How do I get money back for a personal loan with promissory note written and signed?

UPDATED: Dec 15, 2011

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Dec 15, 2011Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

How do I get money back for a personal loan with promissory note written and signed?

About 1 yer ago, I lent money to a good friend for emergency use. The amount is way above the small claims court limit and is significant. He signed a promissory note to pay me monthly but no payment has been made for the whole year. I have tried asking him for update and he just gave me a BS reason and delayed payment; the result is there is no payment at all. What can I do to collect the loan back? I have asked the bank to reverse the wire but only if my friend approves it. I have run out of options now and most likely have to settle it by legally.

Asked on December 15, 2011 under Bankruptcy Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

You can sue--that's what you can do. It's also the only way to get your money in this case. A promissory note is enforceable; if the borrow does not repay according to its terms, the lender may sue to enforce the note and get his/her money. For an amount "way above the small claims court limit," you would be well advised to retain an attorney to bring the law suit for you. 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 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.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption