Repayment of a personal loan for a business.

I loaned my daughters longtime live in boyfriend who is one of three partners in a local restaurant $10,000 in August of 2007 toward start up costs for the business with the understanding that the debt would be repaid when the business was up and running. He and my daughter have since split and he and his partners refuse to return my calls for repayment of the debt even though I have threatened legal action. i have gotten the paperwork neede to file a civil suit in the local juristiction. Is this something that I can pursue on my own or do I need a lawyer? I live in the state of Virginia.

Winchester, VA -

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Attorney Answers (1)

Paul H Begemann

Paul H Begemann

Real Estate Attorney - Hamden, CT

What do you have in writing as evidence of this loan and its terms? If you have nothing that will make it hard to collect, since there is no written agreement between the parties and the other party can state that his recollection of the repayment terms is different than yours, or even that it was a gift, and there will nothing in writing to refute that. I would put a letter to the person who owes the money stating in the letter that if you do not receive the payment by (set a date) that you are going to pursue legal action. In the interim, I would consult a local attorney to see what kind of case he or she thinks you have. NOTE: This is not legal advice, it is just educational information. Please consult a local attorney for legal advice. No attorney - client relationship is created by this post.

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There are different types of debt, but all involve one person (the debtor) owing money to another (the creditor). Terms of repayment are governed by a contract.

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