Promissory Note Basics - ex won't pay

Hello, I am looking for a better understanding of promissory notes and in what circumstances I have power if I am the holder of the notes.

I live in Pennsylvania and when living with my now ex-girlfriend she needed money from me, which I loaned her. Later on when she wanted a different car, I took a loan out against mine and bought the car with that (both are names were on it), as she could not get a loan herself and I did not trust her to not mess up my credit as a co-signer. So I drew up 3 different promissory notes a few weeks after, that I wrote myself using examples from the Internet. Some payment was made on the "car loan", no payments on the other notes. Since then I have broke up with her and have possession of the vehicle.

The first 2 are simple notes ($450 & $500) stating total owed, no interest, and the due dates which have both passed. The "car loan", or 3rd note, is for $12,800, no interest, defines what the monthly installement amounts should be, and has a due date of May 2006. It also states that if 2 or more consecutive payments are missed that I have right to take the vehicle as securement.


MY QUESTIONS:

Do I have chance to collect on any of these notes.... I created them, she signed them in front of me, but they are not notorized or witnessed. I've never done anything with them other than file them away.

When I gained full possesion of the vehicle there's was roughly $10,800 left on the note, the car at time was valued at around $6,000 from kelleybluebook. Does she owe all $10,800 or $10,800 minus the 6,000 value?

Can I collect on the "car loan" even though it's not due until 2006, or can I since she has stopped paying me? The note states "for vaule received...... this much is due on this day.... until this note is fully paid". What constitutes "fully paid"?

The last question is IF I am able to pursue collection, what I am able to get if I know she does not have any real cash or property? If you sue someone, are they entitled to some sort of state loan? I have no idea how lawsuits work....

Thank you so much for any insight and clarity,

- Geoff

[JETX]

"Do I have chance to collect on any of these notes.... I created them, she signed them in front of me, but they are not notorized or witnessed. I've never done anything with them other than file them away."
*** Though we can't guess whether you will ever collect, you can very likely get a judgment against her for the first two (money) notes. However, since you have the vehicle, you probably won't get a judgment on the car note.

"When I gained full possesion of the vehicle there's was roughly $10,800 left on the note, the car at time was valued at around $6,000 from kelleybluebook. Does she owe all $10,800 or $10,800 minus the 6,000 value?"
*** Depending on the wording of your note, she very likely owes you nothing. You would have to have the note reviewed by a local attorney to see if it is valid and whether you provided the required wording for deficiency in the vehicle. Also, there are additional requirements that YOU must have complied with when you recovered your security (the vehicle). If you didn't comply, then you very likely lost any opportunity to pursue the deficiency.

"Can I collect on the "car loan" even though it's not due until 2006, or can I since she has stopped paying me?"
*** See above.

"The note states "for vaule received...... this much is due on this day.... until this note is fully paid". What constitutes "fully paid"?"
*** And there is one of your problems. You can't even explain what you put into a note that YOU created. For example, this should have said, "until paid in full".

"The last question is IF I am able to pursue collection, what I am able to get if I know she does not have any real cash or property? If you sue someone, are they entitled to some sort of state loan? I have no idea how lawsuits work...."
*** If you sue someone and win, you get a judgment against them. Then YOU have to go out and try to collect the judgment using the additional 'powers' enabled by the judgment.

"Thank you so much for any insight and clarity,"
*** You're welcome.