Hi, I’m a small business owner in Seattle area and I need advice.
10 years ago, one of Chinese business man invest $100,000 into my small business, but he changed his mind soon , ask for his money back. The business was in difficult situation and I agreed pay him back slowly. I paid $80000 to him in total and keep paying every month. But last week he hire a collector contact me, collector said that I need pay him 18% interest annually, that my small business can’t afford.
How can I handle this issue? If they sue me to court, what result can I expect?
My English is not good because it’s my second language.
Thank you.
ericbsw
10 years ago, one of Chinese business man invest $100,000 into my small business, but he changed his mind soon , ask for his money back. The business was in difficult situation and I agreed pay him back slowly. I paid $80000 to him in total and keep paying every month. But last week he hire a collector contact me, collector said that I need pay him 18% interest annually, that my small business can’t afford.
How can I handle this issue? If they sue me to court, what result can I expect?
My English is not good because it’s my second language.
Thank you.
ericbsw
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