What can I do if I was scammed out of my savings but have a promissory note regarding repayment?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What can I do if I was scammed out of my savings but have a promissory note regarding repayment?
I’m a single mother and was scammed out of my life savings. I was approached by a so-called friend that owns his own business. He wanted me to invest my money in it and in return he would pay me back with interest. In reality he was loosing his home and took my money to pay back loans. I’ve tried really hard to get my money back with no luck or help from legal aid. I have a promissory not that states he borrowed $16,000 and will pay it back. It’s been over a year.
Asked on September 7, 2011 under Business Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you have a promissory note or other agreement to repay, then, if he has not paid as per the agreement (e.g. to time to make repayment has come and gone), you can sue him on the note (or agreement) and seek the money he owes you.
Of course, if you can't find him, or if you can find him but he has little or no assets or income, you may not be able to get repayment as a practical matter. Those are issues you will need to deal with; in terms of process though, the way to get the money is to bring a lawsuit. You should consult with an attorney, and see if any will take the suit on a contingency basis (i.e. they get a percentage of whatever they recover for you); that may be the lowest risk way to seek recovery. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.