Here are some of the key points contained in the video:
• DON’T EVER lend someone money without a written agreement
• DON’T EVER create a loan without including an Attorney Fees, Court Costs and Collection Costs provision.
• In most North Carolina cases, it is difficult to collect attorney fees and collection costs unless it is specifically stated in the written contract.
• What if the loan borrower does not repay the loan?
1. The lender could spend thousands of dollars in costs and fees, not to mention time invested, with no guarantee of ever collecting the money owed.
2. If obtained, a judgment will need to be enforced against the borrower, resulting in additional expenses for the lender.
3. For lawsuits by a business entity to collect on a loan, attorney representation is required, because individuals cannot represent themselves.
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