Re: Sample Loan Contract (USA)
Tell him to open up a few credit cards, max those out and declare bankrupcy.
I am fairly certain bankrupcy will cover what he owes the OP as well. Also federal law states that in 7 years from the day of the last payment he makes the debt is void... even if he hasnt paid it all. As long as you get him to pay at least a little bit then it renews for another 7 years.
I am unsure of the real facts, but I also think that you are NOT allowed to charge interest. You are allowed to charge a flat fiance fee though.
Everything I said is hearsay for the most part, but I think the info is legit.
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