Lost or misplaced contract

[weplumcrazy]

What is the name of your state? TX

This situation involves a personal loan between two individuals. At first, the loan was going to be repaid with a percentage of the net profits from a new business venture. After valuable collateral was put up for the loan, and the money had changed hands, the lender decided depending on net profits from a new business was too risky and changed the terms of the loan. It became a personal loan to be paid in weekly installments. The lender wanted a 100% return on his loan. Not wanting to lose the valued collateral, the borrower paid the loan back in full at 100% interest. Becoming aware that usary laws applied to individual personal loans, the borrower decided to file suit against lender for usurious interest rates. Here's the problem...borrower cannot find his copy of loan contract. Many files moved around when moving to new business location. He knows lender has a copy. Borrower has receipts showing payments and final receipt showing "paid in full". Will an attorney take this case without a copy of the contract? The lender's copy can be obtained through subpoena? Does the verbal agreement obviously made along with the contract stand up?
(Before you ask why didn't he just go to a bank and get the loan? Because borrower was forced to file bankruptcy 3 years ago due to serious health problems, finally after long recovery is trying to get his life back, and the only way you can get a loan at the bank is prove you don't need one.)

Will appreciaate any advice about lost contract.

 

[Dandy Don]

Who are you: the borrower or the lender? I guess you are the lender because of your concern about wanting to get repayment.

How much money are we talking about here?

 

[Rexlan]

Sounds like a Novel or what does the rest of the class think?

No contract ... forget it.

 

[Shay-Pari'e]

All of the posts made by this OP is like reading a novel.

 

[weplumcrazy]

To Dandy Don:

I am a friend of the borrower. Loan has been completely paid off. Amount of money involved is $11,000.00. Hopefully the lender will now be worrying about how much money HE has to reimburse Borrower now that Borrower has been informed of usary laws.
Can he go forward with suit without his copy of contract? There are two witnesses to terms of contract that will make sworn statements and the lender has a copy. Will that be enough?


To Shay-Pari'e:

The correct grammar is: "All of the posts made by this OP ARE like reading a novel...
(not IS like reading a novel)

To Rexlan:
I actually gave the short version of the whole situation, the entire novel is a prime example of how scarce integrity and honor are in this world, and as I am not a student I don't know what the rest of the class thinks.

 

[Rexlan]

OP you're funny. So you have a "borrower" who can't get squat because he is a deadbeat and didn't pay his creditors. No excuses as those are your facts, not mine.

Now you're bitching about having to pay too much for a loan that no other person would have given him and looking for a way to stiff the lender ... doesn't wash in my book. That mentality sucks.

Solution ... pay back the creditors that got stiffed originally then you/he can talk about "integrity and honor" and hammer this lender.

Go hire an attorney and let it rip!

Just another good example of why I have to pay so much in taxes and insurance.

 

[weplumcrazy]

Rexlan,

You must be a miserable person. How you fabricated all of that negativity from my post is truly amazing. Is this your definition of a deadbeat? Someone who (all in a 2 year period) was diagnosed with rheumatoid arthritis, had a heart attack, 6 months later had a spinal block due to a herniated disc, then 3 months later had three shoulder surgeries, one to remove a rheuematoid nodule on his collarbone, the second to repair a torn rotator cuff, and the third surgery became necessary after he developed a serious staph infection while in the hospital.

Prior to that he owned 6 Freightliner trucks and ran a successful trucking company. Needless to say, while going through the above medical problems, having spent the majority of two years either in the hospital or home recovering, he was unable to oversee his business as he had done everyday for many years. While receiving medical treatment those honorable folks left in charge of his trucking company, his own brother being the main one, robbed him blind and left him months behind in payments on his trucks resulting in the bankruptcy. This loan was for startup capital for a new business at which he has been working on for an average of 16 hours per day so that he can rebuild the perfect credit he had before his illnesses.

Now, do you really think "deadbeat" really applies here? As this is a legal forum, I would think you would be an advocate of people's legal rights. All he wants is to recover the amount of interest he was charged over the legal limit which is what the law says he is entitled to. You should talk to HIM about insurance with his medical history, taxes too as he is still paying the taxes from the trucking company days in addition to his current taxes.

