If my friend is in debt to me and I can get them to sign a notarized agreement, can I use it in court?

A friend owes me a large sum of money, he promised at the time to pay it back. Now he is saying that he is willing to pay it back, but it will be over a very long time. Since no written document was established in the beginning, can I make up an agreement, that suits both of us saying he needs to pay a certain amount monthly and have him sign it and notarized after the fact? If he does agree would that stand up in small claims court if he neglected the contract?

Asked on June 29, 2012 under Bankruptcy Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You are on the right track concerning your friend that owes you money who needs time to pay you back. What you need drawn up is a "promissory note" setting forth the amount owed, a reasonable interest rate for repayment such as 3 % per annum on the principle, so much paid per month and when such is due.

If you have a local legal aid clinic, you should contact it for assistance regarding your matter.


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