Legal Question in Credit and Debt Law in California
Promissory note collection from former employees
Upon their hire, several of our employees signed promissory notes for salary advances that would be forgiven based upon certain levels of closed loan production. These employees did not reach the production levels indicated in the promissory notes and, for one reason or another, are no longer in our employee. The amounts are too large for Small Claims Court. How might we be able to collect the monies or at least have the debt listed on their credit bureau reports?
2 Answers from Attorneys
Re: Promissory note collection from former employees
I suggest you forget forever about collecting on these promissory notes. Unless the loans are clearly much more than would have been earned by salary, you will probably find yourself on the wrong end of a dangerous cross-complaint; and if you attempt to file a negative credit report, you will probably suffer the pangs of a libel action.
Re: Promissory note collection from former employees
If you believe that the production levels required for the forgiveness of the loans were realistic, then you may maintain an action for accounts stated and collect on the judgment. For assistance you may contact me directly at (619) 222-3504.
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