Legal Question in Credit and Debt Law in Texas
Monthly payment default
I, the seller, and the buyer had signed a promissory note at the mediation office stating that the buyer was to pay me exactly $XXX.XX prior to or on the first day of each month for X months. Failure to pay the exact amount and/or before the due dates result in the buyer to pay everything up front. For the past few months, the buyer did not pay according to the agreement. I had sent several certified mail asking for prompt payments. But the buyer did not accept those mails. Just recently I've received a mail from the buyer stating that due to ill health they are unable to pay according to the agreement. What should I do?
1 Answer from Attorneys
Re: Monthly payment default
Yo can sue for breach of contract. Depending on the amount at issue, you may be able to sue in small claims court.