Legal Question in Credit and Debt Law in Washington
Repayment on a Promissory Note
I borrowed $12000 on a promissory note, notarized by notary public. It also states that if the amount not paid there should be an addtional 20% or $2400 charge. It's two months past due, what legal ability do i have to collect the money?
1 Answer from Attorneys
Re: Repayment on a Promissory Note
If you are the borrower, your obligation is to pay the money according to the terms of the prom note.
If you received the benefit of the loan and agreed to repay it, the person who lent you the money can sue you to recover it, and if the note says so, also their attorney fees and costs of suit and pre judgment interest and the additional penalty amount.
If you are the lender, find an attorney who does collections and work with them to set up the suit.
Hope this helps. Elizabeth Powell
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