If someone signed a promissory note for a loan and will not pay me, do I have to wait any predetermined amount of time before taking legal action?
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If someone signed a promissory note for a loan and will not pay me, do I have to wait any predetermined amount of time before taking legal action?
My ex-roommate recently moved out. During his stay he neglected to pay several months of rent and utility payments. During his stay he also borrowed my motorcycle and caused extensive damage to the bike. Prior to his moving out he signed a promissory note to pay back an agreed amount to myself for damages and lack of rent/utility payments which exceeds $4000. His first payment was due in November and it is now December and he has not payed and he will not respond to my messages or answer my calls. What legal action could I take?
Asked on December 14, 2011 under Bankruptcy Law, Arizona
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good question. If your former roommate has not made the payments called for under the promissory note that he signed when due and he is refusing to respond to your messages about it, I would write him a demand letter for payment due by a certain date. if not paid by then, your recourse would be to sue him for the full amount of the promissory note most likely in small claims court.
Keep a copy of your demand letter for future need and reference. it could very well be an exhibit for you in the event you need to go to court to collect on the $4,000 owed you.
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