Wait till agreement over?

What is the name of your state?Hi. Cali.

I lent my bf $3700 a few years ago. We broke up and he wanted to settle for like half. He has until the end of August to pay off $750 more and he just shot me an email telling me to go to hell and I won't be getting any more money from him now that he has a new gf and her kid to take care of. Whoop-de-doo. Anyway, should I wait for our agreed upon date to take court action? just in case he changes his mind? Or shall I go ahead and sue for the whole amount of the loan minus what he's paid already (as per the agreement). When I do file a claim in the local Court House, can I tack on two years of interest at 15%? Can I add punative damages because most of his actions were motivated by screwing justice and hurting me?

His balance on the entire amount is

$3523.30 plus the proposed
$1110.00 for 2 years of interest, plus
$ 366.70 in punative damages.
$5000.00 the maximum in Cali.

Does this sound doable?

Thnx

Anyway, should I wait for our agreed upon date to take court action?

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No. If he has unequivocally told you to get lost, that is "anticipatory repudiation" and you can sue him immediately.

When I do file a claim in the local Court House, can I tack on two years of interest at 15%?

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Only if you have a written agreement that says "15% interest." If you don't have a written agreement, or the agreement is silent as to interest, you can ask for interest in your complaint. However, if the judge decides to award you interest, it will be at the statutory rate, and that rate is less then 15%.

Can I add punative damages because most of his actions were motivated by screwing justice and hurting me?

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No. Punative damages are not available in contract actions.

Just sue him for what he still owes you, and ask for interest and costs in your complaint. You don't need to determine a "value" of the interest and costs -- if the judge decides to award them, you'll figure it out then.

divgradcurl said:

If the judge decides to award you interest, it will be at the statutory rate, and that rate is less then 15%.

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Thanks for the response... would you happen to know the statutory rate?

thanx

I believe it is 10% -- I know that rate applies once a judgment is rendered, but I don't know if it is a rate that would apply if a judge decided to give you interest on your original loan. In all actuality, since you don't have a written contract, it is unlikely that you will be able to obtain interest for the loan to date -- but, if you get a judgment and the defendant fails to pay it right away, you can add in the 10% statutory rate, startign from the day the judgment is rendered.

See here for more info: http://www.courtinfo.ca.gov/selfhelp/

I do have an agreement

I actually do have a written signed agreement, dated Jan, 04

the original loan was made two years ago... and I can prove exactly when the $$ left my account with bank statements, cancelled checks, etc.

Thanks for your help

What meant by written contract was a contract that specified interest -- I should have been more clear.

This should be a slam-dunk for you; ask for interest and costs anyway, you never know what they'll give you! Good luck.

Ahh, gotcha.

Thanks for the vote of confidence, I feel a lot better!