QUESTION
In NY, can a person be required to pay back loaned money in a certain time frame without going to court or sueing?
Asked on Oct 24th, 2019 on Breach of Contract - New York
More details to this question:
I loaned someone money based on promises they made me. Now that they no longer need my help, they refused to honor any of the promises made to me and said they’d pay me back but not to contact them again or they’d file a complaint. But considering those promises were the bases in which I loaned the money, that I gave up my savings and went into debt for, it’s only fair I be paid back ASAP. But I can’t reach out to them to discuss a time frame I find fair to pay me back to get back to my life sooner since they are threatening to file. And considering the person clearly can’t be trusted, I want to be sure that they do pay me back and don’t take their sweet time doing it. Can anything be done about that legally and without taking it to court? Thank you
1 ANSWER
Mergers, Acquisitions and Divestitures Attorney serving New York, NY
Partner at
Russo Law LLC
2 Awards
Assuming you are not a debt collector, I'm not sure what their basis is for threatening to sue you. In the end, sometimes a strongly worded letter from an attorney speaking on your behalf and laying out your rights will get their attention. And to the extent there is not a written contract does not change that result. If you get their attention through a letter, you could then enter into a settlement agreement that would set the precise schedule of how/when they are to pay you back.
Answered on Oct 30th, 2019 at 10:19 AM
Lou Russo RUSSO LAW LLC info@russolaw-llc.com 929-292-1101 www.russolaw-llc.com