Friend sueing for money

[mythots]

What is the name of your state? Missouri

We borrowed money from a friend almost 6 years ago. We have paid the money back, but dont have proof anymore. That bank account is closed. He is now threatening to sue us for the money. We have not made any payments to him in over 5 years,and he 'was' our friend until just recently. He says he is going to take any notes we signed to his attorney. Can he do this?? Is there a statue of limitations on collecting a "debt" from an individual? He says we owe him over $60,000!! (which is just absurd) Are we just out, without the checks as proof that we wrote to him?? Thank you for your help.

[BelizeBreeze]

Originally Posted by mythots

What is the name of your state? Missouri

We borrowed money from a friend almost 6 years ago. We have paid the money back, but dont have proof anymore. That bank account is closed. He is now threatening to sue us for the money. We have not made any payments to him in over 5 years,and he 'was' our friend until just recently. He says he is going to take any notes we signed to his attorney. Can he do this??

Unless he is an invalid who can't reach the doorknob, of course he can.

Is there a statue of limitations on collecting a "debt" from an individual?

Depends on what kind of debt and what the contract, if any, stipulates.

He says we owe him over $60,000!! (which is just absurd) Are we just out, without the checks as proof that we wrote to him?? Thank you for your help.

You said the account is closed. Well, did the bank burn down? Are all of their records lost? Do you have two legs to walk to the bank if it's still standing and to ask for an audit of the account?

Get my drift?

[mythots]

"Depends on what kind of debt and what the contract, if any, stipulates."

Can you elaborate? If my husband borrowed money for a truck and he just signed a piece of paper at this guys house...is that considered a promissary note? There was no "legal contract" written up that was notorized or anything. Also, can he tack on interest on his own??

Thank you for your reply! i really appreciate your help.

[pojo2]

Most contracts are not notorized, and yes his signature on a piece of paper is proof the monies were borrowed and yes someone can charge interest.

Now where is your PROOF of repayment?

[BelizeBreeze]

Originally Posted by mythots

"Depends on what kind of debt and what the contract, if any, stipulates."

Can you elaborate? If my husband borrowed money for a truck and he just signed a piece of paper at this guys house...is that considered a promissary note? There was no "legal contract" written up that was notorized or anything.

And there you are wrong.

There are six elements of a contract:
1. Offer (your husband offered to purchase the truck which the seller offered to sell)
2. acceptance (your husband's signature on the 'piece of paper' is acceptance on his part and the seller's signature is his acceptance)
3.Genuine agreement (the truck was delivered and your husband and/or you made payments.)
4. Capacity (Both parties are legally competent to enter into an agreement)
5. Consideration (money for truck)
6. Legality (a question of fact for a court to decide)

Also, can he tack on interest on his own??

Not if it's not provided for in the contract.

Thank you for your reply! i really appreciate your help.

You're welcome.

[mythots]

what does the 'contract' have to include to know if a statue of limitations applies?