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Roger
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Category: Legal
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Experience:  Litigation Attorney
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if i lent a friend money with out getting a contract signed

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if i lent a friend money with out getting a contract signed can i sue to retrieve the money that is owed to me? they have paid back a few payments which i recorded the dates and amounts of payment but still owe me money. it has been approximately 18 months since the time of the loan!
Submitted: 3 years ago.
Category: Legal
Expert:  Roger replied 3 years ago.

Hi - my name is XXXXX XXXXX I'm a litigation attorney here to assist you.

 

Yes, you can sue for breach of contract and you can prove that you loaned the money and that your friend paid you some back.

 

The biggest problem is that oral contracts are not valid unless they're fully completed within 12 months from inception. Thus, it is possible for your friend to claim that because the loan was not reduced to writing, it is not valid, and therefore, not collectible.

 

However, if your friend admits to borrowing the money and admits that the money is owed, you should be entitled to get a judgment against your friend for the money due.

Customer: replied 3 years ago.
the loan was to purchase a truck...in which they totaled in 4 months...they received a settlement of the insurance company but spent the money instead of paying back the loan...all parties involved new that it was a loan
Expert:  Roger replied 3 years ago.
All you can do is sue for what you're owed. If you're identified as lienholder on the title, that will help your cause.
Roger, Attorney
Category: Legal
Satisfied Customers: 26109
Experience: Litigation Attorney
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