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My question is about money that is owed me by my current…

Customer Question
Hello... my question is about...
Hello... my question is about money that is owed me by my current boss. I loaned him money on three different occasions, and he was unable to pay my salary/fees over a period of time and now owes me more than $125,000. He keeps telling me general plans for when he will pay me some of that, with the latest plan being to refinance his expensive condo. His intentions are to pay me, but fear that can not happen in a reasonable enough time and want to "officially" document how much he owes me so that I have paperwork in order. My question is what is the best way to document the debt officially, and what is my legal recourse if does not at least begin an actual repayment plan?
Thank you,
Barbara
Submitted: 2 years ago.Category: Legal
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Answered in 3 hours by:
6/28/2015
Lawyer: Barrister, Attorney replied 2 years ago
Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 42,132
Experience: 17 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
Verified
Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.
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Can you tell me how old the oldest loan is?
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Has any of it been paid back?
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Do you have any written agreement or proof of the loans?
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Would he sign a promissory Note agreeing what he owes you?
.
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thanks
Barrister
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Customer reply replied 2 years ago
Hello... the oldest loan is from 2005 or 2006. On a subsequent loan, 50% was paid back but I had to relend it to the company due to some extenuating circumstances. The majority of what he owes is back pay. I don't have a written agreement per se, but would have the record of having written the loan checks, and have a spreadsheet that shows the pay that is owed which I have emailed him in the past so there is a record of that. I'm not sure if he would sign a promissory note, he might as his intention is to pay, but his finances are stretched and I'm concerned that he won't be able to, or will have to sell or refinance real estate to do so. I'm not sure what a promissary note is exactly from a legal standpoint and how to go about doing that. Is it a legal document I need drafted by a lawyer or is it simpler than that? And since alot of the money is back pay, is there any kind of government agency or department that has jurisdiction over that that I can file a complaint with if I wanted to go that route? I live in Washington, DC.Thanks.
Lawyer: Barrister, Attorney replied 2 years ago
Here is a very big problem that I see here... The statute of limitations on an oral contract like a loan made without any type of written contract is only 3 years in DC.
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So once 3 years passes without anything being paid on the loans, they are legally unenforceable unless you get him to sign a promissory note, which is a legal promise to pay the debt within a certain period of time.
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As for the wages, you could pursue him for up to the 3 years back wages under the same principle. You would have the right to file a "wage and hour complaint" with the DC Dept of Employment Services and they can take legal action to force the employer to pay you any wages due.
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Link to them:
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http://does.dc.gov/service/wage-and-hour-compliance
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So with regard to the loans, if you can get him to make at least some tiny payment towards them, then that would reset the statute of limitations back to zero and then you would have a fresh 3 years to sue him for breach of contract.
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A promissory note is basically a promise by the person that they will repay a certain amount of money within a certain time. If you can get him to sign the Note agreeing to repay you, then you have a written contract and the statute of limitations on that is 4 years from the time that the Note comes due.
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You can see an example here:
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http://www.uslegalforms.com/dc/DC-NOTE-2.htm
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thanks
Barrister
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