If someone signed a promissory note for a loan and will not pay me, do I have to wait any predetermined amount of time before taking legal action?

Get Legal Help Today

 Secured with SHA-256 Encryption

If someone signed a promissory note for a loan and will not pay me, do I have to wait any predetermined amount of time before taking legal action?

My ex-roommate recently moved out. During his stay he neglected to pay several months of rent and utility payments. During his stay he also borrowed my motorcycle and caused extensive damage to the bike. Prior to his moving out he signed a promissory note to pay back an agreed amount to myself for damages and lack of rent/utility payments which exceeds $4000. His first payment was due in November and it is now December and he has not payed and he will not respond to my messages or answer my calls. What legal action could I take?

Asked on December 14, 2011 under Bankruptcy Law, Arizona

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Good question. If your former roommate has not made the payments called for under the promissory note that he signed when due and he is refusing to respond to your messages about it, I would write him a demand letter for payment due by a certain date. if not paid by then, your recourse would be to sue him for the full amount of the promissory note most likely in small claims court.

Keep a copy of your demand letter for future need and reference. it could very well be an exhibit for you in the event you need to go to court to collect on the $4,000 owed you.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption