Promissory Notes

[DathBane1986]

Hello everyone, I hope this is the right area to ask this question so here goes. I let an associate of mine borrow $350.00 with 14.29 interest which comes out to $400.02 due back to me. I had her sign a promissory note signed on February 14th notarized it and had a witness present during the signing with a March 14th paid back date. She has informed me that she isn't gonna paid me back the money, if she does not pay me back, what is my next course of action? All replies from anyone who can answer this question for me Id greatly appreciate it have a great day!!!

[ElBombero]

Small claims... hardly worth any effort, actually.

[DathBane1986]

Originally Posted by ElBombero

Small claims... hardly worth any effort, actually.

Thanks I thought going to a Justice of the Peace at first but thanks for the information

[Boltfan]

An associate. Hehe

[PeterBota]

Put a lien on her dildos

[bored@home]

How was the loan secured? Any collateral up front or late payment fees in the original agreement? If not then hope and play nice in hopes of repayment but go ahead and figure it as a loss and lessons learned.

[DathBane1986]

Originally Posted by Boltfan

An associate. Hehe

I know huh 😀

[DathBane1986]

Originally Posted by bored@home

How was the loan secured? Any collateral up front or late payment fees in the original agreement? If not then hope and play nice in hopes of repayment but go ahead and figure it as a loss and lessons learned.

We went to my bank chase after signing the promissory note at chase I paid her 350.00 in cash no collateral was put up she agreed to pay me back on march 14th. I didn't add a late fee to the note

[TexTushHog]

You may want to look up usury statutes charging 14.29% per month. That's outrageous, and might well be illegal, even in a creditor friendly state like Texas. At least be aware that the creditor may have a defense, or even a counterclaim based on your rate of interest.

[DathBane1986]

Originally Posted by TexTushHog

You may want to look up usury statutes charging 14.29% per month. That's outrageous, and might well be illegal, even in a creditor friendly state like Texas. At least be aware that the creditor may have a defense, or even a counterclaim based on your rate of interest.

The 14.29% was for the entire loan not per month I am not that cold so it's comes out to $50.02 for a total of $400.02 owned to me no more.

[Zee Man]

Look ,,the note is noncollectable. If you do go to claims court it costs money to file and time to attend court to get the favorable ruling. Then you have a piece of paper that says she owes you.. In theory you could go after assets, but she doesn't have any does she.. Just write it off to life lessons and move on.. You may want to frame the note and every time you feel like helping someone out look at it..

[slowmover]

[DathBane1986]

Originally Posted by Zee Man

Look ,,the note is noncollectable. If you do go to claims court it costs money to file and time to attend court to get the favorable ruling. Then you have a piece of paper that says she owes you.. In theory you could go after assets, but she doesn't have any does she.. Just write it off to life lessons and move on.. You may want to frame the note and every time you feel like helping someone out look at it..

You make great points but I am the type that it would bother me knowing that "she won" if that makes sense but she does have til March 14th either way big lesson learned tho!!

[ElBombero]

Originally Posted by KOdallas1986

You make great points but I am the type that it would bother me knowing that "she won" if that makes sense but she does have til March 14th either way big lesson learned tho!!

Having to "win" is a good way to talk yourself into doing some stupid shit.

[Tara Evans]

Yeah your screwed, sorry