Personal LoanI lent a ''friend'' $10,000.00back in 1990 and I just now located him,what should I do ?

Question

Personal Loan

I lent a ''friend'' $10,000.00

back in 1990 and I just now located him,what should I do ?

Answer

Re: Personal Loan

The statute of limitation on a breach of agreement is four years for a written agreement and two years for an oral agreement. You might contact collectors to assist you with attempting to convince him to voluntarily make a payment, which would restart the clock on the statute of limitation. Otherwise, it most likely is uncollectible.