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Legal options for someone who borrowed money and does not return it?
Question for someone with law experience:
An acquaintance borrowed 5,000 from me promising to return it in 2 weeks. I drafted a letter in which we stated that he would return the money + 1,000 extra and we both signed it. (the letter is not notarized) 6 weeks later he keeps changing the deadline, does not return the calls, emails and keeps coming up with excuses to buy more time. What are my options to deal with this situation from a legal perspective? Thank you.
2 Answers
- evilattorneyLv 71 decade agoFavorite Answer
Before you do anything, you should check the usury laws in your state. Your interest rate may be illegal.
Source(s): 20+ years practicing law - Jesse BLv 61 decade ago
It's a civil matter, which I think you know. Your agreement is a binding document, and you can sue in small claims court. There are varying limits depending on your state. Type "Small claims court limits" into a search engine. You should find a chart with all the different limits and the steps. Costs less than 90 bucks to file
