What is the name of your state (only U.S. law)? Ca
In December of 2007, I took out a line of credit for my former employer in the amount of $5000. My employer said he would pay it back in a few months once he catches up with his bills and rent for the stores. I took his word for it did him a favor. Few months went by and I was still making the monthly payments. It took him about 1 year before making a payment of $1000 to me. He again said that he would have it pay back when he receive payments from his clients. Now I am stuck with the monthly payments and on top of that, I am starting to have to pay back my student loans also. I tried contacting him but no response. Can I take it to the small claims court and make him pay that debt back immediately? What can I do at this point? I have emails to prove that he indeed borrow the money and said he would pay it back (loan amount plus interest) but we did not have a written contract.
Help!!!
In December of 2007, I took out a line of credit for my former employer in the amount of $5000. My employer said he would pay it back in a few months once he catches up with his bills and rent for the stores. I took his word for it did him a favor. Few months went by and I was still making the monthly payments. It took him about 1 year before making a payment of $1000 to me. He again said that he would have it pay back when he receive payments from his clients. Now I am stuck with the monthly payments and on top of that, I am starting to have to pay back my student loans also. I tried contacting him but no response. Can I take it to the small claims court and make him pay that debt back immediately? What can I do at this point? I have emails to prove that he indeed borrow the money and said he would pay it back (loan amount plus interest) but we did not have a written contract.
Help!!!