• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

missed payment

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

Nelson M.

Member
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

Senior Member
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?
 

adjusterjack

Senior Member
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.

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

Nelson M.

Member
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

Senior Member, Non-Attorney
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).
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
Top