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Verbal Loan Agreement NJ

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H08081

Junior Member
New Jersey

My husband and his friend started a business a few years ago. When they started this business they needed some help with the start up. The friends brother wrote the friend a check for $10,000 and the business was supposed to pay $400 per month until it was paid off. The business was making payments until the business was closed. My husband got stuck paying over $6,500 in debts, that were never taken care of while they were in business. While the partner did not pay any of the biz debt. About $4,000 total is owed to the brother. My husband does not want to pay the friend or the brother this money because he paid more then his share in back debts alone.

My husband requested that we all get together to compare records as to what is owed to the brother and how to handle the partner debt. The brother refused and said, "see you in court". We have paid the brother money here and there to keep him happy. His total due, from his standpoint, is higher then my records show.

The brother might be taking my husband to court over this and I am curious as to where is will go..:confused:

-$10,000 Check made out to partner not my husband or business
-no contract
-the biz had made payments via check and cash to brother
-this was an investment he made into a failed company
 



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