what are my options

[hardermark]

I loaned a small company 20,000 dollars last year, i have paper work to back it up, they were supposed to repay me march of the year but they decided to send me aletter saying they were going to keep my money for two more year but that they were going to keep paying the 10per cent interest per month. I haven't recieved any interest since january. am i out the 20,000 and all the interest?

 

[presutin]

Did you agree to the change in the loan terms? They cannot just change the terms just because they feel like it. Make sure that you have an addendum to the original contract stipulating the change in repayment period and interest payment until the loan maturity. If interest payments that are past due total less than $5K, you can sue the company in small claims court. Try mediation first, since many a times it produces good results. If no compromise, then proceed with small claims. Good Luck!

 

[hardermark]

i didn't agree to their second terms they made the decision on their own. is this a civil case, and how do i go about getting a mediator?

 

[presutin]

If you didn't agree then you should hire an attorney. Tell him that you would like to mediate the issue first. If no results, then file the suit. Good Luck!

 

[hardermark]

thank you very much