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Statute of limitations - personal unsecured loans
Posted on 5/23/18 at 5:49 am
Posted on 5/23/18 at 5:49 am
Hoping someone could shed insight into this. Questions....
What is the statute of limitations on personal, unsecured loans in Louisiana?
How can the date be refreshed so that the debt is still valid and collectible going forward?
T.I.A.
What is the statute of limitations on personal, unsecured loans in Louisiana?
How can the date be refreshed so that the debt is still valid and collectible going forward?
T.I.A.
2
Posted on 5/23/18 at 6:59 am to tigerpawl
I don’t know the answer but I assume that whoever answers will need to know if the agreement to repay is in writing or not.
Posted on 5/23/18 at 7:14 am to dirtsandwich
quote:I loaned money to a friend who was in dire straights from 2008-2010. He made one payment on the debt in JAN 2009. There have been no other payments. There is an outstanding balance. There is no written contract, other than one email wherein he acknowledges the debt.
I don’t know the answer but I assume that whoever answers will need to know if the agreement to repay is in writing or not.
Posted on 5/23/18 at 7:37 am to tigerpawl
just break his knee caps. usually inspires people to payback loans according to my friend
Posted on 5/23/18 at 8:02 am to tigerpawl
(no message)
This post was edited on 2/15/25 at 3:27 pm
Posted on 5/23/18 at 8:36 am to tigerpawl
quote:
other than one email wherein he acknowledges the debt
When was this? Acknowledgement, along with other things like making a payment, like this can retoll the statute of limitations in some instances, particularly so if statute of limitations has expired. To answer your question, I don't know how long it is for Louisiana (I assume that's where you are), but a quick search found this site that says 10 years for an oral contract. This is typically from the date of first delinquency, so from whatever the next payment was scheduled after the one in 1-09.
Posted on 5/23/18 at 8:44 am to ldts
quote:
other than one email wherein he acknowledges the debt
quote:The date of the email is September 08, 2008. There is no payment schedule. It was understood he would pay when he was in a position to do so.
When was this?
The one payment in JAN 2009 was for all of the 2008 debt. Currently, the oldest unpaid debt is from April 2009. The latest is from NOV 2010.
Posted on 5/23/18 at 9:19 am to tigerpawl
quote:
tigerpawl
you need to go talk to a lawyer. standard prescriptive period in LA is 10 years, but could be less for this particular claim. if you are serious about collecting, you're going to have to sue your friend.
Posted on 5/23/18 at 9:28 am to tigerpawl
How much we talk'n? Are you guys still friends or has there been a falling out?
Posted on 5/23/18 at 9:38 am to lsujro
quote:The only thing I’m serious about at this point is not to let the debt evaporate and relinquish any rightful (legal) claim I have to it.
. if you are serious about collecting, you're going to have to sue your friend
Posted on 5/23/18 at 9:49 am to tigerpawl
Is he still your friend? Is he in good financial state? How much are you talking about?
Posted on 5/23/18 at 10:03 am to tigerpawl
quote:
The only thing I’m serious about at this point is not to let the debt evaporate and relinquish any rightful (legal) claim I have to it.
good chance you lose it this summer. only way to guarantee it is to file suit. can always send a demand letter first and give him opportunity to pay/sign a new contract agreeing to pay. if it's enough money that you still care about it, it's probably worth getting a lawyer to do it right.
Posted on 5/23/18 at 11:06 am to tigerpawl
quote:
I loaned money to a friend
If you're going to do it, just call it a "gift" and don't expect it back.
Posted on 5/24/18 at 8:34 am to tigerpawl
3 years.
quote:
La. CC Art. 3494. Actions subject to a three-year prescription:
(1) An action for the recovery of compensation for services rendered, including payment of salaries, wages, commissions, tuition fees, professional fees, fees and emoluments of public officials, freight, passage, money, lodging, and board;
(2) An action for arrearages of rent and annuities;
(3) An action on money lent;
(4) An action on an open account; and
(5) An action to recover underpayments or overpayments of royalties from the production of minerals, provided that nothing herein applies to any payments, rent, or royalties derived from state-owned properties.
Acts 1986, No. 1031, §1.
Posted on 5/24/18 at 9:19 am to tigerpawl
Should have filed a 1099 for the balance as income from debt written off. The IRS would want to know why he didn't pay tax on that income.
Of course, now it is too late for that.
Of course, now it is too late for that.
Posted on 5/24/18 at 2:04 pm to foshizzle
How much money are we talking about?
Posted on 5/24/18 at 7:40 pm to tigerpawl
quote:
There is no written contract
Uh oh
quote:
There is no payment schedule.
Double uh oh
quote:
It was understood
Cringe -> see first uh oh
quote:
he would pay *when he was in a position to do so*
Why wouldn’t he just say that he’s still not in a position to pay?
I’m not making fun of you. And I’m guessing that you feel bad because this was a friend (at one time). But is this something that you really want to pursue legally?.
Posted on 5/24/18 at 7:46 pm to S1C EM
quote:
If you're going to do it, just call it a "gift" and don't expect it back.
Right. Loaning money to a friend is a good way to lose your friendship and the money
I'm guessing it must be a substantial amount if he is asking about it almost a decade later
I don't even want to know
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