collecting a loan from a friend

[ladygardenbug]

Shortly after I received a large severance package from my x- employer, a friend asked me to loan her $10,000 at 5% interest to help her buy her new house. I was leary, but we had been friends for 8 years and attended church together. She said it would be repaid in about three months. We are now in the 7th month. I am still unemployed and need the money back now to ensure keeping my own house. From the comfort of her new home, she continues to say she has no money to repay me. Our written agreement, which is notarized and signed by her and two witnesses, states the date of the loan, the amount of the loan, and the interest rate. It does not state a time limit for payment....stupid on my part... She says now that I have no legal way to "call in" her loan as the signed agreement does not state a due date. Is she right? What can I do to get my money back...besides pray?

 

[JETX]

We have no way of knowing whether the signed promissory note is binding without being able to read the entire document. However, I would assume that there must be SOME terms of payback which could be used to enforce it.

I would suggest you call a local attorney to see what your remedies are. You would need an attorney to pursue this anyway, since it very probably exceeds the jurisdictional limits of your states small claims courts.