• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Loan

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

smonceaux

Junior Member
What is the name of your state (only U.S. law)? Louisiana

I got a loan for a friend and they are behind on the payments...is there anything legally I can do?:mad:
 


HomeGuru

Senior Member
What is the name of your state (only U.S. law)? Louisiana

I got a loan for a friend and they are behind on the payments...is there anything legally I can do?:mad:
**A: no since you are not a contractual party to the loan. Unless you are a registered loan/mortgage broker and your contract allows further involvement in the event of default.
 

sandyclaus

Senior Member
What is the name of your state (only U.S. law)? Louisiana

I got a loan for a friend and they are behind on the payments...is there anything legally I can do?:mad:
What do you mean you "got" a loan? Did you take out a loan from some finance company for them? Or are you saying you MADE a loan to this person?

If you TOOK OUT a loan for this person:
  • If the loan is under only your friend's name, then you can let THEM pay it.
  • If the loan is under your name, or if you CO-SIGNED on the loan for your friend, then you can pay it (if you don't, then whoever gave the loan can come after YOU for the payments since you are on the loan).

If you MADE a loan to this person and gave them money, as long as you can prove the terms of the loan, then you can sue the bad friend in Small Claims court to recover your money. (The court can issue a judgment, but you still have to COLLECT the judgment after it's awarded.)
 
Last edited:

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top