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Is it legal to change a signed personal loan between two parties with?
I am borrowing some money from a friend, we signed a loan agreement and everything was final. Now 4 months into the loan they are wishing to change the total amount and shorten the repayment time. They did add a clause in there that if payed in 6 months $400 would be taken off, but they are fully aware that a payment in full is not possible. Is this legal?
4 Answers
- John MLv 71 decade agoFavorite Answer
not unless you have violated some part of the agreement. Even then, the change would need to be identified in the agreement, or they would only have the right to call in the entire loan.
If you missed a payment or were late or something, and the agreement gives them the right to the full amount owed, that's of limited value to them if you don't have the money. So they can take you to small claims court, or they can negotiate new terms with you.
If you have paid on time and held up your end of the deal, they cannot change it if you don't want to.
- Anonymous1 decade ago
Its legal only if you sign the changes, agreeing to them.
One party (person) to a signed legal agreement cannot change the terms of that agreement without the permission of the other person who signed the agreement.
- Genuine GuidanceLv 71 decade ago
Not unless you sign the addendum. LOL
They cannot change the contract without both parties agreeing and signing to it.
Good luck to them enforcing it.
