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Loren, Lawyer
Category: Family Law
Satisfied Customers: 34481
Experience:  30 plus years of experience.
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three years ago, my close friend was going through a divorce,

Resolved Question:

three years ago, my close friend was going through a divorce, custody issues, home purchase and various other events over a year time period. As a thank you and repayment for my time and energy and to "make my life easier" she lent me a very large sum of money $130,000 to consolidate all of my bills. Repayment was vague and the spirit of the loan was to help me and I would pay as I could.

We had a falling out about two years ago and now she wants me to sign a legal document. I have paid her steadily for the past three years (about $20,000) back and continue to make monthly payments of $250.

My husband never wanted to borrow the money in the first place but I convinced him. he will never sign any document.

She is harassing me and I am torn because I have every intention to continue to pay her but can not up the payments at this point and will not sign anything.
Submitted: 5 years ago.
Category: Family Law
Expert:  Loren replied 5 years ago.
If the loan was undocumented then it is repayable on demand. Oral agreements are enforceable, the terms are just more difficult to prove. Your friend can sue you for repayment of the entire amount. You may be better off negotiating a note with a payment plan you can live with rather than being in a position to be sued for the entire amount now.

Whatever you do, make sure your own attorney reviews anything before you sign it.
Loren and 5 other Family Law Specialists are ready to help you
Customer: replied 5 years ago.
Is there a statute of limitations for an oral contract?
Expert:  Loren replied 5 years ago.
Connecticut has a 3 year statute of limitations on an oral agreement. However, if you have been making monthly payments for the last 3 years then there is no default to start the period running.