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Just wanting to get an idea of what my options are regarding paying back of a personal loan I gave to a supposed friend. I had loaned him $8000 to bail him out of personal financial difficulties-I wrote 'LOAN" on the memo, FWIW. It was to be paid back to me via paypal- as I have sinced moved to australia, at $120 per month until repaid in full. My friend has since passed on unexpectedly, and now the family is saying they are "withholding" $4000 of that money because I "owe" them that, for acts of kindness my friend had done for me. Is this even legal? What options, if any do I have? Would it even be worth it to pursue this from Australia, or am I just basically at their pathetic mercy? Thanks!!!!
If they pay you back $4,000, I'd say you'd be lucky. You might be able to file against the estate, hopefully others will tell you how to do this. I'd assume you'd need a lawyer. I lost a car in this same type of situation. His new wife refused to honor what was owed me, and took all of his millions and ran. I didnt pursue it though. Good luck and hope you get the entire amount.
Oh I should say that since I settled my parents trust, they wont want a lien against it. It'll delay them getting whats due them. It could take a long time. Maybe if you tell them thats what you're going to do, it might scare them into settling with you.
If you have a written and signed loan contract you can file against his estate for the total amount you can prove is owed. It doesn’t require a lawyer as the basis is the note and payment history. If all you have is 'Loan" on the memo line, write it off as odds are you will never be able to prove he still owed you the money.
From what I remember from Business Law, writing something on the memo is not legally binding. Its simply a memo, like a note to yourself. To be legally binding, it must be written on the BACK of the check, below the signature line. By signing, the receipient is acknowledging the terms of the verbage written below. For example, I always write "payment in full for all services rendered to 123 street" so a repair person can't file a lien later.
Getting money out of an estate is extremely difficult and probably not worth it for the amount involved. Especially being in another country.I seem to recall you have to file a claim against the estate in person in a certain time frame, or appoint an attorney to act in your behalf. There goes your money right there! Also, it sounds like they are prepared to fight claims, so......
Pat yourself on the back for helping a friend in need at a difficult point in his life, and let it go.......
If you have a written and signed loan contract you can file against his estate for the total amount you can prove is owed. It doesn’t require a lawyer as the basis is the note and payment history. If all you have is 'Loan" on the memo line, write it off as odds are you will never be able to prove he still owed you the money.
So true....one can't prove a negative. You can prove what he paid, via receipts, deposits, etc, but you can't prove he didn't pay it........
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