<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by kevin9877:
I borrowed around $20k from my stepdad and verbally agreed to pay him back $250 a month interest free. Also, I was to give him 1/2 of my income tax money which last february I didn't quite give him half. My refund was $700, I gave him 250. Last summer I fell behind but in the last 2 months I have gotten him paid up to date. Now he tells me I never made a payment in sept 99, and he wants me to start paying him interest on what he would get for his money in an investment. I am probably going to have to consult an atorney, but can he do this. <HR></BLOCKQUOTE>
My response:
Boy!! A "verbal" contract for $20,000.00 !! That's not only incredible, it's incredibly stupid. But, as long as you're making your payments, then you've got the upper hand. I won't tell you what your "upper hand" is, however. Why? Because he was nice enough to lend you the money and I don't want you to think you can screw him.
However, I will tell you this: He can't get interest from you on the verbal agreement. All such conditions are required to be in writing to be enforceable.
So, just tell him that you're sticking to the original bargain, that he can't change terms and conditions in the middle of a contract, and that he can't get interest unless there's a writing.
Tell him he can see all the attorneys he wants, but it won't change anything.
IAAL
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