Tag: loan

Is a Demand Letter a Legal Document?

A demand letter is a document formally requesting action sent by one party to another, usually to request payment or correct a wrongdoing. The recipient of the demand letter may be someone who owes money, breached a contract, is in financial default, or has failed to follow through with an undertaking. A demand letter is not a “legal document” in the sense that it is a binding contract or has to be prepared by a licensed attorney. Technically, you can write your own demand letter, although demand letters are most effectively written by attorneys. Sending a demand letter on your… ( Read Full Article… )

How to Get a Personal Loan Repaid from a Friend or Family Member

If you have loaned money to a friend, family member, or acquaintance and they haven’t paid you back, you’re not alone. Many people generously offer financial assistance to someone close to them, trusting that they will eventually be paid back, but then unexpectedly encounter difficulty when the loan comes due.  Collecting money from someone you know can be a delicate situation. There are unique considerations involved when a personal loan involves someone (and mutual acquaintances) that are part of your life. You certainly want to collect what you’re owed, but you want to limit any hard feelings and lingering resentment. … ( Read Full Article… )