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Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 46184
Experience:  Attorney with 29 years of experience.
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I borrowed money from a friend and made several payments but

Customer Question

I borrowed money from a friend and made several payments but then had issues paying. I thought I was getting a bonus from my company but never did. I am trying to make out a payment plan with him now but I think he is talking to a lawyer or counsel. Can he get me for theft by deception even though I made payments. The interest rate is very high but I want to pay him back.
Submitted: 1 year ago.
Category: Legal
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. No, there is absolutely no risk of criminal culpability here. This is solely a civil matter. How high is the interest rate?
Customer: replied 1 year ago.


The interest rate is 12% Now, I did tell him I was getting a bonus and stocks cashed in, but that never happened as I had planned. I really want to pay him off, but he isn't responding to me now saying I lied to him. He is a nurse in the service and I don't think he wants this to become public but I don't want to be arrested either.

Expert:  Richard replied 1 year ago.
Thanks for following up and I am so sorry for the delay. Your question got locked up in the system and I am just now able to respond. I appreciate your patience and apologize for the inconvenience.


You have no risk of any criminal prosecution. It doesn't make any difference what happened subsequently; in order to prosecute you, you would have had an intent to not repay at the time you borrowed the money. And, that was not the case so you have no need to worry. And, he has the burden of proof, not you; and you can easily show the changed circumstances after the borrowing.

You have the leverage here because of the Pennsylvania usury laws which are among the most restrictive in the country. In Pennsylvania, the legal interest rate on most consumer loans in an amount below $50,000 is 6%. Thus, for personal loans below $50,000, the legally permissible interest rate cannot exceed 6%. If your loan is less than $50,000 and your interest rate is 12%, such a loan agreement will be deemed to be an illegal contract. It will be considered unenforceable in its entirety in most instances. That gives you an absolute defense to performing under the terms and conditions of the loan. So, if your lender sues you, you will be relieved of any obligation to pay this loan.



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!
Customer: replied 1 year ago.


Hi, actually he loaned me a total of $190,000 but it was all in chunks of money. I did not get the investment property I told him I was getting, the deal fell apart but I did use the money for other things. So, he was under the impression that I would use it for a property, an investment and I never told him it fell thru. Can he get me for that? Some of the chunks of money were over $50,000.00 at 12%.


I think he is working with a lawyer because I sent him a note this morning and he said he is working with other people that know this more them him, meaning navy counsel I am sure.


I can't afford to go to prison, I just git a fantastic job.


I offered to pay him over $1800 a month for the next 20 years at 12% but with the agreement I can pre-pay with my bonus checks and he said no.


Can they get me for misleading him due to the property deal falling thru? Thanks, Peg

Expert:  Richard replied 1 year ago.
Thanks for your reply. This is still not going to be criminal. It all goes the intent at the time; not what happened subsequently. He's simply not going to be able to sustain the burden of proof for a criminal case because the standard is "beyond a reasonable doubt" rather than "preponderance of the evidence" in a civil case. A prosecutor is not going to pursue this; rather, a prosecutor is going to tell them this is a civil issue.

If each loan was separate, then each loan would stand on its own and any loan under $50,000 would be usurious.
Richard, Attorney
Category: Legal
Satisfied Customers: 46184
Experience: Attorney with 29 years of experience.
Richard and other Legal Specialists are ready to help you
Customer: replied 1 year ago.


Hi, thank you. What happens if it is a civil case? Can I go to jail?

Expert:  Richard replied 1 year ago.
You're welcome...it's my pleasure to help. No, you have no risk of jail. A civil case simply results in a monetary judgment.
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help! For easy access, my bookmark is: http://www.justanswer.com/law/expert-legalbeacon/
Customer: replied 1 year ago.


If I don't own any property or anything of value since I am still paying on my car, can he put a judgment against me?

Customer: replied 1 year ago.

If I agree to a settlement with the lawyer, do I need to go to court?

Expert:  Richard replied 1 year ago.
No. Getting a judgment and collecting a judgment are two different things. Even if he goes to the time and expense of getting a judgment against you, it will be uncollectible. That's because you have nothing for him to take. Plus, Pennsylvania is one of 4 states that do not allow wage garnishment, so he can't go after your income either. If that's all you have, then he will simply have an uncollectible judgment. You could file for bankruptcy protection and get this judgment discharged, but you don't need to do so. In the meantime, what you would want to do it contact them and let them know your situation. Whether or not he will actually pursue this to a hearing depends upon his assessment of the collectibility of a judgment. So, if you can convince him there is nothing for him to get, and that if he were to pursue a judgment, you would simply file for bankruptcy protection and get the judgment discharged—and even if you have no intention of doing so, it is still good leverage because he does not know whether or not you would… then it is unlikely he will spend the time and money necessary to get a judgment that is uncollectible in the end.

If you settle this, then there would be no court action.

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