Personal loan questions - Texas
Date: Wed, 01/13/2010 - 09:37
I have a personal loan of approximately $8,000 that was made to me over a period of several years by a former friend. He has asked me to repay immediately in full, and is refusing to accept payments, he wants the entire balance at once. He has threatened to tell my boss and cause me to lose my job (I've saved these email threats) and has hired an attorney, telling me that if he takes me to court, I will have to pay all at once.
Here are my questions. First, I'm assuming even if he takes me to court, the judge will let me set up a payment plan. We do not make a lot of money and we don't have any other debt, but we do have a lot of legitimate bills - house payment, taxes, cars - we don't really have any excess expenses like high speed internet, gym memberships, cable TV etc. Our income allows for approximately $300-$350/month payments - which I have offered this man and he is refusing to accept. We have no savings and bad credit, so there is no way we can get another loan for the $8K to pay him off in full, even though he is insisting we do so. I'm assuming a judge would see this and let me pay things out?
Second, what will a judge think about his threats toward me? Does that carry any weight in my favor?
Third, what is the statute of limitations on personal loans/unsecured debt in Texas? The last payment I made to him was I believe January 2009, for $350. The last time he loaned anything to me was probably early 2008.
Thanks.
Here are my questions. First, I'm assuming even if he takes me to court, the judge will let me set up a payment plan. We do not make a lot of money and we don't have any other debt, but we do have a lot of legitimate bills - house payment, taxes, cars - we don't really have any excess expenses like high speed internet, gym memberships, cable TV etc. Our income allows for approximately $300-$350/month payments - which I have offered this man and he is refusing to accept. We have no savings and bad credit, so there is no way we can get another loan for the $8K to pay him off in full, even though he is insisting we do so. I'm assuming a judge would see this and let me pay things out?
Second, what will a judge think about his threats toward me? Does that carry any weight in my favor?
Third, what is the statute of limitations on personal loans/unsecured debt in Texas? The last payment I made to him was I believe January 2009, for $350. The last time he loaned anything to me was probably early 2008.
Thanks.
i think if he takes you to court the judge usually allows a pers
i think if he takes you to court the judge usually allows a person to make payments. he will probably however try to garnish your wages, i think the threats are horrible and maybe counter sue?, however he is not a third party collection agency so the laws protecting consumers from that abuse does not really apply to him, as far as the statute of limitations it goes from when the last pmt was made i dont know about tx in mn it is seven years and i think all the states are right around the same some a little sooner some a little later, there should be a pro bono attorney in your state that would be able to answer these questions exactly for you good luck
