Can I add fees to a loan?

I loaned a friend $9500.00 dollars to secure a real estate deal. She told me that she would not have to use the money, but that she just needed it to sit in her account to show the bank proof of funds. She also stated that the money would be returned to me in 2weeks. After 3weeks had passed she told me that the closing date was pushed back for another week. I was ok with this, but I told her that I wrote a check out for 1K and would need 1k by the following week. She told me this was fine. However, the following week came and she then told me she spent the money and couldn't give me anything. As a result the 1K checked bounced and I received fees in excess of $600.00 dollars. Finally, after 2 more weeks she gave me back 1k but I haven't received any additional money. The date that she tells me I will have a certain amount of money back has constantly changed since then. Now it is going on almost 4 months and I still don't have the rest of the loan, and she don't know when she will have it. I want to know do I need to get a promissary note from her for a specific payment date? In addition if I have to get a promissary note can I add the fees that I had to pay and interest rate to the loan until it's paid back? If she is not willing to sign a promissary note and agree to my fees and interst rate can still add them to the loan and then just sue her. Lastly, I also got a personal loan $7500.00 in my name for her which she has been paying on time, but the date she told me the loan would be paid of has changed. If we have to go to court can I add this loan with the above loan? Sorry, for the long message and many question but I don't know exactly how to preceed with getting my money. PLEASE HELP!
THANK YOU

As you appear to have a very informal agreement on when and how the loans are to be repaid, it is vital that you put this in writing and have this signed by your friend. At the moment you have no written evidence of the amount of the loans, or the terms of repayment.
Once you have these terms in writing, it will be easier to establish the amounts owed should you need to go to court. With regard to whether you can add fees to the loan, if the fees are directly attributable to a failure to repay on time, it is likely that you will be able to recover the amount, although this decision is discretionary.

aee

Thank you for responding to my post. My next question is, if she is unwilling to pay for the fees I obtained and allow me to add interest to the loan until it's paid off, or even sign a promissary note what would my next option be?


Thanks in advance.

[randalljd]

Then you can collect and if payment is missed you may sue...

Ok I was advised to get a promissory note from my friend, however we can't agree on the amount that she can pay me back and the alloted time for the repayment of this loan.

Update.
1. We agreed to add $3500k to the loan making the balance 12K
2. We agreed to add interest at 12%. Which is $120 dollars. However, she want 2 pay the 12% off the amt of the payments that she said she can give me a month which is 666 + 12% (79) =745, instead of off the amt of the loan which is 12K + 12%(120) = 786 a month
3. I put the maturity date for June and was even willing to extend it to August. But she want the maturity date for an extra 18mo, which would be Oct 2009.

I have attemped to resolve this, but I don't want to wait 18mo to get my money back. Nor am I willing to allow her to 12% to her monthly payment, and not the amount of the loan.

She is constantly stating that this is all she can do. ($745 a month)

My question are

1. If I decide to take this to court since we can't agree on the maturity date, or payment amounts will I have a chance?

2. Considering that she already stated how much she can pay me back and how long it will take her to do this, will the court more likely side with her, and just agree to what she is offering now?
3.
Would it be better for me to take her to court and place a lien on her investment properties to give me some type of security that she can't sell her houses until I get my money? This is my concern, I don't want her to profit from selling her houses if she haven't paid me yet.

4. Or should I just accept what she is able to do? I feel like she has already profited off me, and I don't want to wait 18mo to get my money


Need Advise......take this to court or not? What is the chance that the court would side with me and allow me to place a lien on her properties, or side with her and make me wait 18mo and get 12% of what she said she can pay me.


p.s. I do have emails of everything we have talked about regarding the payments, interest, and time frame for the loan.

Can anyone please tell me what is my best option for handling the above question.

Thank you in advance