Originated From
The Daily Breeze

Personal loan

My former fiance gave me various sums of money for expenses while I was attending school. The amount is around $8,000. I always told her I would pay her back.......and she said it is an "investment" in her future...... Now, in seeking a judgement against me she is trying to get interest added to the amount. I have agreed that I owe her and will pay. but I do not agree with the interest.......there is no written documents or agreements regarding this amount of money....... Is there a statute or case law that will relieve me from the interest?

Liked this question? Tell your friends about it

7 Answers

Order by
Oldest to Newest
Newest to Oldest
Votes

Hi,
No, sorry, I am afraid you'll have to pay the interest as well.  The reason is simple: 1000 $ today and 1000 $ in 2015 are not the same.  If you want to compare two sums of money of different dates you'll have to bring them to common bases, and that is being done by calculating the interest (anually - so it includes interest on the interest as well).  So it doesn't really matters if you have an agreement or not (as long as you agree that you owe her the sum she claims and the dates you received the money). 
Best regards,  

Love is the battery of life....

Hi,

    You benefited from borrowing money from her.  I think you should go to a bank and see how much interest they would normally charge you if you borrowed the money from a bank.  I honestly think you would have to pay for a certain interest because if she invested it somewhere, she would have made money on her investment.  She was very generous to let you borrow from her, thinking that perhaps in the future, if you married each other, she would have benefited from it.  But since she is your ex, then you should be a gentleman to pay the money plus a reasonable interest.

 

Be honest and be true to yourself.

I read your question about the $8,000 you owe your fiance.  I don't know what state you are in but different regulations apply in different states.

One would think that if there is no "written agreement" (which in the future, make SURE you do), and there was no discussion at the time of your receiving these funds, then it is quite likely that the issue of interest is mute.  However, she did help you when you needed it.  Giving her back some extra funds when you pay her would be the right thing to do.  She helped you, show her a little appreciation.

 

Had you actually taken out a loan, you would have had to pay interest.  Give her a few hunder dollars in addition to the $8,000.

 

OK, the above answers are about 1/2 right.  In CA, and most jurisdictions, there are prejudgment interst statutes that start interest ticking on any money you owe someone but have failed to pay (unless a written agreement is to the contrary).  The clock doesn't start ticking, however, until the money is due and owing.  So, if she loaned you the money on day one and did not ask you to repay the loan until 2 years later, the interest on the amount starts being calculated on the day you are supposed to repay the loan.  If there was no specific date on which she asked for it back your best bet is to calculate it from the date you two broke up.

I agree with Lynn. Since there is no written agreement, you are not reponsible to pay the interest.

 

Payday Loan |   Payday lenders | Payday lenders comparison 

I think, if you have not any written agreement then this is not your responsibility to pay the interest on the loans.

<a href="http://www.123-cashadvance.co.uk/" rel="nofollow">Cash Loan</a> | <a href="http://www.apayday.co.uk/" rel="nofollow">Pay Day</a> |

Personal loans are probably the most popular of all loans that are taken out and they come in many different guises.

 

Get more info on personal loans at http://www.personalloansnow.net/

Related Questions

Other people asked questions on similar topics, check out the answers they received:

Asked: Personal loans for Friends Short Term

personal loans for Friends Short Term

Asked: Hello i live in the Netherlands,is it for possible ...

Hello i live in the Netherlands,is it for possible for me to get a loan in the UK

Asked Anonymously: No personal contact what does this mean? if ...

no personal contact what does this mean? if someone ask another person about a child of theirs is this called personal contact?