missed payment

[Nelson M.]

What is the name of your state? Oregon

If a party is said to make a payment/pay back a debt on a day but it didn't, is the other party able to ask for other compensation/fines other than the missing principles? Something like compensating of the efforts spent to collect the payment/debt. Is this supported by the law? If yes how is the amount determined? Thanks.

 

[Just Blue]

What is the name of your state? Oregon

If a party is said to make a payment/pay back a debt on a day but it didn't, is the other party able to ask for other compensation/fines other than the missing principles? Something like compensating of the efforts spent to collect the payment/debt. Is this supported by the law? If yes how is the amount determined? Thanks.

Was there a promissory note with this loan?

 

[Nelson M.]

Was there a promissory note with this loan?

There is it includes only the principles.

 

[adjusterjack]

Depends on the terms and conditions of the promissory note. If the note doesn't specify any late charges then there aren't any. But the borrower can certainly be sued for the payment which will incur additional charges like court costs, post judgment interest, collection costs, etc. If the note has an acceleration clause, possibly for the whole balance.

 

[Nelson M.]

how can i determine the collection cost? is collection costs only possible through law suits?

 

[PayrollHRGuy]

how can i determine the collection cost? is collection costs only possible through law suits?

It depends on the terms and conditions of the promissory note and no.

 

[Nelson M.]

The note only specify the principle amount, it does not say anything about other charges. In this case how would the collection cost be?

 

[PayrollHRGuy]

The note only specify the principle amount, it does not say anything about other charges. In this case how would the collection cost be?

Read this.

https://www.oregonlaws.org/ors/20.082

 

[Zigner]

Read this.

https://www.oregonlaws.org/ors/20.082

That only covers attorney fees - not other "collection cost".

 

[PayrollHRGuy]

That only covers attorney fees - not other "collection cost".

I know. It was there as a partial answer while I was looking for OR law on costs. Which I have yet to find.

 

[Nelson M.]

It says "reasonable attorney fees ", but what would be a reasonable amount, let's say, payment is $5000, will the fee be about the same amount?

For collection cost, do you mean if there is no law on it it won't be supported by the court?

 

[Zigner]

It says "reasonable attorney fees ", but what would be a reasonable amount, let's say, payment is $5000, will the fee be about the same amount?

It depends on the specifics of your case.

For collection cost, do you mean if there is no law on it it won't be supported by the court?

In essence, yes (unless your contract allows for it).