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curious_9896

loans

6 posts in this topic

UTAH

I was loaned 100,000 7 years ago, I was told do not worry about making payments or the interest. I have asked every month about payment and interest I was told I would not be charged any interest.

But I did sign a document that said I would 7 years ago. Now the person is desperate due to some gambling problems. ( I give him 25,000 two years ago ) he was in a bind due to gambling. now he wants the interest.

I don't have the interest but I do have the original amount owed but now he wants interest.

Am i obligated to pay 7 years worth of interest now even though I have been told every year that I would not be charged interest.?

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The law says that if execute a written contract and its terms are different than what you were told verbally, the written contract rules. You say you signed a document seven years ago, but you don't say what the document was. If it was a promissory note and it specified the terms of the loan, then you must abide by those terms. Consult local counsel.

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I was loaned 100,000 7 years ago, I was told do not worry about making payments or the interest.

If someone gives you $100k and tells you that you don't have to pay it back, that's called a gift, not a loan. The notion of not having to pay it back is inconsistent with the idea of a loan. Accordingly, this is more than a little difficult to believe.

curious_9896 said...

But I did sign a document that said I would

That you would what?

curious_9896 said...

Am i obligated to pay 7 years worth of interest now even though I have been told every year that I would not be charged interest.?

If this is truly a loan based on a written contract (and we obviously have no idea what you signed), then anything you were told verbally that is inconsistent with the written terms is likely unenforceable.

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I agree with them. Written documents are more reliable and preferable in court.So, if any provision regarding interest is written in contract, then you have to pay the interest. You can also Consult to a lawyer.

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But I did sign a document

Then the answer to your question is in that document.

If you want to quote it here word for word you might get some useful comments.

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