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Zachary
Zachary, Attorney
Category: Legal
Satisfied Customers: 3825
Experience:  Lead trial/International commercial attorney licensed 11 yrs
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My husband signed a note when he borrowed money from someone.

Resolved Question:

My husband signed a note when he borrowed money from someone. We made payments until we became financially unable. We contacted them by phone and told them we were unable to they said they understood and it was ok.

Now after 6 years we receive a call from him. He wants the money .... We don't have a way to pay him. Do we still have to pay it?
Submitted: 1 year ago.
Category: Legal
Expert:  Zachary replied 1 year ago.
Hi,

Thank you for your question and I'm sorry to hear about your situation.

When was the last time you made a payment?

Customer: replied 1 year ago.

over 6 years ago

Expert:  Zachary replied 1 year ago.
Thank you for your response.

The statute of limitations in Michigan is 6 years on the breach of a promissory note. It begins to run from the last payment made on the note.

If the last payment made on the note was over 6 years ago, then the note is no longer enforceable and you are not legally obligated to pay the demanded debt.

Please let me know if you have any further questions. Please also kindly consider rating my answer positively so that I am compensated by the website for my work on your question. Rating positively does not cause an additional charge and does not prevent us from further discussing your questions.

Best Regards,
ZDN
Customer: replied 1 year ago.

so if last payment made was less then 6 years ago .... we would still be required to pay?

Expert:  Zachary replied 1 year ago.
If the payment was made less then 6 years ago and the guy sues you within the 6 years, then you would still be required to pay. He has to sue within the 6 year time frame.

Now, you have to be very careful, as a verbal promise to make payment or an acknowledgement that you agree you owe will restart the clock from ticking.
Customer: replied 1 year ago.

He called my husband today and said you still owe and we haven't received payment over 6 years. How are things going? .... and my husband said well we're barely above water these days. He said if you pay I'll drop the interest (INTEREST?). I'm not sure what else he said to him.

But I do know the last time I talked to them (YEARS AGO) that I explained we do not have the money to pay back.

I do not know the exact date of the last payment. What should I do?

Expert:  Zachary replied 1 year ago.
Did your husband agree to pay on the phone?
Customer: replied 1 year ago.

He said I need to talk to my wife. He said he talked and talked and my husband said he was at work and really couldn't say anything anyway since people were sitting around.

Plus he doesn't handle any of the payments or arrangements - I do. So he knew he'd have to talk with me first.

And since the last time we talked (YEARS AGO) and I told them we don't have any extra money and they agreed and ONLY NOW are calling up for money...... I feel it's wrong as I understood that the agreement was basically void since we had talked and agreed over the phone.


Now which way do we go? If I call him (AND SHOULD I SINCE I DON'T KNOW THE ACTUAL LAST CHECK I SENT HIM) and let him know that I felt we had an agreement about not paying anymore and this was a call from out of the blue .............. I guess I'm overwhelmed now :(

Expert:  Zachary replied 1 year ago.
OK. It doesn't sound like your husband said anything that would restart the statute of limitations.

What you need to do is identify the exact date on which you made your last payment. You need to get evidence of that date, either by getting a copy of the cancelled check, or by showing some document from the bank which proves that date.

In regard to calling the lender back, this is really up to you. From a legal standpoint, it is probably safest to not call him back and not communicate with him, as you do not want to give him any indication that you are willing to pay, or that you are able to pay. In other words, keep you head down.
Customer: replied 1 year ago.

ok .... so just wait until he files?

What if he starts calling my husband at work?

Expert:  Zachary replied 1 year ago.
There is nothing legally you can do to prevent him from contacting your husband at work other than to ask him to stop calling.

The Fair Debt Collection Practices Act is the only law which applies in situations similar to this, and would prohibit a debt collection from contacting an employer once notified that this is not wanted. However, this does not apply when the collector is the business/person to whom you directly owe the money.

You have the option of contacting him, and telling him directly that you are not going to pay and that the statute of limitations has barred the claim, and ask him to not contact you. I would recommend doing this only if he starts harassing your husband at work.

Otherwise, I would simply not contact him.
Customer: replied 1 year ago.

Thank you for your help

Expert:  Zachary replied 1 year ago.
I'm glad to be of service. Please remember to rate my answer positively so that I am compensated for my work with you.

Thanks,
ZDN
Zachary, Attorney
Category: Legal
Satisfied Customers: 3825
Experience: Lead trial/International commercial attorney licensed 11 yrs
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