Webster Bank sues over loan default
A bank claims a man owes it more than $50,000 after he failed to repay the entirety of money he borrowed.
Webster Bank filed a lawsuit May 17 in St. Clair County Circuit Court against Michael E. Thomas.
Webster Bank claims it lent Thomas $56,495 on May 30, 2001.
However, Thomas has stopped making payments and is in default on the loan, according to the complaint.
"As of April 22, 2011, the unpaid principal balance of the loan is $51,284.93, unpaid accrued interest on the loan is $15,606.74 and fees of $17,116.36 have accrued," the suit states.
"Interest accrues thereafter at the daily rate of $10.54."
In addition to the money it says Thomas owes it, Webster seeks interest, costs, attorney's fees and other relief the court deems just.
David A. Drescher of Pierce and Associates in Chicago will be representing it.
St. Clair County Circuit Court case number: 11-L-313.