Can you sue for interest charges on a debt?
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Can you sue for interest charges on a debt?
I lent someone $4800 (from a credit card) and they signed a note agreeing to pay me $200 a month till it was paid off. They have not kept their promise, I am ready to take them to civil court and was wandering if I could sue for the amount owed plus the extra interest I have had to pay. For example, per a “credit card calculator” with the $4800 balance at 13.24% interest, If they paid the $200 a month, I would still be stuck with about $800 of interest charges. Can I sue for that amount as well?
Asked on July 23, 2012 under Bankruptcy Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
From what you have written, you have the legal and factual basis for bringing a civil action against the person who you loaned money to but has not paid the money back to you per the agreement that you have. Your damages would be the amount of the loan, the finance charges that you are forced to pay on this credit card as to the money you pulled from it for the loan, and any agreed interest on the loan as a whole.
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