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I borrowed money from a friend . He is taking me to civil court. I need advice . Please read details below.

Business 2 views 3 answers
I borrowed money from my friend. $12536. He let me use his credit card and asked me to pay back within a month. I was not able to do so. His deadlines went by and his credit went into jeopardy. On Aug 6th another deadline is approaching. And if he doesn't pay the bank back by then his account will go into collections and his credit will be ruined for 7 years. (According to him, these are the repercussions of an account going into collections.I don't know if that's true but anyhow).He says if he doesn't get his money back by august 1st he will take me to civil court. I have applied for a loan from a lender and my application is under review. I will know the decision by tomorrow. Considering that the loan application is approved, i still will not be able to pay him back by august 1st since the loan people have told me that it will take time for the funds to come into my account. What am I looking at if he goes to court ? Is there any way I can save myself from this ?

Attorney Answers

3
Stuart Lautin ·
Yes. If you owe the debt, offer to sign a Promissory Note (which your lawyer will draft of approve). If he has an attorney or understands the law, he'll know that his position is difficult -- not impossible -- without a Note. As well he'll know his position is substantially improved with it. As consideration for your willingness to sign a Note, negotiate for delayed payment terms.
0 upvotes
Jacqueline Salcines ·
You can try and work out a settlement with the creditor but if not behind it is unlikely they will accept
0 upvotes
Laura Stapleton ·
I agree with Mr. Lautin that you should attempt to settle the dispute by having an attorney draft a promissory note (not one you download from the internet). If your "friend" understands that his position is not the best since he has nothing definitive in writing stating that you promise to pay the money by x date, then he will jump on the offer of a note. Extend the payment terms for as long as you can comfortably make them and, to be fair, at a rate of interest that he is having to pay on his credit card, which will be high. Hopefully you have both learned a valuable lesson from this ordeal.
0 upvotes

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