7 checks returned on personal loan Demanding payment in full
Date: Sat, 04/15/2006 - 10:37
I have a balance of 14K on a personal loan through a former aquantance. We got about 2 months behind from lack of income and his attorney contacted us trying to collect the entire balance. The hand written contract say nothing about collecting the entire balance upon default and we are now caught up with him as of 2 months ago. To date he has returned 7 checks, 3 that were originally signed by him and then crossed off and written across them refused and another demand for payment in full. I have a good friend that is a wealthy businessman and he tells me to keep sending payments and don't worry about the threats. He looked at the contract and sees no way for the guy to demand the entire balance. About 2 weeks ago i got a call from the Sherriff i know in the county i just moved from 3 months ago. He had a 20 day demand notice that he could not deliver to me since i moved to a different county. I fully expect to see the notice in the county i am living in in the next few days. What say y'all?? I am totally caught up on payments and was actually early on the last one which showed back up in the mail today with no explanation. I was supposed to be sending the payments to his attorney which i have and i am keeping the envelopes which they were sent back in. He says he is going to sue me but i can't figure out under what grounds?? I am still somewhat strapped financially and really cannot afford a whole lot of attorney fees and that is why i am here. Please help our family. Thank you.
Mjstef, though this matter cannot be taken to the court as long
Mjstef, though this matter cannot be taken to the court as long as you are making the payments, but I will suggest you to arrange a sound negotiation with the attorney. It is the attorney only who will try to take the matter to the court. But he also lacks legal grounds in filing a case against you as long as you are making the payments.
Have everything in writing while dealing in this matter. If possible, try sending larger amount of payments so that the matter gets resolved soon. For this, you can look for a second job also.
Have you been sending these payments certified to the attorney?
Have you been sending these payments certified to the attorney? Also, having them say "Refused" is beneficial to you--It shows you TRIED to make a payment and they said, No...(If you want your money, why would you say NO? morons.)
Just hang on to those checks. In most states, tender of payment
Just hang on to those checks. In most states, tender of payment IS payment. He's probably waived his right to collect that money. You also need to check on accelleration of the debt, because that doesn't have to be in the contract if there's a law that gives a lender the same option.
You do need to check with your state law. You probably can find an attorney in your state who'll talk to you for half an hour for free or for a very low rate.
mjstef, What county do you live in, I may know an attorney who c
mjstef, What county do you live in, I may know an attorney who can help?
