Legal Question in Credit and Debt Law in California
How do I go about getting my promissory note enforced?
I was in a serious 7 year relationship with a boyfriend. We broke up this summer, but because we had been together so long, we had a few debts entangled. Since I had better credit I co-signed for his student loan and he was on my american express card. This led to a total debt of $35000. He was agreeable and signed a promissory note for me with just the repayment and interest rates that the debtors were charging me. He is getting flaky now and I want to get that promissory note enforced so that I can stop worrying monthly about his ability to pay. My question is, what is my procedure for doing this? I live in San Francisco, CA and I wanted to know if I need a lawyer, how much that should cost me on average altogether, and should I run into any trouble with the fact that I am charging him up to 11.99% interest? This is the credit card's interest rate, I am not pocketing money from this at all, just protecting my credit rating and seeing the debt paid. Also how long should this take? I want to have his wages garnished. A general overview of what I can expect would be lovely. P.S. he is apparently willing to keep paying the debt but just a very unreliable and bad with money!
3 Answers from Attorneys
Re: How do I go about getting my promissory note enforced?
You can expect to pay an attorney 25% - 33% contingency fee to enforce the debt. As long as your ex agreed to the debt and the interest, you are probably ok.
You cannot garnish his wages unless/until you secure a judgment against him. This requires a lawsuit be filed.
Re: How do I go about getting my promissory note enforced?
You may actually have a problem. While banks and credit card companies are allowed to charge high interest rates, you as a person may not. There are laws called usury laws against ordinary people such as yourself charging certain high interest rates - I do not know the exact percentage. While I understand you are just having him pay what you are being charged, I cannot say for certain that you will not run into a problem. I would be nice, but also let him know that you are serious, by having an attorney write him a letter, letting him know that if he doesn't pay up, you will unfortunately have to sue him. An attorney like myself might take this case hourly, or maybe on contingency, depending on the details. Let me know if you want to discuss further.
Best,
Daniel Bakondi
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Re: How do I go about getting my promissory note enforced?
What are the terms of the promissory note? If you file suit and get a judgment then you may have his wages garnished if it is a lump sum promise. It could take a year if it needs to go to trial. Contact me directly.
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