Outstanding personal loan.

Asked about 1 year ago - Woodbridge, CT

I loaned a relative large amount 25 years ago.He was in bad financial situation and I did not think
he was in a position to pay me .Now he is better off.When I asked about repayment,he said he was under the impression that his mother paid off on his behalf,ten years ago.He agrees he owes me and is looking into paying.In case he refuses,do I have any legal standing to make him pay,in view of the fact it is an old loan

Attorney answers (4)

  1. Renee Mayerson Cannella

    Contributor Level 13

    1

    Lawyer agrees

    Answered . Based on the information you have provided it would appear that the statute of limitations has run. A written agreement in Connecticut has a statue of limitations of 6 years. Your best bet would be to get him to enter into a new written payment agreement. good luck.

    Disclaimer: The foregoing answer does not create an attorney-client relationship with Attorney Cannella or her... more
  2. Diane L Gruber

    Pro

    Contributor Level 18

    Answered . If he signed a promissory note, you have a good chance of getting a judgment against him, which means you can garnish his bank account and/or wages. Talk with a consumer debt attorney in your area. Good luck.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more
  3. Dwayne M Farnsworth

    Contributor Level 14

    Answered . Oh, Boy! He said she said, I thought, it was like this your honor. The judges love this kind of family tiff. You do have a problem or two. Did you get the loan and repayment agreement in writing? It has been so long that the Statute of Limitations might be a defense that your relative could raise if you were to sue. I think the best way to handle this is with as much diplomacy as possible. Is his mother still living? If so, perhaps you could just let her indicate that the loan was not repaid by her and see if sonny does the right thing. Good Luck!

  4. Gary D. Bollinger

    Contributor Level 19

    Answered . You wrote, "I loaned a relative large amount 25 years ago... In case he refuses,do I have any legal standing to make him pay,in view of the fact it is an old loan?"
    A: The Statute of Limitations ("SOL") for bringing a claim has almost certainly run out.

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