Q: I loaned a friend $4000 from my 401K. We had a verbal agreement but nothing in writing.
He promised to pay me back and I agreed. I do not have it in writing however I have numerous text messages where he asked for the loan, promising to pay me back and us speaking about the loan itself. I also have messages where he refers to the 401k check coming in the mail. Are these text messages submissable and what else do I need to do to prove that there was in fact a loan? I live in NJ.
A: The texts and the message from your friend are probably admissible in court to prove the existence of the loan. Other useful evidence would be testimony from other people that were present when you made the verbal agreement. Evidence showing that you actually gave the money to your friend (such as a check made payable to friend) may be useful. Also, testimony from other people that your friend admitted to them that your friend acknowledged the existence of the loan might also be admissible. This information is general in nature and not a substitute for advice from an attorney that has thoroughly reviewed all the facts of your case.
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