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I hope this question is appropriate here.
My ex-boyfriend owes me about 15k and never paid back any of it.
He promised to payback some money every month beginning from this
month.
I searched internet and drawed up a promissory note with term of
monthly payment. Knowing him, I suspect that he probably can't keep up
with the payment. But I am trying to get him to pay back much as
possible. I drawed up the paper just to scare him little and let him
know I am serious about getting the money back.
He agrees to sign the paper but the problem is he has absolutely no
collatral. He has a car but most of it in loan.
I guess I want to know what actions I can take if he stops making
payments. Also any other advice for this situation will be
appreciated.
Thanks in advance,
Jamie
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semi wrote:
I hope this question is appropriate here.
My ex-boyfriend owes me about 15k and never paid back any of it.
He promised to payback some money every month beginning from this
month.
I searched internet and drawed up a promissory note with term of
monthly payment. Knowing him, I suspect that he probably can't keep
up
with the payment. But I am trying to get him to pay back much as
possible. I drawed up the paper just to scare him little and let him
know I am serious about getting the money back.
He agrees to sign the paper but the problem is he has absolutely no
collatral. He has a car but most of it in loan.
I guess I want to know what actions I can take if he stops making
payments. Also any other advice for this situation will be
appreciated.
A promissory note is one thing; a UCC security agreement with specific
identified goods as collateral is something else.
The promissory note is simply a written promise to repay you in accord
with the terms of the note. The advantages over a simple oral debt
are many, including the right to charge pre-judgment interest if that
is provided in the note. And, of course, the note is a
self-authenticating proof of the existence of the debt and so you don't
need to convince a judge or jury that he really did promise to repay
you, vs. his probable argument that the money you gave him was a gift,
as you would have to do if there were nothing in writing.
But on a plain promissory note, you still have to sue and get a
judgment, and then collect on the judgment, to recover your money if he
stops paying.
A step up from that is a confessed judgment note, in which the debtor
agrees to let you appoint an attorney for him, who will enter an
appearance in the suit, and confess judgment against him in your favor,
without even giving him any additional notice. That means you would
still have to go to court and get a judgment but he would have no
chance of opposing the suit or arguing anything in defense of your
claim, other than to challenge the validity of the form of the
confessed judgment note itself. Due process does place limits on use
of confessed judgment notes, and many states have additional
restrictions on their use esp. for consumer debts, so you ought to have
a lawyer help you draft an acceptable note if that is your intent.
A recorded UCC security interest in collateral often accompanies a
promissory note in the context of a sale of goods or for other reasons
but, as mentioned above, it is a separate animal. The security
interest, if properly worded, lets a creditor "repossess" the
collateral by self-help (avoiding a breach of the peace, of course) and
sell it to pay off the debt; and the creditor can still go to court and
get a "deficiency" judgment if the forced sale of collateral doesn't
bring in enough to fully pay off the debt. There are lots of
complicated rules affecting validity of a security interest and you
also should have a lawyer draft one for you, if your ex has anything
he's willing to post as collateral.
But if all you want to do is show him you are serious about repayment,
a simple promissory note may do the trick.
--
This posting is for discussion purposes, not professional advice.
Anything you post on this Newsgroup is public information.
I am not your lawyer, and you are not my client in any specific legal
matter.
For confidential professional advice, consult your own lawyer in a
private communication.
Mike Jacobs
LAW OFFICE OF W. MICHAEL JACOBS
10440 Little Patuxent Pkwy #300
Columbia, MD 21044
(tel) 410-740-5685 (fax) 410-740-4300
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In article <o16h81522h2nmmcol7mp0sg77mg9v1one1@4ax.com>,
"semi" <miditto@yahoo.com> wrote:
My ex-boyfriend owes me about 15k and never paid back any of it.
He promised to payback some money every month beginning from this
month.
I guess I want to know what actions I can take if he stops making
payments. Also any other advice for this situation will be
appreciated.
You can always try to take the guy to court. But that really
doesn't do much good if he cannot pay you back. The only
real solution is to pick better boyfriends next time.
-john-
--
======================================================================
John A. Weeks III 952-432-2708 john@johnweeks.com
Newave Communications http://www.johnweeks.com
======================================================================
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semi wrote
[lent money to a friend who now agrees, after the fact, to sign a note
and make payments]
He agrees to sign the paper but the problem is he has absolutely no
collatral. He has a car but most of it in loan.
I guess I want to know what actions I can take if he stops making
payments. Also any other advice for this situation will be
appreciated.
You're pretty much limited to taking him to court if he doesn't make
payments. Having him sign the note is a good documentation that the loan
exists so by all means go through getting that done no matter what.
A court will, if you win, give you a judgement. If he has no assets and
isn't working, there may be nothing to collect, but you will have the
order which will allow you to attach any assets he may have and / or
garnish his wages.
Your problem seems mostly social and economic. If he has no money, you
can't collect money from nothing no matter what papers you may have.
We've all done this one time or another. Welcome to the club of lost
romance.
-paul
ianal
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