Non-payment of personal loan

[KirbyOH]

What is the name of your state?What is the name of your state?What is the name of your state?OHIO
I have a Consumer loan agreement from a friend for a loan I gave him on 5-20-2005. He made the first payment on time but the last 9 payments are past due and subject to late charges and the annual % rate, with finance charges. Can I take him to small claims court and obtain a lein on his property as stated in our contract? Or can I obtain the entire balance with all charges now, even thiough the contract states the last payment is on 8-31-2005? What advice can you give me?

 

[JETX]

Can I take him to small claims court and obtain a lein on his property as stated in our contract? Or can I obtain the entire balance with all charges now, even thiough the contract states the last payment is on 8-31-2005? What advice can you give me?

Unless your agreement has an escalation clause (full amount due on breach), I doubt the court would award you for 'future' damages. I suggest you wait a few more weeks, then sue him for the full contract.
One warning though.... your post says "late charges and the annual % rate, with finance charges." You need to make sure that your charges are allowed by state law and not usurious.