QUESTION
due i have any legal action if a friend reneges on a loan?
Asked on Oct 13th, 2013 on Breach of Contract - Texas
More details to this question:
I leant a friend $3500 3 years ago and it was supposed to be a one week loan. No written contract. I have text messages stating that it was agreed upon. When I approach him about the money he has excuses and now has become confrontational and verbally abusive. Any legal options?
1 ANSWER
Wills and Estate Planning Attorney serving Sugar Land, TX
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Law Offices of Kimberly D. Moss, PLLC
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Because you made this loan three years ago, you need to act fast. The statute of limitations on debt in Texas is four years. This means you have four years from the date he made the last payment to you (which could be as long as three years ago, or more recent if he ever made any payments toward paying you back). You should have a written demand letter prepared for him to put him on notice that you want to be repaid by a certain date or you will see him in small claims court. If he doesn't respond to the letter, you will need to pursue the matter in small claims court.
Answered on Oct 14th, 2013 at 12:09 PM