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 9 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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