Personal Loan - 10 year old case EU - U.S.

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Old Nov 24th, 2011, 05:16 AM   #1
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Default Personal Loan - 10 year old case EU - U.S.

An old case of a personal loan: a personal loan (a large sum) was given in the 1990s from a European citizen living in Western Europe to an U.S. american citizen, who was living then and and is still living in New Hampshire. There is no record about the financial transaction in the 1990s, the loan was given without written contract. There was only a verbal agreement of the two parties that the money would be borrowed for a short amount of time and then given back. However, the loan was never paid back, the U.S. american citizen postponed the payment for years. The European lender died in 2001, his children were able to set up a written contract signed by the U.S. american citizen, where he agreed to pay the amount back (in monthly installments). By now no payments have been made, the person does not answer phone / e-mail
Is it possible for the children to regain the money after such a long period of time?
What are the chances of winning a lawsuit? Where should a lawsuit be filed (Europe / U.S)? The children (now grown-ups) live in Europe and not the U.S
Is it possible to reach out of court agreement?
The U.S. american citizen did not pay the loan back. Does the loan represent income for him, which should have been taxed? (no income tax has been paid).
The children needed the money in the last years very badly, is it possible to press criminal charges against this person or claim some sort of compensation (for interests lost, problems arising from not having the money such as medical treatments could not be paid for etc
Thank you!!!
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Old Nov 24th, 2011, 06:41 AM   #2
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Default Re: Personal Loan - 10 year old case EU - U.S.

I wish to inform you that the loan has become time barred and thus may not be claimed through court by children of the lender. In this although the loan exists but being a time barred loan the loan cannot be claimed in court. Any lawsuit will arise in USA as the judgment has to be enforced in USA and debtor is also in USA. There can be out of court settlement between parties. Debt may also be referred to collection agency.

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Old Nov 24th, 2011, 07:41 AM   #3
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Default Re: Personal Loan - 10 year old case EU - U.S.

Thank you for your reply, what would you suggest to do? i thought the case would not be time barred, since cases like this could be brought to court in Europe for a very long time frame (i thought 20-30 years). However, in this case the lawsuit would take place in USA. If its time barred (after how many years??) how can the debt be passed on to a collection agency??
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