Parents owe $10000

[kimprestridge]

What is the name of your state? Louisiana

On 8/1/07, I loaned my parents $10000. My mom promised to pay me back within 2 weeks. They have made no attempt to repay the money. On 9/22/07, I went to their house for a visit and learned they had just bought a $37000 boat. I demanded they repay their loan to me but they have refused and now will not even return my phone calls or letters. Louisiana's limit for small claims is only $3000. What are my options?

 

[Zigner]

1) Let it go

2) Sue in small claims and forgive the balance over the max. allowed.

3) Sue in a higher court for the full amount.

 

[HomeGuru]

What is the name of your state? Louisiana

On 8/1/07, I loaned my parents $10000. My mom promised to pay me back within 2 weeks or sooner. They didn\'t make any attempt to repay the money. On 9/22/07, I went to their house for a visit and learned they had just bought a $37000 boat. I demanded they repay their loan to me but they have refused and now will not even return my phone calls or letters. Louisiana\'s limit for small claims is only $3000. What are my options?

**A: take the boat.

 

[TinkerBelleLuvr]

Did you get anything in writing that the check wasn't a gift?

 

[HomeGuru]

Did you get anything in writing that the check wasn't a gift?

**A: no only the check with the note boat down payment written in the remarks section.

 

[Zigner]

**A: take the boat.

HG - what you are suggesting is theft. Our OP has no interest (security or otherwise) in the boat.
(based on the limited facts given by the OP)

 

[HomeGuru]

HG - what you are suggesting is theft. Our OP has no interest (security or otherwise) in the boat.
(based on the limited facts given by the OP)

**A: yes, and I'm sticking to my theft advice.

 

[Zigner]

**A: yes, and I'm sticking to my theft advice.

Gotcha!

 

[TinkerBelleLuvr]

gee ... could child get a lien on the boat?

I bet this is a set of parents that aren't going to get 'happy mummy and daddy' cards in May and June.

 

[kimprestridge]

loan vs. gift

I dii write loan on the memo line of check. After the initial demand I did receive a letter from my dad. It is hand written and mostly consists of disparaging remarks but he does state "We have every intention to repay you the $10-K we borrowed."

Would that be enough in court?

 

[TigerD]

I dii write loan on the memo line of check. After the initial demand I did receive a letter from my dad. It is hand written and mostly consists of disparaging remarks but he does state "We have every intention to repay you the $10-K we borrowed."

Would that be enough in court?

It might be. If you intend to sue for the full $10k, you should talk to a local lawyer and make sure to add the costs to your suit.

DC