What are my rights to repay a lapsed loan?
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What are my rights to repay a lapsed loan?
My mother and stepfather loaned me $20,000, then my mother passed away. When the money was due to be repaid we offered it back and my stepfather told us to hang on to it, I received no other inheritance. Now 16 months later he is demanding the money back. The only document I have is one he made up when they loaned us the money which lapsed 16 months ago. What are my rights, do I have to repay him?
Asked on December 17, 2011 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
The best way to try and resolve the situation you are writing about concerning the loan of $20,000 is to carefully read the document as to your obligation to repay it and under what terms and conditions.
After doing so, have a meeting with your stepfather about the situation and how you seemingly disclaimed any inheritance that you may have been entitled to upon your mother's death in lieu of receiving the $20,000 and see what his response is. If he still wants the $20,000 repaid, I would repay it to him and realize that your relationship is not what you thought it was and be wary of him in the future.
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