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David L
David L, Attorney
Category: Legal
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Experience:  Corporate, Real Estate, Estate Planning, Probate and General Litigation attorney 14+ years
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I borrowed money from a relative, it was paid back slowly,

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I borrowed money from a relative, it was paid back slowly, that was ok with jim. all of the sudden, he said he was adding interest, he said an attorney told him he could and didn't need to take me to court, or let me know. is this true?
Submitted: 2 years ago.
Category: Legal
Expert:  David L replied 2 years ago.

Hi and thanks for asking your question. My name is XXXXX XXXXX I will be assisting you this morning. Your relative can't simply add new terms to the agreement between the two of you. Since this was an oral agreement, a court would want to determine the specifics of the loan agreement in the event this issue was ever litigated. Prior course of action is usually a good indicator of the agreement in place. For example, if you agreed to pay back a certain amount and there was never a discussion of interest, you could argue that you've been paying it back, he has been accepting your payments and there was never a discussion or agreement to pay back the loan with interest.

 

I don't agree that he can charge you interest now without your prior agreement to this new term. If he sued you for repayment and won a judgment, the law allows him to collect interest on the judgment. However, at this point, he can't add interest as a new term to your previous agreement.

David L, Attorney
Category: Legal
Satisfied Customers: 3171
Experience: Corporate, Real Estate, Estate Planning, Probate and General Litigation attorney 14+ years
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