I feel for anyone close to you that goes through a rough time or has medical problems.

I also feel very insulted that I had to go through all this in order to defend a deserving person's honor to someone I don't even know, when I all I wanted was a knowledgable answer to my question.


I

 

[Rexlan]

Rexlan,

You must be a miserable person. How you fabricated all of that negativity from my post is truly amazing. Is this your definition of a deadbeat? Someone who (all in a 2 year period) was diagnosed with rheumatoid arthritis, had a heart attack, 6 months later had a spinal block due to a herniated disc, then 3 months later had three shoulder surgeries, one to remove a rheuematoid nodule on his collarbone, the second to repair a torn rotator cuff, and the third surgery became necessary after he developed a serious staph infection while in the hospital.

Prior to that he owned 6 Freightliner trucks and ran a successful trucking company. Needless to say, while going through the above medical problems, having spent the majority of two years either in the hospital or home recovering, he was unable to oversee his business as he had done everyday for many years. While receiving medical treatment those honorable folks left in charge of his trucking company, his own brother being the main one, robbed him blind and left him months behind in payments on his trucks resulting in the bankruptcy. This loan was for startup capital for a new business at which he has been working on for an average of 16 hours per day so that he can rebuild the perfect credit he had before his illnesses.

Now, do you really think "deadbeat" really applies here? As this is a legal forum, I would think you would be an advocate of people's legal rights. All he wants is to recover the amount of interest he was charged over the legal limit which is what the law says he is entitled to. You should talk to HIM about insurance with his medical history, taxes too as he is still paying the taxes from the trucking company days in addition to his current taxes.

I feel for anyone close to you that goes through a rough time or has medical problems.

I also feel very insulted that I had to go through all this in order to defend a deserving person's honor to someone I don't even know, when I all I wanted was a knowledgable answer to my question.


I

Facts: Creditors got stiffed as you said and now he wants to bitch about a loan he paid too much for, but received, and with full knowledge of the terms. Apparently he has greatly benefited from the loan and is on a path of recovery as a result. Now, your facts again, he is looking for a way, probably with you promoting it I suspect, to stiff yet another creditor because of his poor business decisions initially and his overall lack of business skills while discarding the fact that he has benefited from this creditors risk.

It is very tragic about the health problems of the person; however, those are not the creditors responsibility and logically cannot be. They are an emotional issue but they will be defeated in court. Unfortunately this bankruptcy trend sure makes it otherwise and easy for people to dodge responsibility.

So, your facts again, Becoming aware that usary laws applied to individual personal loans, the borrower decided to file suit against lender for usurious interest rates [/B Conclusion ... you now see an opportunity to get your money back and keep the benefit of the original loan by stiffing this creditor ... I now agree with you when you said this "is a prime example of how scarce integrity and honor are in this world." You should be embarrassed for yourself and this guy for even entertaining the thought.

I think you really just want to know if you can get a FREE lawyer to take the case? I think this is the real question ... why not ask one? When they won't, you can loan the guy the $$. It should only take about 2 years and cost $15-25,000 in fees.

Good luck to you.

 

[weplumcrazy]

Rexlan,

Since you assume to know so much about this situation, I thouoght I would inform you of the real facts. The bankruptcy only involved the trucking company. The trucks were returned and sold at fair market value and the financer of the trucks got their money. From the sale of a truck that was not under financing (paid for), he paid off all his other creditors and left no one "stiffed". However the return of the trucks will stay with him for several years preventing him from getting financing through a bank.

The collateral put up for this personal loan was the title to a $12,000 vehicle. However the lendor required that the vehicle be left in his possession along with the title until the loan was paid off. When the final payment was made on the loan and he went to pick up his vehicle, it was not there. This wonderful lender, who you have been so concerned about getting stiffed, had been so confident that he would default on the loan that he had already sold the vehicle. So, who got stiffed? Maybe now you can understand why we are pursuing this.

By the way, he found the contract, met with an attorney today, so the issue is on its way to being resolved.

Good luck to you too.
P.S. How many times has Donald Trump filed bankruptcy?