Q: How does one collect on a Promissory Note?
A loan was made for 80k payable for one year at a 1k per month with an interest rate of 8%. At the end of the year the note would become due in full. Payments were made until the year was up and Covid hit. Since then no money has been paid.
A:
The first step, if they refuse to pay is either an attorney demand letter, or, if they continue to refuse to pay, a lawsuit.
Note, there are strict deadlines to file lawsuits.
This answer does not constitute legal advice and does not establish an attorney-client relationship.
A: i'm assuming this promissory note was in writing. the document should have provisions for default. an attorney would need to review the document, find out if the note is secured or unsecured, and give you various legal options available.
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