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Is this extortion?

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Old Mar 19th, 2008, 12:26 PM     #1
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Confused Is this extortion?

Hello there--

I entered into a personal loan agreement with a friend several years ago but have only recently gotten my solicitor to issue her a note (per the Ontario Courts of Justice Act) requesting monthly repayment installments of the $11,500 debt).

Although the agreement does state that she was to repay the entire amount within one year, that deadline came and went as I never formally or informally asked for it nor required it -- until now that is.

My main question arises from whether I can get my lawyer to collect interest throughout the repayment term even though the agreement states:

'the principle sum is guaranteed in full and without interest or deductions.'

Is my lawyer overstepping??

thank you
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Old Mar 19th, 2008, 12:56 PM     #2
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Question Re: Is this extortion?

If it is or isn't, is it legal or am I or my lawyer breaking the terms of the personal loan agreement?
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