S
Serfure
Guest
In Nevada, Party A requested a loan from me with a high rate of return. Party A was a real-estate agent and claimed that the money was for a client for a down payment on an undervalued home and then a quick resale for a large amount of profit. I agreed to the loan on the following conditions: Party A signed a Promissory Note on September 9, 2001 stating that I loaned Party A $2500 and that Party A would pay me back $8000 on September 23, 2001. No interest rate is stated, just the principle amount, the repayment amount, and the date due.
Party A did not used the money for the intended purpose and claims she is unable to pay any amount back. It is now over six months since this occurred, I have not received any money, and I have filed a small claims case for $5000 (the maximum amount for small claims).
Can I expect to win a judgement for this amount, or can a judge restrict the “interest” that money is loaned at? If so, what is that rate of interest? If not, can I cancel my small claims case and hire an attorney to sue for the full $8000 (how much can I expect the lawyer’s fee to be- do lawyers work for a percentage, a fee, or does it depend upon the lawyer)?
Thank you for responding.
Party A did not used the money for the intended purpose and claims she is unable to pay any amount back. It is now over six months since this occurred, I have not received any money, and I have filed a small claims case for $5000 (the maximum amount for small claims).
Can I expect to win a judgement for this amount, or can a judge restrict the “interest” that money is loaned at? If so, what is that rate of interest? If not, can I cancel my small claims case and hire an attorney to sue for the full $8000 (how much can I expect the lawyer’s fee to be- do lawyers work for a percentage, a fee, or does it depend upon the lawyer)?
Thank you for responding.