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Category: Legal
Satisfied Customers: 57367
Experience:  Licensed attorney helping individuals and businesses
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I am being sued on a personal loan debt that was voluntarily

Customer Question

I am being sued on a personal loan debt that was voluntarily from the other person based on the fact that i win the lawsuit that was pending. The lawsuit was dismissed. Willing to pay this person except now it will be monthly instead of a lump sum that I had hoped for. Why is he suing me
Submitted: 8 years ago.
Category: Legal
Expert:  INFOLAWYER replied 8 years ago.
Do you have the contingent nature of the loan in writing?
Customer: replied 8 years ago.
Yes, I asked that we put it in writhing because at thesame time he was willing to give this money he was also coming on to me. I did not want him to say I owed him money in another way. But it was based on the fact that i won my settlement. Got hurt at work and couldn't work. Still not working on social security disability
Expert:  INFOLAWYER replied 8 years ago.
If you have it in writing then that is your defense. The money is not due because it was not a pure loan, but an investment which did not pan out for him.
INFOLAWYER and 2 other Legal Specialists are ready to help you
Customer: replied 8 years ago.
So, what do I do now? We have a court daye on the 16th. He also has been going to my attorney and trying to get information from my attorney about my case and he want give him anything. Also, he is asking other people about my information. I don't put my business out in the street like that. What do I do? Do you think the judge will go against me because the two of them are such good friends?
Expert:  INFOLAWYER replied 8 years ago.
You have strong defenses which you should raise to the court as discussed above. The writing you mentioned outining when and if the monies would be repaid would be very important to show it was not just a loan.
Customer: replied 8 years ago.
Why do you use the word investment
Expert:  INFOLAWYER replied 8 years ago.
To separate it from a loan. The person gave the money expecting a return if and only if you recovered. This is not a loan as much as an an investment which would produce a return only if something happened: you recovered. since you lost, there is no recovery. It can also be a contingent loan, contingent on your winning.