Is there really nothing that I can do since I don't have my payment recorded in writing? 6 Answers as of January 13, 2013I loaned my mother $28,000.00 20 years ago to be repaid later in life when I needed it. I need it now and she says that I never gave her any money. She says that I am crazy and my father admits that they got the money but that they paid for a tutor when I was in the 3rd grade and I owe they are even now. With interest they owe me, $84,000.00 is there anything that I can do - It is driving me crazy - my brothers won't get involved and tell me to just forget about it. My attorney says there is nothing that I can do because I don't have a contract signed in writing?
Ken Love Law | Kenneth Love
Unfortunately your attorney is right for another reason. First because you have no written contract you will have a very difficult time proving the loan. Even if you show that you paid the money...you parents could claim it was a gift, not a loan. Most importantly is the statute of limitations. This set of laws says how long after a default in a contract can you sue the debtor for the loan. The limit for your contract is 3 years. You are barred from collecting because of this.
Answer Applies to: North Carolina
Serenity Legal Services | Arnold H. Wuhrman
Your attorney is correct, not because all contracts must be in writing, but because you have no proof that you really lent her the money. Also, most states have a statute of limitations on suing people to collect a loan, and it is typically MUCH less than 20 years - here in California, it's 4 years.
Answer Applies to: California