How can I collect on a signed promissory note?
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How can I collect on a signed promissory note?
I loaned a person $20,000 with a promissory note and a return of $25,000. The loan was for a closing cost of a much larger loan of around 9 figures. After many phone calls and verbal promises we agreed on an additional addendum, ” in my favor “, to $45,000 because of the late note. All notes were signed by both parties. What can I do?
Asked on May 7, 2012 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Assuming the promissory notes are signed by the person to be charged with their payment are now due and payable, I would send a written demand letter to the person that owes the money seeking payment by a set date.
If the payment is not made as requested, then your option would be to file a law suit for breach of a written contract and/or common counts. In the event that you need to file suit, I suggest that you first consult with an attorney that practices in the area of contracts and real estate law.
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