Legal Question in Consumer Law in Texas
Promissory Note
We entered into a promissory note with an individual for the purchase of a car.When we entered in to it, we agreed upon a certain amount to be paid monthly.Now a year later he is trying to hand us an amortization schedule (which we didn't sign or agree to) stating that he is going to increase our monthly payments by 200 dollars.This person happens to be our landlord and knows that we are actively looking to buy a house of our own and we think that he is trying to be spiteful since he doesn't want to lose his monthly income from the rent.I don't think it is legal for him to change the payment that we originally agreed upon or am I wrong?We have not signed anything agreeing to any payment changes and have copies of the signed promissory note and original payment schedule.What if anything can we do?
1 Answer from Attorneys
Re: Promissory Note
He can't arbitrarily change the amortization schedule. Give him a copy of the promissory note and remind him that the contract is binding.
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