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Tina, Lawyer
Category: Legal
Satisfied Customers: 33166
Experience:  JD, BBA Over 25 years legal and business experience.
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I made an oral agreement with a friend to repay a loan of $12,500

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I made an oral agreement with a friend to repay a loan of $12,500 for my son's attorney fees. The financial resource I intended to use to repay my friend one lump sum did not materialized. I offered to repay my friend a monthly amount until I can amass a lump sum to repay, my friend rejected the offer and demanded immediate repayment. I have no cash liquidity, am employed and have a mortgage home. should I obtain a lawyer to negotiate a monthly payment arrangement? What legal recourse can my friend file against me if he does not agree to a monthly payment arrangement?

Hello and welcome.

My name is XXXXX XXXXX my goal is to provide you with excellent service today. I am sorry to hear of your difficult situation. Before I can give you an accurate answer to your question, please provide the following additional information:

How much are you able to pay your friend on a monthly basis to repay the loan?

I look forward to assisting you as soon as I have received this information. Thank you.

Customer: replied 3 years ago.

Currently I am able to pay $500 per month for the next 16 months & then since will be finish paying children's college tuitions as per their graduations, can pay a greater amount.

I see. Thank you for providing this additional information, Tulsa.

What your friend likely does not understand is that pursuing an obtaining a judgment against you and then seeking to garnish your wages would typically be a time-consuming an expensive endeavor and they would not likely recover more per month than you are offering, and probably less as a net result after expenses.

If you believe your friend is not aware of these facts, then it may help to retain a local attorney to communicate this to your friend and attempt to negotiate a payment schedule which should be reduced to writing.

Your friend would typically need to retain an attorney to pursue a lawsuit against you since the amount owed is too much for small claims court and their fees and costs would not be recoverable against you typically, so that they would end up receiving significantly less than the amount you borrowed if they do not accept a payment schedule, so it is likely in their best interest to accept this reasonable offer you have made.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!


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