How long to pay back a personal loan?

[OrangeCrush]

Guy and I have signed something, I paid his loans off for him to the tune of about 50,000. Is there a maximum amount of time for him to pay me 100% back? Please help, feeling very nervous about this, but guy is very clear on paper this is a loan, signed and witnessed by two people too. Thank you!

[rinso]

Guy and I have signed something, I paid his loans off for him to the tune of about 50,000. Is there a maximum amount of time for him to pay me 100% back? Please help, feeling very nervous about this, but guy is very clear on paper this is a loan, signed and witnessed by two people too. Thank you!

Well, I suppose that signed paper also states the payback schedule.
If not, you have to negotiate that schedule and get it on a new signed paper.
But beware, he might have a different timeline in mind than you. And I don't think you can force him into accepting your ideas.
If you don't find common grounds, you better try mediating.

[betelgeuse]

Guy and I have signed something, I paid his loans off for him to the tune of about 50,000. Is there a maximum amount of time for him to pay me 100% back? Please help, feeling very nervous about this, but guy is very clear on paper this is a loan, signed and witnessed by two people too. Thank you!

When you have not agreed on a payment schedule you can demand payment whenever you want.

Jollei erääntymisajasta ole sovittu, olkoon velallinen velvollinen maksamaan velan velkojan vaatiessa ja oikeutettu suorittamaan sen, milloin itse haluaa. Erääntymättömän pääoman korko suoritettakoon vuosittain velkakirjan antopäivää vastaavana kalenteripäivänä.

http://www.finlex.fi/fi/laki/ajantasa/1 ... 70622#L1P5

You just need to remind him every ten years.

Jos kysymys on toistaiseksi myönnetystä tai ehdollisesti syntyvästä velasta taikka muusta velasta, jonka vanhentumisajan alkamisajankohta ei määräydy 5–7 §:n nojalla, velka vanhentuu kymmenen vuoden kuluttua velvoitteen oikeusperusteen syntymisestä, jollei vanhentumista ole sitä ennen katkaistu.

http://www.finlex.fi/fi/laki/ajantasa/2003/20030728#P8

When you demand payment, he probably defaults, which brings you to the rules of expiry of debt.

[leisl]

Others know about the legal aspect, but I would assume on such a significant amount that 5 or 10 years is appropriate.

I'm a little dismayed you didn't agree on that before making the loan.

[betelgeuse]

Others know about the legal aspect, but I would assume on such a significant amount that 5 or 10 years is appropriate.

Did you not read my post?

I'm a little dismayed you didn't agree on that before making the loan.

Weird yes, but not a problem to the creditor as the default rules are reasonably favourable.

[leisl]

Others know about the legal aspect, but I would assume on such a significant amount that 5 or 10 years is appropriate.

Did you not read my post?

I did - but I was not commenting on the legal aspect of it. Did you not read mine?

If you remember the previous posts, the loan is to someone that OrangeCrush knows personally and is not for their primary home but for a mökki, and he/she is not in desperate need of the money. So the answer to the general question on how long a loan "should" be, from a human, social perspective, is: that five or ten years is how these things are often done if he/she wants to propose a mutually-agreeable time frame with a family friend. None of that removes the rights in law, but we don't live in a court room and we don't have to be legal eagles in the real world when it's our own money. OrangeCrush does not have to demand the money tomorrow even if the law allows! He/she wouldn't have made a loan if that were the intention. Be reasonable!