QUESTION
Can I ask for the full remaining balance that include interest and late fees in a final demand letter?
Asked on Mar 12th, 2021 on Civil Litigation - Florida
More details to this question:
I loaned a friend $3500 told her she needed to repay me $3500 and 12% interest. She was supposed to pay $560 monthly for 7 months which included the 12%. If she didnt pay by 7 months and 15 days a late fee of $250 would be added. Then a month later $75 would be added. She has missed all deadlines.All late fees and the interest was outline in the contact that she agreed to. I want to send her an Official Final Demand letter and they include asking me about interest and late fees,I dont want my claim to be thrown out in court so how to I request my money. She has made a total of 3 $560 payments over the last 9 months. I want to make sure i send the demand letter within state law and if I have to file the small claims suit I want to make sure I submit the correct amounts. Based on the outlined agreement which included 12% interest and the $325 in late fees her balance is $2565. Can I ask for the $2565 or do I have to ask for a different amount? Thank you.
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
Your loan likely violate the usury statute whcih may may some or all of it unenforceable. Unfortunately, you will likely spend as much or more than is owed on legal fees trying to fix the mess that you created and avoid you getting counter-sued for debt collection violations.
Answered on Mar 15th, 2021 at 12:52 PM
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