Asked on December 30, 2011 under Bankruptcy Law, Georgia
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have an informal loan agreement (oral agreement) where you took out a $60,000 loan for some person where there was a set date for repayment and you have documentation showing that you in fact made the loan to this person, I would do the following:
1. write the person a letter setting forth the terms of the loan, its amount, and repayment date stating that the loan needs to be repaid by a certain date and request a written response. Keep a copy of the letter for future need and use.
2. if you do not get a response to your letter, or receive a response that you do not care for, your option is to bring a legal action.
For this, you should consult with an attorney who practices contract law.
If you get a favorable response to the letter, you may end up getting your problem resolved sooner than you expected.
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