Loan Scam problem help.?

Question

I need some help with this problem. About two weeks backs I gave someone a loan for $ 1500 + $ 300 ( interest ) they promised  me that they will pay $ 225 weekly 8 payments but until now they have not yet paid me two weeks of payment. It was a wrritten agreement so I have their info such as personal like sin no, drivers no, home address, etc. Can the police help me out or please give me helpful info on how to get my money back.

Dustin · Accepted Answer

That interest rate is too high to be legal. You won't get any help when you tried to charge somebody an illegal interest rate. The highest legal rate is 15% per year and that is only if you are in North Dakota or New Mexico, all other states are lower than that. You tried to charge them 135% per year.

You can try to get your $1500 back, but there is no way you will get the extra $300. File a claim in court, but if the person you loaned the money to knows much about loans they will bring up the illegal interest rate.

First try to work things out with this person. I would assume they were a good friend or relative otherwise you wouldn't have loaned a stranger money. Maybe they have something of value that they can give you instead of repayment.

bdancer222 · Answer

No,this is not a police matter.  This is a civil matter.  You will have to sue and win a judgment.  You will then have to collect on the judgment.  Chances are, if the person isn't paying  your now, you will  have problems collecting the judgment as well.

You might start with send the person a letter reminding them of the agreement and requesting that they immediately  pay what they owe.

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Loan Scam problem help.?

2 Answers