lent money

[lauradono]

What is the name of your state? CT
Last April I lent a friend $7500. I drew up my own contract stating that they would pay me monthly payments in the amount of $200 until the loan was paid in full. The agreement also stated that their would be no penalty for late or missed payments, however, if the debt is not satisfied by June of 2008, the borrower would owe me the debt plus attorney fees if I have to take the matter to court. I have not received any money at all toward this debt and it has been over a year. i contacted them a week ago and mentioned that the terms were not being met and I have had no response. My question is: Do I have legal recourse to go after the entire debt or do I need to wait until 2008? The agreement is signed by both parties and notorized.What is the name of your state?

 

[Happy Trails]

What is the name of your state? CT
Last April I lent a friend $7500. I drew up my own contract stating that they would pay me monthly payments in the amount of $200 until the loan was paid in full. The agreement also stated that their would be no penalty for late or missed payments, however, if the debt is not satisfied by June of 2008, the borrower would owe me the debt plus attorney fees if I have to take the matter to court. I have not received any money at all toward this debt and it has been over a year. i contacted them a week ago and mentioned that the terms were not being met and I have had no response. My question is: Do I have legal recourse to go after the entire debt or do I need to wait until 2008? The agreement is signed by both parties and notorized.What is the name of your state?

So the friend has missed all the monthly payments, you stated there would be no penalty for that. Then you agreed to wait until June 2008 before you would take action.

 

[lauradono]

So the friend has missed all the monthly payments, you stated there would be no penalty for that. Then you agreed to wait until June 2008 before you would take action.

not what i wanted to hear but exactly what i suspected.

 

[Ellerge]

I hope that you kissed that money before you lent it to him because that is the LAST time you will ever see that money! $7500 is a lot of money to lose but consider it an expensive lesson.
Now, here is what I would do. Sue him NOW! Before you go to court, tell him that you will not cost him Attorney costs, and having to pay all of the $7500 NOW and to prevent your Attorney from selling his (house, car, etc) to pay you, {all lies}, if he will sign ANOTHER Agreement to pay you starting in 5 months with NO interest and/or late charges.
In the new Agreement, state:
NO intrest if payments paid on time - mucho intrest if payments NOT paid on time.
NO late charges if payments made on time but late payment charges if not made on time.
Get some Security such as a Auto or house or even furniture.
Get his job and bank account info.
Get relatives and character ref to be used when he skips.
Get wife's signature on note so you can sue her in addition to him.
Have an Attorney look over the 'note' you write up to insure that it is correct and will stand up in court.
Get a Co-signer if possible.