My loving father with an IOU

What is the name of your state (only U.S. law)? Ohio

My father is taking me to court for $2000 I borrowed plus interest from January 01, 2008 at the rate of 8% per annum and costs of $35.00.

I signed an IOU for the $2000 and it was dated. It was not notarized.

Is there anyway I can get out of this at all?

He owes me money from YEARS before but i've never made him sign an IOU because he's my dad of course, go figure he'd take me to court on this.

Last week I called him and told him I could get the $2000 around in a week or so to pay him if he wouldn't take me to court because it ruins my credit and he declined, he said "Let's go to court".

If there's not a way around it, I only make 14.90 an hour and have rent and bills, if I bring documentation can they make my payments as small as I want?What is the name of your state (only U.S. law)?

My father is taking me to court for $2000 I borrowed plus interest from January 01, 2008 at the rate of 8% per annum and costs of $35.00.

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As a father, I have loaned my adult children money too. I never charged interest though.

I signed an IOU for the $2000 and it was dated. It was not notarized.

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If both of you were present or it can be established easily that you signed the IOU, notarization is not required to make it a legal contract.

Is there anyway I can get out of this at all?

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Doesn't look good.

He owes me money from YEARS before but i've never made him sign an IOU because he's my dad of course, go figure he'd take me to court on this.

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Bet you don't loan him money anymore. If you loaned him any money in the past 6 years, you might be able to use this to your advantage. Get together any documentation you have such as cancelled checks or any receipts. The SOL for oral contracts in your state is 6 years, anything older won't help you.

Last week I called him and told him I could get the $2000 around in a week or so to pay him if he wouldn't take me to court because it ruins my credit and he declined, he said "Let's go to court".

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Gather together the money and send it to him CRRR, use a cashier's check. If he accepts it, all you will owe is the interest. If he does not accept it and returns the check, keep it in the sealed envelope. If sued, this is your ticket to having the case dismissed. It is damning evidence when a judge opens an envelope sent a few months earlier that has not been accepted.

If there's not a way around it, I only make 14.90 an hour and have rent and bills, if I bring documentation can they make my payments as small as I want?

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If you are sued and lose, the court does not make a payment plan or schedule. All your father receives the the judgment is the legal authority to collect the money in specific ways such as garnishing wages, levying bank accounts or placing a lein on property. If a repayment plan is made, it is strictly between you and your father.

I will say that your outcome will probably not be what you want it to be.

Why haven't you made any payments in over eighteen months?

racer72 said:

Gather together the money and send it to him CRRR, use a cashier's check. If he accepts it, all you will owe is the interest. If he does not accept it and returns the check, keep it in the sealed envelope. If sued, this is your ticket to having the case dismissed. It is damning evidence when a judge opens an envelope sent a few months earlier that has not been accepted.

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It doesn't matter if the Judge opens the payment. Once sued, if you owe the money you must be prepared to pay it. Making a payment AFTER the claim is filed is too late. You are now responsible for the $2,000 plus court costs. Unless the IOU states there is interest or any other charges, you don't owe them.

If your father refused your payment, there is nothing you can do. You must let the Judge decide things.

Your financial situation (net income and expenses) will determine if you must pay all up front or may make payments. Be prepared to detail your finances, including how much you spend every month on EVERYTHING (food, dish detergent, car payment, insurance, laundry soap, dog food, utilities, union dues, clothing, transportation, etc). Making a itemized list will help the Judge determine your disposable income.

Notarizing is not a requirement. The IOU is a contract.