We loaned our son $7200 in 2000 for a motorcycle.
He was supposed to pay the loan back by the end of the year.
We've received nothing but stories and excuses.
There was nothing in writing. We trusted him to pay the money back.
We live on a modest income, and are nearing retirement age.
Though, we'll never fully retire.
Can anything be done?

Quote:

---

Originally Posted by nazz52

We loaned our son $7200 in 2000 for a motorcycle.
He was supposed to pay the loan back by the end of the year.
We've received nothing but stories and excuses.
There was nothing in writing. We trusted him to pay the money back.
We live on a modest income, and are nearing retirement age.
Though, we'll never fully retire.
Can anything be done?

---

Chances are slim with nothing in writing... but its not impossible.

Try small claims court... otherwise legal fees would eat up most of it.

Thanks.
I suggested small claims court a few years ago to my wife. She said no.

Quote:

---

Originally Posted by nazz52

We loaned our son $7200 in 2000 for a motorcycle.
He was supposed to pay the loan back by the end of the year.
We've received nothing but stories and excuses.
There was nothing in writing. We trusted him to pay the money back.
We live on a modest income, and are nearing retirement age.
Though, we'll never fully retire.
Can anything be done?

---

I don't see that you indicated where (state or country) you are in. Statutes of limitations vary by jurisdiciton, but my guess is that 12 years is beyond the SOL; so would be SOL. :)

Unless you are shown as a lienholder on the title?

I'd suggest removing him from your will... if you aren't paid back in full this year... and then do it. Even if he is the only heir. Give it to the church if you have to.

If that doesn't get through to him... its a lost cause and he doesn't deserve to inherit anything at all.

Quote:

---

Originally Posted by nazz52

We loaned our son $7200 in 2000 for a motorcycle.
He was supposed to pay the loan back by the end of the year.
We've received nothing but stories and excuses.
There was nothing in writing. We trusted him to pay the money back.
We live on a modest income, and are nearing retirement age.
Though, we'll never fully retire.
Can anything be done?

---

Why after 12 years of no payments is this an issue?

I'm guessing it was 12 years of excuses.. promises and foot dragging on his part hoping they would just give up and forget he owed it. And being his parents they kept giving him one chance after another. Next thing you know its 12 years later... and now they really need the money back.